Fortitude Mining, Digital Currency Group’s Zcash-focused miner, acquired a 9.4% stake in Nasdaq-listed HeartSciences for approximately $1 million through a private placement of 411,522 shares at $2.43 each, representing a 22% premium. The cash injection will fund HeartSciences’ operating expenses until the proposed merger closes, without altering the exchange ratio or increasing the merger consideration for Fortitude’s existing equity holders. If the merger fails, HeartSciences warns it may have limited ability to continue operating and could liquidate with no assurance of cash remaining for shareholders. The proposed transaction would give DCG approximately 95% of the combined company’s voting interests, with existing HeartSciences shareholders retaining about 5%. The shareholder vote date remains unset pending the definitive proxy.
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