# EDGAR Filing Document

**Accession Number:** 0001468492
**File Stem:** 0000950170-23-003784
**Filing Date:** 2023-2
**Character Count:** 11401
**Document Hash:** 649f09df32134d46efc83ebbb8b4549d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-003784.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0000950170-23-003784

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**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:** 23653583

**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. 11<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 February 22, 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 February 21, 2023, the closing price of our Common Stock was $1.53 per share and the closing price for our IPO Warrants was $0.22.

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 February 22, 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): February 16, 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 3.02 Unregistered Sales of Equity Securities.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As previously disclosed in a Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on February 3, 2023 (the "Bridge Warrant Amendment 8-K"), Heart Test Laboratories, Inc. (the "Company") entered into Amendment No. 2 (the "Amendment") to the warrants to purchase shares of the Company's common stock, par value $0.001 per share ("Common Stock"), issued in the Company's private placement of securities pursuant to that certain Securities Purchase Agreement dated as of December 22, 2021 (the "SPA," and such warrants issued thereunder, as previously amended on September 8, 2022 and as amended by the Amendment, the "Bridge Warrants"). The Bridge Warrants were issued to the buyers under the SPA along with 8% secured subordinated convertible notes, which subsequently converted into shares of Common Stock upon the Company's initial public offering on June 15, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As disclosed in the Bridge Warrant Amendment 8-K, pursuant to the Amendment, the exercise price of the Bridge Warrants was lowered from $4.25 per share to $1.00 per share for a period of ten (10) business days beginning February 3, 2023 and ending February 16, 2023 (the "Limited Period"). The Amendment also amended the Bridge Warrants to provide that, during the Limited Period, the holders of the Bridge Warrants were permitted to elect a cashless exercise of the Bridge Warrants in whole or in part, pursuant to which the holder would receive a net number of shares of Common Stock equal to one-third of the total number of shares with respect to which the Bridge Warrant was then being exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is filing this Current Report on Form 8-K with the SEC to announce that during the Limited Period, the Company issued 1,322,304 shares of Common Stock pursuant to exercises of the Bridge Warrants and received approximately $1.3 million in proceeds from these exercises. The Company will issue new amended and restated Bridge Warrants reflecting the amendments set forth in the Amendment to the holders that continue to hold unexercised Bridge Warrants. A copy of the form of new amended and restated Bridge Warrant is attached hereto as Exhibit 4.1. Immediately after the end of the Limited Period, Bridge Warrants to purchase 298,667 shares of Common Stock remained outstanding, with an exercise price of $4.25 per share, subject to adjustments as set forth in the Bridge Warrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The issuance of the shares of Common Stock upon the exercises of the Bridge Warrants were completed in accordance with Section 4(a)(2) of the Securities Act of 1933, as amended (the "Securities Act"), as a transaction by an issuer not involving any public offering. The issuance of the new amended and restated Bridge Warrants are being completed in accordance with Section 3(a)(9) of the Securities Act. In accordance with Section 3(a)(9) of the Securities Act, the amended and restated Bridge Warrants are being exchanged by the Company with its existing security holders in a transaction where no commission or other remuneration is being paid or given directly or indirectly for soliciting such exchange. The new amended and restated Bridge Warrants will take on the registered characteristics of the existing Bridge Warrants as in effect prior to the Amendment.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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(d) Exhibits

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| | |
|:---|:---|
| **Exhibit** <br>**No.** | <br>**Description**  |
| 4.1 | [<u>Form of Amended and Restated Warrant to Purchase Common Stock, as amended through February 3, 2023.</u>](https://www.sec.gov/Archives/edgar/data/1468492/000095017023003775/hscs-ex4_1.htm) |
| 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: | February 22, 2023 | By:  | /s/ Andrew Simpson |
|  |  |  | **Andrew Simpson<br>Chief Executive Officer** |

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