Fortitude Mining Holdings, a Zcash mining company, is pursuing a share-swap merger with medical technology company HeartSciences.
Cointelegraph recently reported that the deal would allow Fortitude to list on the Nasdaq without a traditional initial public offering process.
Once the merger is completed, the combined company will operate under the Fortitude name. Fortitude management will take control. Subject to regulatory approval, the shares are expected to trade on the Nasdaq under the ticker TUDE. Existing HeartSciences shareholders will hold a minority stake in the combined company.
Fortitude runs a digital asset mining business, and HeartSciences develops AI-based cardiac diagnostic technology. HeartSciences' healthcare business will continue to operate after the merger under Chief Executive Andrew Simpson (앤드루 심프슨).
Simpson said the deal would help the company escape the burden of repeated fundraising.
Fortitude, a privately held company, has disclosed little financial information. It said its annualised Zcash output stood at 157,000 coins as of May 31.
Chi-gyu Hwang
delight@d-today.co.kr