HeartCore Enterprises, Inc.: management transactions · United States · SEC (Form 4)

About HeartCore Enterprises, Inc.

HeartCore Enterprises, Inc. (NASDAQ: HTCR) is a U.S.-listed technology company traded on the Nasdaq market, with its corporate base in Tokyo, Japan and an international footprint that includes offices in New York and San Francisco. For investors, the company is best understood as a cross-border software and advisory platform: it combines enterprise software capabilities with consulting services aimed at Japanese companies seeking access to the U.S. capital markets. Because it is listed on a major U.S. exchange, HeartCore reports under the standards expected of American public companies, while its commercial focus remains largely Asia-centric. Founded in 2009, HeartCore originally built its business around customer experience management (CXM) and digital transformation (DX) software. Its software portfolio has included content management systems, marketing and customer engagement tools, and enterprise workflow solutions. The company has also offered automation and process improvement products such as robotic process automation, process mining and task mining tools, including offerings referenced by management such as myInvenio, Apromore and CONTROLIO. In addition, HeartCore developed a consulting franchise under the Go IPO brand, which is designed to help Japanese issuers navigate the process of listing on Nasdaq and the broader U.S. market. From a competitive standpoint, HeartCore operates in highly fragmented and competitive markets. Its software business competes against a broad set of enterprise application vendors, while its IPO consulting business competes on specialization, execution quality and cross-border expertise rather than scale alone. That dual model has historically given the company a niche identity: software revenues provide product exposure, while Go IPO creates a services-led bridge between Japan and U.S. public markets. Recent developments suggest a significant strategic transition. In 2025 and 2026, HeartCore disclosed that it divested HeartCore Japan, its software subsidiary, and began shifting toward financial services and capital-markets-related activities. The company has continued to highlight its Go IPO pipeline, reporting 16 Go IPO clients as of March 31, 2026, with 6 in active stages of preparation for potential public registrations and U.S. exchange listings. In August 2025, HeartCore announced that its client rYojbaba successfully began trading on Nasdaq, a concrete example of its listing advisory capabilities. In February 2026, the board authorized a $2.0 million share repurchase program, and in March 2026 the company reported full-year 2025 results alongside its strategic reset. Overall, HeartCore remains a small-cap Nasdaq-listed issuer with a niche cross-border business model, undergoing a notable repositioning that investors should monitor closely.