Fortitude Mining Acquires 9.4% Stake in HeartSciences at 22% Premium

Fortitude Mining, a Zcash-focused miner owned by Digital Currency Group (DCG), has acquired a significant stake in Nasdaq-listed HeartSciences. The private placement gave Fortitude 9.4% of HeartSciences' outstanding shares at $2.43 each, totaling nearly $1 million. This investment represents a 22% premium to HeartSciences' closing share price on the purchase date.

The cash injection will be used by HeartSciences for operating expenses before the proposed merger closes in H2 2026. The exchange ratio and number of shares held by Fortitude's equity holders remain unchanged. This investment gives Fortitude a direct stake in HeartSciences ahead of the shareholder vote on the proposed corporate combination.

According to HeartSciences' preliminary proxy, existing shareholders would retain about 5% of the combined company's voting and economic interests. However, if the merger fails, HeartSciences may have limited ability to continue operating and could need another strategic transaction or potentially liquidate, with no assurance that cash would remain for shareholders.