# EDGAR Filing Document

**Accession Number:** 0001468492
**File Stem:** 0000950170-23-001102
**Filing Date:** 2023-1
**Character Count:** 16585
**Document Hash:** 923df62e79009529b6ef446dcee49a0f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-001102.hdr.sgml**: 20230124

**ACCESSION NUMBER**: 0000950170-23-001102

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230124

**DATE AS OF CHANGE**: 20230124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Heart Test Laboratories, Inc.
- **CENTRAL INDEX KEY:** 0001468492
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
- **IRS NUMBER:** 261344466
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-265024
- **FILM NUMBER:** 23548897

**BUSINESS ADDRESS:**
- **STREET 1:** 550 RESERVE ST, SUITE 360
- **CITY:** SOUTHLAKE
- **STATE:** TX
- **ZIP:** 76092
- **BUSINESS PHONE:** 682-237-7781

**MAIL ADDRESS:**
- **STREET 1:** 550 RESERVE ST, SUITE 360
- **CITY:** SOUTHLAKE
- **STATE:** TX
- **ZIP:** 76092

**Filed Pursuant to Rule 424(b)(3)<br>Registration No. 333-265024** 

**PROSPECTUS SUPPLEMENT NO. 8<br>(TO PROSPECTUS DATED JUNE 17, 2022)**

**1,500,000 Units Consisting of Shares of Common Stock and Warrants** 

**Heart Test Laboratories, Inc.** 

This prospectus supplement updates and supplements the prospectus dated June 17, 2022, as previously updated and supplemented (the "Prospectus"), which forms a part of our Registration Statement on Form S-1, as amended (Registration No. 333-265024). This prospectus supplement is being filed to update and supplement the information in the Prospectus with the information contained in the attached Current Report on Form 8-K, filed with the U.S. Securities and Exchange Commission ("SEC") on January 24, 2023.

The Prospectus and this prospectus supplement relate to the offer and sale by us of up to (i) 1,725,000 shares of our common stock, par value $0.001 per share ("Common Stock"), that may be issued upon the exercise of warrants (the "IPO Warrants") to purchase shares of Common Stock that were issued on the closing date of our initial public offering and (ii) 105,000 shares of our Common Stock that may be issued upon the exercise of warrants to purchase shares of Common Stock that were issued to the underwriter in our initial public offering.

This prospectus supplement should be read in conjunction with the Prospectus and is not complete without, and may not be delivered or utilized except in combination with, the Prospectus, including any amendments or supplements thereto, which is to be delivered with this prospectus supplement. This prospectus supplement updates and supplements the information in the Prospectus. If there is any inconsistency between the information in the Prospectus and this prospectus supplement, you should rely on the information in this prospectus supplement.

Our Common Stock and IPO Warrants are listed on The Nasdaq Stock Market LLC under the symbols "HSCS" and "HSCSW," respectively. On January 23, 2023, the closing price of our Common Stock was $0.78 per share and the closing price for our IPO Warrants was $0.21.

We are an "emerging growth company," as defined under the Securities Act of 1933, as amended, and, as such, are subject to reduced public reporting requirements. The Prospectus and this prospectus supplement comply with the requirements that apply to an issuer that is an emerging growth company.

**Investing in our securities involves risks. You should review carefully the risks and uncertainties described under the heading "Risk Factors" beginning on page 20 of the Prospectus and beginning on page 32 of our Annual Report on Form 10-K filed with the SEC on July 29, 2022, as updated and supplemented by the section entitled "Risk Factors" and under similar headings in any further amendments or supplements to the Prospectus before you decide whether to invest in our securities.**

**You should rely only on the information contained in the Prospectus, this prospectus supplement or any prospectus supplement or amendment hereto. We have not authorized anyone to provide you with different information.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if the Prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.**

**The date of this prospectus supplement is January 24, 2023.**

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**UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549**

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**FORM 8-K**

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): January 24, 2023**<br>

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**Heart Test Laboratories, Inc**

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| **Texas** | **001-41422** | **26-1344466** |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| **550 Reserve Street, Suite 360** |  |  |
| **Southlake, Texas** |  | **76092** |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code: 682 237-7781**<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock | HSCS | The Nasdaq Stock Market LLC |
| Warrants | HSCSW | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 1.01 Entry into a Material Definitive Agreement.**

On January 24, 2023, Heart Test Laboratories, Inc. (the "Company") entered into Amendment No. 4 (the "Amendment") to the Loan and Security Agreement dated April 24, 2020 (the "Agreement") by and among the Company, Front Range Ventures LLC ("FRV") and John Q. Adams ("Adams") which was previously amended on September 30, 2021, November 3, 2021 and May 24, 2022. Pursuant to the Agreement, a secured promissory note in the original principal amount of $500,000 was issued to FRV (the "FRV Note") and a secured promissory note in the original principal amount of $500,000 was issued to Adams (the "Adams Note").

