Fortitude Posts $20.9M Q2 Revenue, Buys 9.4% Stake in HeartSciences at 22% Premium
HSCS sits 51% above its 52-week low of $1.63 on light trading volume (0.1× avg).
Summary
Fortitude Mining Holdings, the private company merging with HeartSciences, reported Q2 revenue of $20.9 million and adjusted EBITDA of $8.5 million, with 33,646 ZEC mined at a 4.0 GSol/s average hash rate. The company also disclosed it purchased 411,522 shares of HeartSciences common stock on August 12 at $2.43 per share, a 22% premium to the closing price, giving it a 9.4% stake. This investment directly supports HeartSciences' operating expenses ahead of the expected H2 2026 merger close and signals Fortitude's commitment to completing the deal. The strong mining results and premium-priced investment are material for HeartSciences shareholders, as the merger will leave them with a minority stake in the combined entity. The exchange ratio remains unchanged, and Fortitude will not receive additional shares at closing.
At the time of this announcement, HSCS was trading at $2.46 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $9.9M. The 52-week trading range was $1.63 to $3.93. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.