HeartCore announces securities purchase agreement, equity purchase agreement

HeartCore Enterprises (HTCR) entered into a Securities Purchase Agreement and Equity Purchase Agreement with Crom Structured Opportunities Fund I. Under the Securities Purchase Agreement, HeartCore may issue up to 2,000 shares of Series A Convertible Preferred Stock to Crom at $1,000 per share, for gross proceeds of $2M, with each share having a stated value of $1,100. Under the Equity Purchase Agreement, HeartCore has the right to sell up to $25M of its common stock, listed on the Nasdaq Capital Market under the ticker “HTCR”, to Crom over time. The Company plans to use the net proceeds to support its M&A strategy and to address the Nasdaq Stock Market’s equity compliance requirement under Listing Rule 5550(b), which mandates a minimum $2.5M in stockholders’ equity for continued listing on the Nasdaq Capital Market.