HeartBeam Closes Over-Allotment Option, Boosts Gross Proceeds to $11.5 Million

Santa Clara, CA – HeartBeam, Inc. (NASDAQ: BEAT) announced on February 25, 2025, that the underwriter of its recent public offering exercised its over-allotment option, generating additional gross proceeds of approximately $1.5 million. This comes after the company’s initial firm commitment offering, which closed on February 14, 2025, raised $10 million through the sale of 5,882,353 shares of common stock at $1.70 per share.

Following the over-allotment exercise of 864,033 shares, the total number of shares sold in the offering increased to 6,746,386, boosting gross proceeds to approximately $11.5 million. The over-allotment option was available to the underwriter for 45 days starting February 12, 2025, and was closed on February 25, 2025. In connection with the offering, MDB Capital served as the underwriter, with Paulson Investment Company LLC participating as a selected dealer.

The additional funding is part of HeartBeam’s strategic plan aimed at reaching key growth milestones and advancing efforts toward U.S. commercialization. The net proceeds from the offering are expected to support commercial-readiness activities, investments in research and development, clinical and regulatory projects, as well as other general corporate purposes.

The company disclosed these developments in a Form 8-K filing with the Securities and Exchange Commission, and further details were provided in a press release dated February 25, 2025, which is filed as an exhibit to the report.

By completing its underwritten offering and securing further investment through the exercised over-allotment option, HeartBeam reinforces its commitment to advancing its innovative medical technology initiatives in cardiac care.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read HeartBeam’s 8K filing here.

About HeartBeam

HeartBeam, Inc, a medical technology company, primarily focuses on developing and commercializing ambulatory electrocardiogram solutions that enable the detection and monitoring of cardiac disease outside a healthcare facility setting. The company develops three-dimensional (3D)-vector electrocardiogram (ECG) platform for heart attack detection.