HeartCore’s Go IPO Client, SBC Medical Group, Begins Trading on the Nasdaq Stock Exchange
Rhea-AI Summary
HeartCore Enterprises (Nasdaq: HTCR) announced that its Go IPO client, SBC Medical Group Holdings Inc. (SBC), has begun trading on the Nasdaq Global Market. HeartCore received $900,000 in initial fees and warrants worth $17 million for a total revenue of $17.9 million from the SBC deal. The company sold $9 million worth of warrants to a Japanese financial institution and generated $5.64 million in net sales after paying a referral fee. HeartCore now holds $8 million worth of SBC stock.
HeartCore provided guidance for Q3 2024, projecting revenue between $19 million-$23 million and net profit between $4 million-$8 million. The company expects to generate $28.1 million to $32.1 million in revenue for the nine months ended September 30, 2024, compared to $18.5 million for the same period in 2023.
Positive
- HeartCore generated $17.9 million in revenue from the SBC Medical Group IPO deal
- Company holds $8 million worth of SBC stock
- Projected Q3 2024 revenue between $19 million-$23 million
- Anticipated Q3 2024 net profit between $4 million-$8 million
- Expected revenue for nine months ended September 30, 2024: $28.1 million to $32.1 million, significantly higher than $18.5 million in 2023
Negative
- Paid $3.36 million referral fee to So Management Inc. for sourcing the lead
News Market Reaction – HTCR
In the trading session that priced this news, HTCR gained 7.10%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Company anticipates Q3 2024 revenue to be between
NEW YORK and TOKYO, Sept. 25, 2024 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (Nasdaq: HTCR) (“HeartCore” or “the Company”), a leading enterprise software and data consulting services company based in Tokyo, announced its Go IPO client, SBC Medical Group Holdings Inc. (“SBC”), has successfully commenced trading under the symbol “SBC” on the Nasdaq Global Market exchange. HeartCore was initially compensated through an aggregate
As previously mentioned, of the
Pursuant to the initial agreement, the Company assisted SBC throughout the listing process, including the audit and legal firm hiring process, translating requested documents into English, assisting in the preparation of documentation for internal controls required for an initial public offering, providing general support services, assisting in the preparation of the F-1 filing, and more.
Additionally, HeartCore announced the following guidance range for Q3 2024:
- Revenue:
$19 million -$23 million - Net Profit:
$4 million -$8 million
“The SBC Medical Group deal is our biggest Go IPO deal to date, amassing a gross total of
“Furthermore, we are very encouraged by our forecasted financials for Q3 2024, as HeartCore is slated to have its strongest quarter in corporate history. Relative to last year’s revenue for the first nine-months ended September 30, 2023, of
About HeartCore Enterprises, Inc.
Headquartered in Tokyo, Japan, HeartCore Enterprises is a leading enterprise software and consulting services company. HeartCore offers Software as a Service (SaaS) solutions to enterprise customers in Japan and worldwide. The Company also provides data analytics services that allow enterprise businesses to create tailored web experiences for their clients through best-in-class design. HeartCore’s customer experience management platform (CXM Platform) includes marketing, sales, service and content management systems, as well as other tools and integrations, which enable companies to enhance the customer experience and drive engagement. HeartCore also operates a digital transformation business that provides customers with robotics process automation, process mining and task mining to accelerate the digital transformation of enterprises. HeartCore’s GO IPOSM consulting services helps Japanese-based companies go public in the U.S. Additional information about the Company's products and services is available at https://heartcore-enterprises.com/.
Forward-Looking Statements
All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “believed,” “intend,” “expect,” “anticipate,” “plan,” “potential,” “continue,” or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in HeartCore’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond HeartCore’s control which could, and likely will materially affect actual results, and levels of activity, performance, or achievements. Any forward-looking statement reflects HeartCore’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. HeartCore assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The contents of any website referenced in this press release are not incorporated by reference herein.
HeartCore Investor Relations Contact:
Gateway Group, Inc.
Matt Glover and John Yi
HTCR@gateway-grp.com
(949) 574-3860
