HeartCore Provides Strong Go IPO Updates

-Company Expects to Receive Approximately $32.4 Million in Warrants of Previously Announced Go IPO Client, SBC Medical Group Holdings

-HeartCore Signs Eighth and Ninth Go IPO Clients - Libera Gaming Operations and ICheck Co.

NEW YORK and TOKYO, March 16, 2023 (GLOBE NEWSWIRE) -- HeartCore Enterprises, Inc. (“HeartCore” or the “Company”), a leading software development company offering Customer Experience Management Platform (CXM Platform) and Digital Transformation, announced it has made compelling progress around its Go IPO consulting service offering.

As part of HeartCore’s previously announced fifth Go IPO win with SBC Medical Group Holdings (“SBC”), SBC agreed to compensate the Company an aggregate of $900,000 in initial fees, in addition to warrants to acquire 2.7% of SBC’s common stock, on a fully diluted basis. With SBC recently being valued at $1.2 billion, HeartCore expects to receive warrants with an approximate value of $32.4 million.

Additionally, HeartCore announced that it has entered into its eighth and ninth Go IPO agreements with Libera Gaming Operations, Inc. (“Libera”) and ICheck Co., Ltd. (“ICheck”), respectively. Pursuant to the consulting agreements, HeartCore agreed to assist Libera and ICheck in their efforts to go public and list on the Nasdaq Stock Market (“Nasdaq”). Through Go IPO, the Company services clients by assisting throughout the audit and legal firm hiring process, translating requested documents into English, assisting in the preparation of documentation for internal controls required for an initial public offering or de-SPAC, providing general support services, assisting in the preparation of the S-1 or F-1 filing, and more.

As compensation for its services, HeartCore expects to generate from each of Libera and ICheck $600,000 in initial fees and a warrant to acquire 3% of Libera and ICheck’s common stock on a fully diluted basis, respectively.

"The recent valuation of SBC Medical Group translates to a grand total of approximately $32.4 million in warrants for HeartCore," said Company CEO Sumitaka Yamamoto. "Though the initial fees we receive from clients are helpful, we believe the warrants provide exponentially greater value to our company. We are also very proud of our eighth and ninth Go IPO wins and hope to garner the benefits of our Go IPO flywheel effect as illustrated by SBC.”