Heart Test Laboratories, which is developing frontline electrocardiogram devices that screen for heart disease, announced terms for its IPO on Monday.
The Southlake, TX-based company plans to raise $8.8 million by offering 1.75 million units at a price range of $4.50 to $5.50. Units consist of one share of common stock and one warrant exercisable at the IPO price.
Because the company is offering shares with warrants attached, Heart Test Laboratories is not included in Renaissance Capital's 2022 IPO stats.
Doing business as HeartSciences, the company is developing a low-cost, frontline medical device called the MyoVista wavECG, to be used to screen for heart disease at the point of care.
Heart Test Laboratories was founded in 2007 and booked minimal revenue in the 12 months ended January 31, 2022. It plans to list on the Nasdaq under the symbol HSCS. The Benchmark Company is the sole bookrunner on the deal.
