What changed in this filing

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Item 9A. Controls and Procedures

2025-03-20 compared with 2024-04-01 · 994 added, 855 removed, 268 unchanged (87% of the section changed)

Controls and Procedures Evaluation of Disclosure Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation

of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation

of the effectiveness of our disclosure controls and procedures as of December 31, 2023, as such term is defined in Rules 13a-15(e) and

15d-15(e) under the Exchange Act.

Based on this evaluation, our principal executive officer and principal financial and accounting officer

have concluded that during the period covered by this report, our disclosure controls and procedures were not effective.

we performed additional analysis as deemed necessary to ensure that our financial statements were prepared in accordance with U.S.

accepted accounting principles.

Accordingly, management believes that the financial statements included in

this Form 10-K present fairly in all material respects our financial position,

results of operations and cash flows for the period presented.

Disclosure controls and procedures are designed

to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported

within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our

management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate

to allow timely decisions regarding required disclosure.

We do not expect that our disclosure controls and procedures

will prevent all errors and all instances of fraud.

Disclosure controls and procedures, no matter how well conceived and operated, can

provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.

Further, the design

of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative

to their costs.

Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and

procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any.

of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can

be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Management’s Report on Internal Controls

Over Financial Reporting

This Annual Report on Form 10-K

does not include a report of management’s assessment regarding internal control over financial reporting or an attestation report

of our independent registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control

over financial reporting during the period ended December 31, 2023 that have materially affected, or are reasonably likely to materially

affect, our internal control over financial reporting.

Controls and Procedures

of Disclosure Controls and Procedures

Under the supervision

and with the participation of our management, including our principal executive officer and principal financial and accounting officer,

we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of December

31, 2024, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act.

Based on this evaluation, our principal executive

officer and principal financial and accounting officer have concluded that during the period covered by this report, our disclosure controls

and procedures were not effective.

As a result, we performed additional analysis as deemed necessary to ensure that our financial statements

were prepared in accordance with U.S.

generally accepted accounting principles.

Accordingly, management believes that the financial statements

included in this Form 10-K present fairly in all material respects our financial position, results of operations and cash flows for the

period presented.

Disclosure controls and procedures

are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized,

and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated

to our management, including our principal executive officer and principal financial officer or persons performing similar functions,

as appropriate to allow timely decisions regarding required disclosure.

We do not expect that our

disclosure controls and procedures will prevent all errors and all instances of fraud.

Disclosure controls and procedures, no matter how

well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures

Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the

benefits must be considered relative to their costs.

Because of the inherent limitations in all disclosure controls and procedures, no

evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and

instances of fraud, if any.

The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood

of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future

Report on Internal Controls Over Financial Reporting

This Annual Report on Form 10-K does

not include a report of management’s assessment regarding internal control over financial reporting or an attestation report of

our independent registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

in Internal Control over Financial Reporting

There have been no changes in

our internal control over financial reporting during the period ended December 31, 2024 that have materially affected, or are reasonably

likely to materially affect, our internal control over financial reporting.

Other Information

the Company’s fourth quarter, no director or officer adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1

trading arrangement.

During the Company’s fourth quarter, no director

or officer adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

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Directors, Executive Officers and Corporate Governance.

The following table sets forth certain information,

including ages as of April 1, 2024, of our executive officers and members of the Board of Directors.

The following

table sets forth certain information, including ages as of March 20, 2025, of our executive officers and members of the Board of Directors.

Executive Officers

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Chief Technology Officer

Khullani Abdullah, JD

Vice President of Revenue and Strategy

Non-Employee Directors

4 unchanged sentences

Executive Officers

The following is a brief biography of each of

our executive officers:

The following is a brief biography of each of our executive

Meeshanthini V.

Dogan has served

as our Chief Executive Officer and a director since inception.

served as our Chief Executive Officer and a director since inception.

Together with Dr.

she is the Co-Founder of Legacy Cardio, with over 13 years’ experience in bridging medicine, engineering and artificial

intelligence towards building solutions to fulfill unmet clinical needs such as in cardiovascular disease prevention and management.

Coming from a family with a two-generation history of heart disease and having worked for an extensive time interacting with those affected

by heart disease, she understands the pain points and founded Legacy Cardio to help prevent others from experiencing its devastating

Dogan is a pioneer in artificial intelligence/machine learning-driven integrated genetic-epigenetic approaches, which includes

highly cited publications, and platform presentations at the American Heart Association and American Society of Human Genetics.

She co-invented

the patent-pending Integrated Genetic-Epigenetic Engine™ of Cardio Diagnostics (six granted patents and numerous pending patents).

Dogan founded Legacy Cardio to commercialize this technology through a series of patent-pending clinical tests towards making

heart disease prevention and early detection more accessible, personalized and precise.