The Amendment (i) further extends the maturity date of the FRV Note to September 30, 2024, on which date the principal amount and all accrued interest thereon will be due and payable, and (ii) amends the dates on which principal and accrued interest will be due under the Adams Note such that interest accrued since June 28, 2022 (the date on which the Company previously paid accrued interest in the amount of $126,545.65) will be due and payable on September 30, 2023, and the principal amount together with all interest accrued after September 30, 2023 will be due and payable on March 31, 2024. The Amendment will reduce debt and accrued interest repayment obligations in the calendar year 2023 by $1.2 million. The Company will issue an amended and restated FRV Note to FRV and an amended and restated Adams Note to Adams, each of which will reflect the terms of the Amendment.

FRV and Adams are both shareholders of the Company, and Adams was a director of the Company at the time the Agreement was originally executed. Further, the Company and FRV are parties to an agreement pursuant to which FRV is entitled to appoint a member of the Company's board of directors and a board observer so long as it holds at least 71,000 shares of the Company's Series C Convertible Preferred Stock.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit 10.1 hereto and incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit** <br>**No.** | <br>**Description**  |
| 10.1 | [<u>Amendment No. 4 to Loan and Security Agreement</u>](hscs-ex10_1.htm)<br>|
| 104 | Cover Page Interactive Data File. (Embedded within the Inline XBRL document.) |

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**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.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **HEART TEST LABORATORIES, INC** |
| Date: | January 24, 2023 | By:  | /s/ Andrew Simpson |
|  |  |  | **Andrew Simpson<br>Chief Excecutive Officer** |

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## Exhibit 10.1

Exhibit 10.1

**AMENDMENT NO. 4<br>TO<br>LOAN AND SECURITY AGREEMENT**

THIS AMENDMENT NO. 4 TO LOAN AND SECURITY AGREEMENT (this "**No. 4 Amendment**") is made and entered into as of January 24, 2023, by and among Heart Test Laboratories, Inc., a Texas corporation (the "**Company**"), Front Range Ventures LLC, a Wyoming limited liability company, or its assigns ("**FRV**"), and John Q. Adams, a Texas resident, or his assigns ("**JQA**") (FRV and JQA each a "**Lender**" and, together, the "**Lenders**") as defined in the Original Agreement (as defined below).

**WITNESSETH:**

WHEREAS, the Company and the Lenders (collectively, the "**Parties**") have previously entered into that certain Loan and Security Agreement dated on or around April 24, 2020 (the "**Original Agreement**"), Amendment No. 1 to the Loan and Security Agreement dated September 30, 2021 (the "**No. 1 Amendment**"), Amendment No. 2 to the Loan and Security Agreement dated November 3, 2021 (the **No. 2 Amendment**"), and Amendment No. 3 to the Loan and Security Agreement dated May 24, 2022 (the "**No. 3 Amendment**" and, collectively with the Original Agreement, the No. 1 Amendment and the Amendment No. 2, the "**Loan Agreement**"); and

WHEREAS, the Company and FRV desire to further extend the maturity date with respect to the Note issued to FRV;

WHEREAS, on June 28, 2022, the Company paid $126,545.65 in accrued interest under the Note issued to JQA; and

WHEREAS, the Company and JQA desire to further amend the accrued interest payment dates and the maturity date with respect to the Note issued to JQA.

NOW, THEREFORE, in consideration of the representations, warranties, covenants, agreements and conditions set forth herein, the Loan Agreement, and the other Transaction Agreements, the Company and the Lenders, intending to be legally bound, hereby agree as follows:

<u>Section 1.</u><u>Capitalized Terms</u>. Except as otherwise provided herein, capitalized terms used in this No. 4 Amendment shall have the meaning set forth in the Loan Agreement.

<u>Section 2.</u><u>Amendments</u>. The Loan Agreement is hereby amended as follow:

<u>Section 2.1.</u> Section 2.1(a) of the Loan Agreement is hereby amended to read, in its entirety, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest will accrue on the outstanding Principal Amount at the rate of twelve percent (12%) per annum, compounded annually ("Accrued Interest"). The

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Company shall pay the Principal Amount and Accrued Interest under the Note issued to FRV (the "FRV Note") and under the Note issued to JQA (the "JQA Note") as specified in Section 3.1.

