Heart Test Laboratories, which is developing frontline electrocardiogram devices that screen for heart disease, raised $6 million by offering 1.5 million units at $4.25, below the range of $4.50 to $5.50. The company offered 0.3 million fewer units than anticipated. Each unit consists of one share of common stock and one warrant, exercisable at the IPO price.
Because the company offered units with warrants attached, and its market value is less than $50 million at pricing, Heart Test Laboratories will be excluded from Renaissance Capital's 2022 IPO stats.
Heart Test Laboratories plans to list on the Nasdaq under the symbol HSCS. The Benchmark Company acted as sole bookrunner on the deal.
