Heart Test Laboratories, a Texas-based company, has filed a Form 8-K with the SEC, reporting significant corporate actions as of May 6, 2024. The company, which trades under the symbol HSCS on the Nasdaq Stock Market, has been notified by Nasdaq of non-compliance with the Minimum Bid Price Requirement since August 2, 2023. Despite being granted an extension until July 29, 2024, to meet this requirement, Heart Test Laboratories received a staff determination on May 9, 2024, to delist its securities due to the common stock's closing bid price falling to $0.10 or less for ten consecutive trading days. The company plans to appeal this determination and has until May 16, 2024, to file a hearing request, which will stay the delisting pending the Panel's decision. In...Show More

Heart Test Laboratories, a Texas-based company, has filed a Form 8-K with the SEC, reporting significant corporate actions as of May 6, 2024. The company, which trades under the symbol HSCS on the Nasdaq Stock Market, has been notified by Nasdaq of non-compliance with the Minimum Bid Price Requirement since August 2, 2023. Despite being granted an extension until July 29, 2024, to meet this requirement, Heart Test Laboratories received a staff determination on May 9, 2024, to delist its securities due to the common stock's closing bid price falling to $0.10 or less for ten consecutive trading days. The company plans to appeal this determination and has until May 16, 2024, to file a hearing request, which will stay the delisting pending the Panel's decision. In an effort to regain compliance, Heart Test Laboratories has initiated a reverse stock split of its common stock and warrants at a ratio of 1-for-100, subject to Nasdaq's confirmation. The reverse stock split is expected to be effected in the market shortly after confirmation from Nasdaq. The company's stockholders approved this action at the annual meeting on January 17, 2024, and the Board has selected the reverse stock split ratio. The reverse stock split will not change the number of authorized shares or the par value of the common stock but will adjust the number of shares underlying outstanding equity awards, warrants, and convertible securities. Stockholders holding shares in electronic form at brokerage firms or in book-entry form with the transfer agent will not need to take any action.