<u>Section 2.2.</u> Section 3.1 of the Loan Agreement is hereby amended to read, in its entirety, as follows:

**"3.1 Maturity Date.** The outstanding Principal Amount under the FRV Note, together with all Accrued Interest thereon, shall be due and payable on September 30, 2024 (the "**FRV Maturity Date**").

The Company paid $126,545.65 in Accrued Interest under the JQA Note on June 28, 2022 (the "**JQA 2022 Accrued Interest Payment Date**"). Accrued Interest under the JQA Note from the JQA 2022 Accrued Interest Payment Date shall be due and payable on September 30, 2023 (the "**JQA 2023 Accrued Interest Maturity Date**"). The outstanding Principal Amount under the JQA Note, together with all Accrued Interest thereon from the JQA 2023 Accrued Interest Maturity Date, shall be due and payable on March 31, 2024 (the "**JQA Maturity Date**"). All payments and other charges due under the Transaction Agreements shall be made in lawful currency of the United States of America."

<u>Section 3.</u><u>Release of</u> <u>Claims</u> <u>Against Lenders</u>.

THE COMPANY, BY SIGNING THIS NO. 4 AMENDMENT, HEREBY ABSOLUTELY AND UNCONDITIONALLY RELEASES AND FOREVER DISCHARGES LENDERS AND ANY AND ALL OF THEIR PARENT COMPANIES, SUBSIDIARY COMPANIES, AFFILIATED COMPANIES, INSURERS, INDEMNITORS, SUCCESSORS AND ASSIGNS TOGETHER WITH ALL OF THEIR RESPECTIVE PRESENT AND FORMER MANAGERS, DIRECTORS, OFFICERS, AGENTS AND EMPLOYEES FROM ANY AND ALL CLAIMS, DEMANDS OR CAUSES OF ACTION OF ANY KIND, NATURE OR DESCRIPTION, WHETHER ARISING IN LAW OR EQUITY OR UPON CONTRACT OR TORT OR UNDER ANY STATE OR FEDERAL LAW OR OTHERWISE, WHICH THE COMPANY HAS HAD, NOW HAS, OR HAS MADE CLAIM TO HAVE AGAINST ANY SUCH PARTY FOR OR BY REASON OF ANY ACT, OMISSION, MATTER, CAUSE OR THING WHATSOEVER ARISING FROM THE BEGINNING OF TIME TO AND INCLUDING THE DATE OF THIS AMENDMENT, WHETHER SUCH CLAIMS, DEMANDS AND CAUSES OF ACTION ARE MATURED OR UNMATURED OR KNOWN OR UNKNOWN.

<u>Section 4.</u><u>Ratification; Amended and Restated Notes</u>. The Loan Agreement, as amended by this No. 4 Amendment, is, and shall continue to be, in full force and effect and is hereby ratified and confirmed in all respects, and, effective as of the date of this Amendment No. 4, each of the Notes held by the Lenders shall be cancelled in their entirety and the Company shall issue an amended and restated FRV Note to FRV and an amended and restated JQA Note to JQA, each reflecting the applicable Note as amended by this No. 4 Amendment, promptly after such Lender has returned its applicable Note marked "Cancelled" to the Company.

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<u>Section 5.</u><u>Execution in</u> <u>Several Counterparts</u>. This No. 4 Amendment may be executed in several counterparts or by separate instruments and by facsimile transmission and all of such counterparts and instruments shall constitute one agreement, binding on all of the Parties hereto.

<u>Section 6.</u><u>Headings</u>. The headings in this No. 4 Amendment are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

<u>Section 7.</u><u>Governing Law</u>. The laws of the State of Texas shall govern this No. 4 Amendment without regard to principles of conflict of laws.

<u>Section 8.</u><u>Original</u> <u>Agreements</u>. Except as expressly amended by this No. 4 Amendment, the Transaction Agreements shall remain in full force and effect and all of the terms of the Transaction Agreements are hereby incorporated into this No. 4 Amendment.

[Remainder of this page deliberately left blank]

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**IN WITNESS WHEREOF,** the undersigned have executed this No. 4 Amendment as of the day and year first above written.

**COMPANY:**<br>HEART TEST LABORATORIES, INC.<br>By: <u>/s/ Andrew Simpson</u>______________ <br> Printed: <u>Andrew Simpson</u> <br> Title: <u>CEO</u> 

**LENDER:**<br>FRONT RANGE VENTURES, LLC.<br>By: <u>/s/ Loren J. Richards</u>_______________ <br> Printed: <u>Loren J. Richards</u> <br> Title: <u>First Western Trust Bank, Trust Officer</u> 

**LENDER:**<br>JOHN Q. ADAMS<br>By: <u>/s/ John Q. Adams</u>_________________ <br> Printed: <u>John Q. Adams</u> 

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