Heartcore Enterprises, Inc. current report, 11 October 2023

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HeartCore Enterprises, Inc. Form 8-K Summary

Business Context and Reporting Period

HeartCore Enterprises, Inc. filed a Current Report on Form 8-K dated October 11, 2023, reporting the termination of its common stock sales agreement with Sutter Securities, Inc. The company is headquartered in Tokyo, Japan, and its common stock trades on the Nasdaq Capital Market under the symbol HTCR.

Material Transaction and Financing Changes

  • The company delivered written notice on October 11, 2023, terminating the Common Stock Sales Agreement dated May 29, 2023, with Sutter Securities, Inc.
  • The termination is effective October 21, 2023.
  • The agreement supported an at-the-market offering of up to $4,205,067 of the company’s common stock.
  • As of the filing date, the company had not sold any shares under the ATM prospectus supplement.
  • The company expects to terminate the ATM prospectus supplement and ATM offering immediately after October 21, 2023, and does not intend to make additional sales under the offering.

Financial Metrics, Liquidity, and Debt

This filing does not provide revenue, profit, cash flow, margin, debt, cash balance, liquidity, or other operating-performance figures. It states that no shares had been sold under the ATM offering, so no proceeds from that offering had been raised as of the filing date.

Guidance, Outlook, Risks, and Unusual Items

Management did not provide financial guidance or an operating outlook in this filing. The principal financing-related development is the discontinuation of the planned ATM equity offering, which removes that potential source of capital. The filing does not describe the reason for termination or identify related fees, penalties, contingencies, or other unusual items.

Key Facts for Investors to Verify

  • Confirm the Sales Agreement termination became effective on October 21, 2023.
  • Verify that the ATM prospectus supplement and offering were subsequently terminated.
  • Confirm that no common shares were sold and no proceeds were received under the ATM offering.
  • Review subsequent filings for alternative financing, liquidity developments, dilution, or changes to the company’s capital plans.