Zcash miner Fortitude gets Nasdaq listing via HeartSciences merger

The all-stock deal gives Fortitude a Nasdaq listing while HeartSciences retains its healthcare business and existing shareholders keep a minority stake.

Zcash miner Fortitude Mining Holdings is set to merge with medical technology company HeartSciences in a deal that will allow Fortitude to become publicly traded without pursuing a traditional initial public offering.

The all-stock transaction announced Tuesday will see Fortitude’s management team assume control of the combined company, which will operate under the Fortitude name and is expected to trade on Nasdaq under the ticker symbol TUDE, subject to regulatory approval. Existing HeartSciences shareholders will retain a minority ownership stake.

HeartSciences CEO Andrew Simpson hinted at the rationale behind the transaction, saying it would free the company from “the constant cycle of raising capital” while providing what it believes is the best path forward for shareholders.

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