Heart Test Labs Enters Material Agreement, Modifies Security Holder Rights
Ticker: HSCSW · Form: 8-K · Filed: Aug 21, 2024 · CIK: 1468492
| Field | Detail |
|---|---|
| Company | Heart Test Laboratories, Inc. (HSCSW) |
| Form Type | 8-K |
| Filed Date | Aug 21, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $500,000, $50,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, security-holder-rights, financial-filing
TL;DR
Heart Test Labs filed an 8-K detailing a material agreement and changes for security holders.
AI Summary
Heart Test Laboratories, Inc. announced on August 19, 2024, that it entered into a material definitive agreement related to warrants. The company also reported modifications to the rights of its security holders and filed financial statements and exhibits as part of this 8-K filing.
Why It Matters
This filing indicates significant corporate actions by Heart Test Laboratories, Inc., potentially impacting its financial structure and the rights of its investors.
Risk Assessment
Risk Level: medium — Material definitive agreements and modifications to security holder rights can introduce significant financial and operational risks.
Key Players & Entities
- Heart Test Laboratories, Inc. (company) — Registrant
- August 19, 2024 (date) — Date of earliest event reported
- Texas (state) — State of Incorporation
- 550 Reserve Street, Suite 360, Southlake, Texas 76092 (address) — Principal Executive Offices
FAQ
What is the nature of the material definitive agreement entered into by Heart Test Laboratories, Inc.?
The filing indicates the entry into a material definitive agreement, but the specific details of the agreement are not fully elaborated in the provided text, beyond its relation to warrants.
What specific modifications have been made to the rights of security holders?
The filing states that there have been material modifications to the rights of security holders, but the exact nature of these modifications is not detailed in the provided excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on August 19, 2024.
What is the principal executive office address for Heart Test Laboratories, Inc.?
The principal executive offices of Heart Test Laboratories, Inc. are located at 550 Reserve Street, Suite 360, Southlake, Texas 76092.
What is the SIC code for Heart Test Laboratories, Inc.?
The Standard Industrial Classification (SIC) code for Heart Test Laboratories, Inc. is 3842, which pertains to Orthopedic, Prosthetic & Surgical Appliances & Supplies.
Filing Stats: 720 words · 3 min read · ~2 pages · Grade level 11.9 · Accepted 2024-08-21 16:39:26
Key Financial Figures
- $500,000 — ty Agreement in the principal amount of $500,000 (the "Loan and Security Agreement") wit
- $50,000 — d such repayment shall not be less than $50,000 and shall first be applied to accrued i
Filing Documents
- hscs-20240819.htm (8-K) — 52KB
- hscs-ex10_1.htm (EX-10.1) — 41KB
- hscs-ex10_2.htm (EX-10.2) — 40KB
- 0000950170-24-099524.txt ( ) — 362KB
- hscs-20240819.xsd (EX-101.SCH) — 94KB
- hscs-20240819_htm.xml (XML) — 6KB
01
Item 1.01 Entry into a Material Definitive Agreement As previously reported, Heart Test Laboratories, Inc. (the "Company") has an outstanding Loan and Security Agreement in the principal amount of $500,000 (the "Loan and Security Agreement") with Front Range Ventures LLC ("FRV") evidenced by a secured, non-convertible promissory note. The loan accrues interest at a rate of 12% per annum, compounded annually, and had an original maturity date of September 30, 2021, which has been subsequently amended to, among other things, extend the maturity date on several occasions, the most recent extension being September 30, 2024. On August 19, 2024 the Company and FRV entered into Amendment No. 6 to the Loan and Security Agreement (the "Amended Loan and Security Agreement") and No. 2 Amended and Restated Secured Promissory Note (the "Amended Note") to further extend the maturity date to September 30, 2025 (the "Maturity Date") and pay the outstanding accrued interest as follows: (i) a payment of all accrued interest outstanding within five (5) business days of execution of the Amended Loan and Security Agreement; (ii) a payment of accrued interest on September 30, 2024 and (iii) thereafter all accrued interest due shall be payable on the Maturity Date. In addition, the Company may elect to repay all or any part of the Amended Note in its sole discretion at any time prior to the Maturity Date, provided such repayment shall not be less than $50,000 and shall first be applied to accrued interest and thereafter to the outstanding principal amount.
03
Item 3.03 Material Modification to Rights of Security Holders. To the extent required by Item 3.03 of Form 8-K, the information set forth in Item 1.01 above is incorporated herein by reference.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits: Exhibit No. Description 10.1* Amendment No. 6 to Loan and Security Agreement by and between Heart Test Laboratories, Inc. and Front Range Ventures LLC dated August 19, 2024. 10.2* No. 2 Amended and Restated Secured Promissory Note by and between Heart Test Laboratories, Inc. and Front Range Ventures LLC dated August 19, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Filed herewith
SIGNATURES
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. HEART TEST LABORATORIES, INC. Date: August 21, 2024 By: /s/ Andrew Simpson Name: Title: Andrew Simpson President, Chief Executive Officer, and Chairman of the Board of Directors