HeartCore’s Go IPO client SBC Medical begins Nasdaq trading

HeartCore Enterprises announced its Go IPO client, SBC Medical Group, has commenced trading under the symbol “SBC” on the Nasdaq Global Market exchange. HeartCore was initially compensated through an aggregate $900,000 in initial fees and warrants to acquire 2.7% of SBC’s common stock, on a fully diluted basis, which equate to $17M; in total, HeartCore generated $17.9M in revenue from the SBC deal, with $17M to be recognized in Q3 2024. As previously mentioned, of the $17.9M, HeartCore sold $9M worth of warrants to a Japanese financial institution during Q1 2024. The Company generated $5.64M in net sales after paying a referral fee of $3.36M to So Management Inc. for sourcing the lead. With SBC now publicly traded, HeartCore holds in total $8M worth of SBC stock. 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.