Heart Test Laboratories, Inc. Announces Pricing of $6.375 Million Initial Public Offering and Nasdaq Listing

Southlake, TX — Heart Test Laboratories, Inc. (NASDAQ: HSCS; HSCSW), a medical technology company focused on applying innovative AI-based technology to an ECG to expand and improve an ECG's clinical usefulness, today announced the pricing of its initial public offering of 1,500,000 units, each consisting of one share of common stock and a warrant to purchase one share of common stock, at a public offering price of $4.25 per unit for aggregate gross proceeds of approximately $6.375 million, prior to deducting underwriting discounts, commissions, and other offering expenses. Each unit immediately separated into one share of common stock and one warrant, with each warrant permitting the holder to purchase one share of common stock at an exercise price of $4.25 per share, exercisable until the fifth anniversary of the issuance date.

In connection with the offering, HeartSciences received approval to list its common stock and warrants on the Nasdaq Capital Market, with its common stock trading under the symbol HSCS and the warrants trading under the symbol HSCSW, with trading beginning June 15, 2022. HeartSciences expects to use the net proceeds from the offering primarily to fund FDA clearance for the MyoVista device, including completion of the pivotal clinical validation study, and for working capital and general corporate purposes.

The Benchmark Company, LLC acted as sole book-running manager for the offering. A registration statement on Form S-1, as amended, was filed with the Securities and Exchange Commission and was declared effective on June 14, 2022.