Full Press Release Details
HeartBeam Announces Exercise and Closing of
Underwriter's Over-Allotment Option for Public Offering of Common Stock
SANTA CLARA, CA - February 25, 2025
- HeartBeam, Inc. (NASDAQ: BEAT), a medical technology company focused on transforming cardiac care by providing powerful
personalized insights, today announced that the underwriter of its previously announced public offering of HeartBeam's common stock
has exercised its option to purchase an additional 864,033 shares at $1.70 per share, resulting in additional gross proceeds of approximately
$1.5 million, before deducting the underwriting discount and commissions and offering expenses.
After giving effect to the exercise of the over-allotment
option, the total number of shares sold by HeartBeam in the public offering increased to 6,746,386 shares and gross proceeds increased
to approximately $11.5 million. The exercise of the over-allotment option closed February 25, 2025, and the 5,882,353 share firm commitment
underwritten offering closed February 14, 2025.
MDB Capital acted as the underwriter for the offering
and Paulson Investment Company LLC participated as a selected dealer.
The funding supports the Company's strategic
plan, focusing on key growth milestones and preparation for U.S. commercialization. The Company intends to use the net proceeds from the
offering for commercial-readiness activities; investments into key R&D, clinical, and regulatory projects; working capital; and other
general corporate purposes.
The offering was made only by means of a written
prospectus and prospectus supplement that form a part of the registration statement. A final prospectus supplement and accompanying prospectus
relating to the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. A copy of the final prospectus
supplement and accompanying prospectus may be obtained by contacting: MDB Capital, 14135 Midway Road, G-150, Addison, Texas 75001, by
telephone at (945) 262-9010 or by email at community@mdb.com.
This press release does not constitute an offer
to sell, or the solicitation of an offer to buy, the shares of common stock, nor will there be any sale of the shares of common stock
in any state or other jurisdiction in which such offer, solicitation or sale is not permitted.
About HeartBeam, Inc.
HeartBeam, Inc. (NASDAQ: BEAT) is a medical technology
company dedicated to transforming the detection and monitoring of critical cardiac conditions. The Company is creating the first ever
cable-free synthesized 12-lead ECG capable of capturing the heart's electrical signals from three distinct directions. This
platform technology is designed for portable devices that can be used wherever the patient is to deliver actionable heart intelligence.
Physicians will be able to identify cardiac health trends and acute conditions and direct patients to the appropriate care - all
outside of a medical facility, thus redefining the future of cardiac health management. The Company
holds 13 US and 4 international issued patents related to technology enablement. For
additional information, visit HeartBeam.com.
All statements in this
release that are not based on historical fact are "forward-looking statements." While management has based any forward-looking
statements included in this release on its current expectations, the information on which such expectations were based may change. Forward-looking
statements involve inherent risks and uncertainties which could cause actual results to differ materially from those in the forward-looking
statements, as a result of various factors including those risks and uncertainties described in the Risk Factors and in Management's
Discussion and Analysis of Financial Condition and Results of Operations sections of our Forms 10-K, 10-Q and other reports filed with
the SEC and available at www.sec.gov. We urge you to consider those risks and uncertainties in evaluating our forward-looking statements.
We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Except
as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions
to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations with regard thereto or any
change in events, conditions or circumstances on which any such statement is based.
Investor Relations Contact:
Executive Vice President
Direct: 949-491-8235