Under her leadership, Legacy Cardio was awarded

the prestigious One To Watch award in 2020 by Nature and Merck, the 2021 Clinical Diagnostics Solution of the Year from Biotech Breakthrough

and Fast Company's Next Big Things in Tech 2022, has worked its way to become a technology leader in cardiovascular diagnostics, launched

four products, secured both dilutive and non-dilutive funding and key relationships with world renowned healthcare organizations and

key opinion leaders.

Dogan holds a PhD degree in Biomedical Engineering and BSE/MS degrees in Chemical Engineering from University

Philibert, she is the Co-Founder of Legacy Cardio,

with over 15 years’ experience in bridging medicine, engineering and artificial intelligence towards building solutions to fulfill

unmet clinical needs such as in cardiovascular disease prevention and management.

Coming from a family with a two-generation history of

heart disease and having worked for an extensive time interacting with those affected by heart disease, she understands the pain points

and founded Legacy Cardio to help prevent others from experiencing its devastating impacts.

Dogan is a pioneer in artificial intelligence/machine

learning-driven integrated genetic-epigenetic approaches, which includes highly cited publications, and platform presentations at the

American Heart Association and American Society of Human Genetics.

She co-invented the patent-pending Integrated Genetic-Epigenetic Engine™

of Cardio Diagnostics (six granted patents and numerous pending patents).

Dogan founded Legacy Cardio to commercialize this

technology through a series of patent-pending clinical tests towards making heart disease prevention and early detection more accessible,

personalized and precise.

Under her leadership, Legacy Cardio was awarded the prestigious One To Watch award in 2020 by Nature and Merck,

the 2021 Clinical Diagnostics Solution of the Year from Biotech Breakthrough and Fast Company's Next Big Things in Tech 2022, has worked

its way to become a technology leader in cardiovascular diagnostics, launched four products, secured both dilutive and non-dilutive funding

and key relationships with world renowned healthcare organizations and key opinion leaders.

Dogan holds a PhD degree in Biomedical

Engineering and BSE/MS degrees in Chemical Engineering from University of Iowa.

She was named FLIK Woman Entrepreneur to Watch in 2021.

We believe that, as a co-founder of our Company and co-inventor of our

Company’s key technologies and products, as well as her leadership skills, Dr.

Dogan is uniquely positioned to bring unmatched

experience and insights into the boardroom and to the daily operations of our Company.

Robert Philibert has served as our

Chief Medical Officer and as a director since inception.

We believe that, as a co-founder of our Company and co-inventor of our Company’s key technologies and products, as well as her leadership

Dogan is uniquely positioned to bring unmatched experience and insights into the boardroom and to the daily operations of

Robert Philibert has served

as our Chief Medical Officer and as a director since inception.

Together with Dr.

Dogan, he is a co-founder of Legacy Cardio.

Philibert graduated

from the University of Iowa Medical Scientist Training Program and completed a residency in Psychiatry at the University of Iowa.

1993 and 1998, he completed a Pharmacology Research Training Program (“PRAT”) Fellowship and a Staff Fellowship at the National

Institutes of Health while also serving in the United States Uniformed Public Health Service.

In late 1998, he returned to the University of

Iowa where he now is a Professor of Psychiatry, with joint appointments in Neuroscience, Molecular Medicine and Biomedical Engineering.

He has published over 170 peer reviewed manuscripts and is the recipient of numerous NIH grant awards and both national and international

patents for his pioneering work in epigenetics.

In particular, he is credited with discovering the epigenetic signatures for cigarette

and alcohol consumption.

In 2009, he founded Behavioral Diagnostics, LLC, a leading provider of epigenetic testing services which has

introduced two epigenetic tests, Smoke Signature © and Alcohol Signature™ to the commercial market.

graduated from the University of Iowa Medical Scientist Training Program and completed a residency in Psychiatry at the University of

Between 1993 and 1998, he completed a Pharmacology Research Training Program (“PRAT”) Fellowship and a Staff Fellowship

at the National Institutes of Health while also serving in the United States Uniformed Public Health Service.

In late 1998, he returned

to the University of Iowa where he now is a Professor of Psychiatry, with joint appointments in Neuroscience, Molecular Medicine and Biomedical

He has published over 170 peer reviewed manuscripts and is the recipient of numerous NIH grant awards and both national and

international patents for his pioneering work in epigenetics.

In particular, he is credited with discovering the epigenetic signatures

for cigarette and alcohol consumption.

In 2009, he founded Behavioral Diagnostics, LLC, a leading provider of epigenetic testing services

which has introduced two epigenetic tests, Smoke Signature© and Alcohol Signature™ to the commercial market.

Simultaneously,

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in the clinical diagnostics space.

Elisa Luqman has

served as our Chief Financial Officer on a part time basis since March 2021.

Elisa Luqman has served

as our Chief Financial Officer on a part time basis since March 2021.

In March 2021, Legacy Cardio and Ms.

Luqman entered into

a consulting agreement under which she was retained to provide services in connection with a potential merger transaction.

Luqman has also been serving as Chief Legal Officer (SEC) for Nutex Health, Inc.

