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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
August 12, 2026
HEARTSCIENCES INC.
(Exact name of Registrant as Specified in Its
Charter)
| Texas |
|
001-41422 |
|
26-1344466 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
|
550 Reserve Street, Suite 360
Southlake, Texas |
|
76092 |
| (Address of Principal Executive Offices) |
|
(Zip Code) |
Registrant’s Telephone Number, Including
Area Code: (682) 237-7781
(Former Name or Former Address, if Changed Since
Last Report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☒ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
| Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
| Common Stock |
|
HSCS |
|
The Nasdaq Stock Market LLC |
| Warrants |
|
HSCSW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01. Entry into a Material Definitive
Agreement
On August 12, 2026,
HeartSciences Inc. (the “Company” or “HeartSciences”)
sold and issued to Fortitude Mining Holdings, Inc., a Delaware corporation (“Fortitude”),
an aggregate of 411,522 shares (the “Shares”) of HeartSciences common
stock, par value $0.001 per share (the “Common Stock”), at a purchase
price of $2.43 per Share (the “Purchase Price”) in a private placement
(the “PIPE Investment”). The Purchase Price represented the 30 trading
day volume weighted average price for HeartSciences Common Stock through August 11, 2026. The PIPE Investment was made pursuant to a
subscription agreement (the “Subscription Agreement”) entered into
between HeartSciences and Fortitude, dated as of August 12, 2026. The gross proceeds of the PIPE Investment were approximately
$1.0 million. HeartSciences has agreed to use the net proceeds from the PIPE Investment for operating expenses in the period
leading up to the expected closing of the previously reported proposed business combination with Fortitude (the “Proposed
Transaction”), pursuant to that certain Agreement and Plan of Merger (the “Merger
Agreement”), dated June 23, 2026, among HeartSciences, Fortitude, Fortitude Mining HoldCo, LLC and Cordis Acquisition,
LLC, as amended. Following the PIPE Investment, Fortitude owns approximately 9.4% of HeartSciences’ issued and outstanding
Common Stock as of August 12, 2026. The Shares issued in the PIPE Investment represent ordinary shares of Common Stock without any
additional rights or preferences, however, such shares are not subject to the Exchange Ratio (as defined in the Merger
Agreement) contemplated by the Proposed Transaction.
The Shares issued pursuant
to the Subscription Agreement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”),
or any state securities laws and will be issued in reliance upon the exemption from the registration requirement of the Securities Act,
pursuant to Section 4(a)(2) thereof and similar exemptions under applicable state securities laws. HeartSciences relied on this
exemption from registration based in part on representations made by Fortitude. The Shares may not be offered or sold in the United States
absent registration or an exemption from registration under the Securities Act and any applicable state securities laws.
The Subscription Agreement
contains certain customary representations, warranties and agreements by each of HeartSciences and Fortitude, indemnification obligations
of HeartSciences and Fortitude, and other obligations of the parties.
The foregoing summary
of the Subscription Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the
Subscription Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K (this “Current Report”)
and is incorporated herein by reference.
Item 3.02 Unregistered Sales of Equity Securities
The information contained
in Item 1.01 of this Current Report is incorporated by reference into this Item 3.02.
Additional Information and Where to Find It
Communications related to
each of Fortitude and HeartSciences, their respective businesses and the Proposed Transaction may be deemed solicitation material in
respect of the Proposed Transaction. In connection with the Proposed Transaction, HeartSciences filed a preliminary proxy statement on
Schedule 14A with the U.S. Securities and Exchange Commission (the “SEC”)
on July 27, 2026 and may file additional relevant materials with the SEC. Following the filing of a definitive proxy statement with the
SEC, HeartSciences will mail the definitive proxy statement and a proxy card to each shareholder entitled to vote at the special meeting
relating to the Proposed Transaction. INVESTORS AND SHAREHOLDERS OF HEARTSCIENCES ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS
OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT HEARTSCIENCES HAS FILED OR
MAY FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT HEARTSCIENCES AND THE PROPOSED TRANSACTION.
