Fortitude Mining Grabs Nasdaq Listing through HeartSciences Merger

Zcash miner Fortitude Mining Holdings has secured its path to public markets through an all-stock merger with HeartSciences, a deal that will place the crypto mining company on the Nasdaq without a traditional IPO.

The transaction, which was announced Tuesday, combines Fortitude and HeartSciences in a structure that leaves Fortitude's management team in control of the merged company. The business is expected to operate under the Fortitude name and trade on Nasdaq under the ticker symbol TUDE, subject to regulatory approvals.

Under the terms of the deal, existing HeartSciences shareholders will retain a minority ownership stake. HeartSciences' chief executive Andrew Simpson explained that the merger would help remove what he described as the 'constant cycle of raising capital', offering what the company believes is the most favorable outcome for its shareholders.