Fortitude merger secures Nasdaq path for miner

• Fortitude Mining Holdings agreed to merge with HeartSciences in an all-stock transaction.
• HeartSciences shares rose as much as 91% after the deal was announced.
• The merger is expected to give Fortitude a Nasdaq listing under the ticker TUDE, subject to regulatory approval.

Fortitude Mining Holdings, a miner of Zcash (CRYPTO:ZEC), has agreed to merge with HeartSciences in an all-stock deal that is expected to provide Fortitude with a Nasdaq listing without a traditional initial public offering.

The transaction will see Fortitude's management team take control of the combined company, while existing HeartSciences shareholders will retain a minority ownership stake after the merger closes.

“The constant cycle of raising capital,” said HeartSciences Chief Executive Officer Andrew Simpson, describing one factor behind the company’s decision to pursue the transaction.

The combined business is expected to operate under the Fortitude name and trade on Nasdaq under the proposed ticker TUDE, subject to regulatory approval, while HeartSciences' healthcare division will continue operating under Simpson’s leadership.

The structure follows a similar path used by several crypto-related companies to access public markets through mergers rather than IPOs, and HeartSciences shares rose as much as 91% following the announcement, with HSCS trading higher during Tuesday's session.

HeartSciences reported minimal revenue in fiscal 2025 and a net loss of US$8.77 million, compared with a loss of US$6.61 million a year earlier, according to MarketScreener data.

Fortitude said it had scaled annualised production to 157,000 Zcash as of May 31, while ZEC traded at approximately US$413 per token, giving the cryptocurrency a market capitalisation of about US$6.92 billion.

At the time of reporting, Zcash price was $415.99.