COMMUNICATIONS THAT DO NOT CONTAIN ALL THE INFORMATION THAT SHOULD BE CONSIDERED CONCERNING THE PROPOSED TRANSACTION AND RELATED MATTERS
ARE NOT INTENDED TO PROVIDE THE BASIS FOR ANY INVESTMENT DECISION OR ANY OTHER DECISION IN RESPECT OF SUCH MATTERS. The preliminary proxy
statement, the definitive proxy statement and other relevant materials in connection with the Proposed Transaction (when they become
available), and any other documents filed by HeartSciences with the SEC, may be obtained free of charge at the SEC’s website at
www.sec.gov. In addition, investors and shareholders may obtain free copies of the documents filed with the SEC or by sending a request
to the HeartSciences Investor Relations Department at investorrelations@heartsciences.com.
NEITHER THE SEC NOR ANY STATE
SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE
PROPOSED TRANSACTION OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS CURRENT REPORT. ANY
REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE.
Cautionary Note Regarding Forward-Looking Information
Communications may contain
forward-looking statements concerning HeartSciences, Fortitude and the Proposed Transaction and other matters. These forward-looking statements
generally can be identified by the use of words such as “aim,” “anticipate,” “expect,” “plan,”
“could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,”
“project,” “potential,” “target,” “objective,” “intend,” and other words of
similar meaning, but the absence of these words does not mean that a statement is not forward-looking. All statements HeartSciences and/or
Fortitude make in communications that do not relate to matters of historical fact should be considered forward-looking statements.
These forward-looking statements
are based on management’s current expectations and assumptions as of the date of such communication and are subject to a number
of known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed
or implied by such statements, which may include, without limitation, the following: the risk that the Proposed Transaction may not be
completed on the anticipated timeline or at all; the failure to satisfy the conditions to the closing of the Proposed Transaction, including
obtaining the requisite approval of the HeartSciences’ shareholders; market, macroeconomic, or other conditions that could adversely
affect either HeartSciences or Fortitude, or the combined company; risks related to the integration of the two companies and the management
of a newly public company; risks relating to Fortitude’s operations and business, including the highly volatile nature of the price
of Zcash and other cryptocurrencies; and risks relating to significant legal, commercial, regulatory and technical uncertainty regarding
digital assets generally. Additional factors that may cause actual results to differ materially from those expressed or implied by the
forward-looking statements in such communications are discussed in HeartSciences’ filings with the SEC, including its Annual Report
on Form 10-K, filed with the SEC on July 23, 2026 and its other reports filed with the SEC from time to time, and are discussed in the
preliminary proxy statement filed by HeartSciences with the SEC in connection with the Proposed Transaction. Readers are cautioned not
to place undue reliance on these forward-looking statements. Each of HeartSciences and Fortitude expressly disclaims any obligation to
update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required
by applicable law. Any forward-looking statements made in such communications are made as of the date of the communication.
Participants in the Solicitation
HeartSciences and Fortitude,
their respective directors and executive officers, and certain executive officers of Digital Currency Group, Inc., the parent company
of Fortitude, may be deemed to be participants in the solicitation of proxies from HeartSciences’ shareholders with respect to the
Proposed Transaction. Information regarding the identity of the potential participants, and their direct or indirect interests in the
Proposed Transaction, by security holdings or otherwise, is set forth in the preliminary proxy statement and other materials filed or
that may be filed with the SEC in connection with the Proposed Transaction.
No Offer or Solicitation
Any information contained
herein is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer or invitation
to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval
in any jurisdiction, pursuant to the Proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities
in any jurisdiction in contravention of applicable law. The Proposed Transaction will be implemented solely pursuant to the terms and
conditions of the Merger Agreement, which contain the full terms and conditions of the Proposed Transaction.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Number |
|
Description |
| 10.1*+ |
|
Subscription Agreement, dated as of August 12, 2026, between HeartSciences and Fortitude Mining Holdings, Inc. |
| 104** |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
| * |
Filed herewith. |
| ** |
Furnished herewith. |
| + |
Certain schedule to this Exhibit has been omitted in accordance with Regulation S-K Item 601(a)(5). HeartSciences agrees to furnish supplementally a copy of any omitted exhibit or schedule to the SEC upon its request. |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| |
HEARTSCIENCES INC. |
| |
|
|
| Date: August 18, 2026 |
By: |
/s/ Andrew Simpson |
| |
Name: |
Andrew Simpson |
| |
Title: |
President, Chief Executive Officer and
Chairman of the Board of Directors |
