Heartcore Enterprises Inc. filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits
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Item 7.01. Regulation FD Disclosure.
On September 25, 2024, HeartCore Enterprises, Inc. (the “Company”) issued a press release announcing that its Go IPO client, SBC Medical Group Holdings Inc. (“SBC”), has successfully commenced trading under the symbol “SBC” on the Nasdaq Global Market exchange.
The Company was initially compensated through an aggregate $900,000 in initial fees and warrants to acquire 2.7% of SBC’s common stock, on a fully diluted basis, which equate to $17 million; in total, the Company generated $17.9 million in revenue from the SBC deal, with $17 million to be recognized in the third quarter of 2024.
Of the $17.9 million, the Company sold $9 million worth of warrants to a Japanese financial institution during the first quarter of 2024. The Company generated $5.64 million in net sales after paying a referral fee of $3.36 million to So Management Inc. for sourcing the lead. With SBC now publicly traded, the Company holds in total $8 million worth of SBC stock.
Additionally, in its press release, the Company provided the following guidance range for the third quarter of 2024:
| ● | Revenue: $19 million-$23 million | |
| ● | Net Profit: $4 million-$8 million |
The press release is furnished herewith as Exhibit 99.1 and is incorporated by reference herein. The information contained in the press release is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
Description | |
| 99.1 | Press release of the registrant issued on September 25, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| HEARTCORE ENTERPRISES, INC. | ||
| Dated: September 25, 2024 | By: | /s/ Sumitaka Yamamoto |
| Name: | Sumitaka Yamamoto | |
| Title: | Chief Executive Officer | |