(“Nutex”), a physician-led, technology-enabled

healthcare services company.

She attained that position upon the closing of a merger transaction in which her employer, Clinigence Holdings,

Luqman entered into a consulting

agreement under which she was retained to provide services in connection with a potential merger transaction.

Since April 2022, Ms.

has also been serving as Chief Legal Officer (SEC) for Nutex Health, Inc.

(“Nutex”), a physician-led, technology-enabled healthcare

services company.

She attained that position upon the closing of a merger transaction in which her employer, Clinigence Holdings, Inc.

(“Clinigence"), was the surviving entity.

She served as the Chief Financial Officer, Executive Vice President Finance

and General Counsel of Clinigence from October 2019 until the merger.

She also served as a director of Clinigence from October 2019 to

February 2021.

She served as the Chief Financial Officer, Executive Vice President Finance and General

Counsel of Clinigence from October 2019 until the merger.

She also served as a director of Clinigence from October 2019 to February 2021.

At Clinigence, Ms.

Luqman was responsible for maintaining the corporation’s accounting records and statements, preparing

its SEC filings and overseeing compliance requirements.

She was an integral member of the Clinigence team responsible for obtaining the

company’s NASDAQ listing and completing the reverse merger with Nutex.

Luqman continues to be responsible for preparing

its SEC filings and overseeing compliance requirements.

Luqman co-founded bigVault Storage Technologies, a cloud- based file hosting

company acquired by Digi-Data Corporation in February 2006.

Luqman was responsible for maintaining the corporation’s accounting records and statements, preparing its SEC

filings and overseeing compliance requirements.

She was an integral member of the Clinigence team responsible for obtaining the company’s

NASDAQ listing and completing the reverse merger with Nutex.

Luqman continues to be responsible for preparing its SEC filings

and overseeing compliance requirements.

Luqman co-founded bigVault Storage Technologies, a cloud- based file hosting company acquired

by Digi-Data Corporation in February 2006.

From March 2006 through February 2009, Ms.

Luqman was employed as Chief Operating

Officer of the Vault Services Division of Digi-Data Corporation, and subsequently during her tenure with Digi-Data Corporation she became

General Counsel for the entire corporation.

In that capacity she was responsible for acquisitions, mergers, patents, customer, supplier,

and employee contracts, and worked very closely with Digi-Data’s outside counsel firms.

Luqman was employed as Chief Operating Officer of

the Vault Services Division of Digi-Data Corporation, and subsequently during her tenure with Digi-Data Corporation she became General

Counsel for the entire corporation.

In that capacity she was responsible for acquisitions, mergers, patents, customer, supplier, and employee

contracts, and worked very closely with Digi-Data’s outside counsel firms.

In March 2009, Ms.

Luqman rejoined iGambit

(“IGMB”) as Chief Financial Officer and General Counsel.

Luqman has overseen and been responsible for IGMB’s

SEC filings, FINRA filings and public company compliance requirements from its initial Form 10 filing with the SEC in 2010 through its

reverse merger with Clinigence Holdings, Inc.

Luqman rejoined iGambit Inc.

as Chief Financial Officer and General Counsel.

Luqman has overseen and been responsible for IGMB’s SEC filings, FINRA filings

and public company compliance requirements from its initial Form 10 filing with the SEC in 2010 through its reverse merger with Clinigence

Holdings, Inc.

in October 2019.

Luqman received a BA degree, a JD in Law, and an MBA Degree in Finance

from Hofstra University.

Luqman received a BA degree, a JD in Law, and an MBA Degree in Finance from Hofstra University.

Luqman is a member of the bar in New York and New Jersey.

Timur Dogan has

served as our Chief Technology Officer since May 2022.

He has been employed by Legacy Cardio since August 2019, after obtaining his Ph.D.,

and was serving as its Senior Data Scientist until he was promoted to CTO.

Dogan was instrumental in developing and advancing the

Integrated Genetic-Epigenetic Engine™ that is at the core of Cardio’s

cardiovascular solutions.

Along with the founding team, he is the co-inventor of two patent-pending technologies in cardiovascular disease

and diabetes.

Dogan has served as our Chief Technology Officer since May 2022.

He has been employed by Legacy Cardio since August 2019, after obtaining

his Ph.D., and was serving as its Senior Data Scientist until he was promoted to CTO.

Dogan was instrumental in developing and advancing

the Integrated Genetic-Epigenetic Engine™ that is at the core of Cardio’s cardiovascular solutions.

Along with the founding

team, he is the co-inventor of several patent-pending technologies in cardiovascular disease and diabetes.

He holds a joint B.S.E./M.S.

degrees in Mechanical Engineering from the University of Iowa where he researched

complex fluid flows.

He developed machine learning models on high-performance computing systems using a mixture of low and high-fidelity

numerical simulations and experiments to draw insights from non-linear physics.

Khullani Abdullahi has served as

our Vice President of Revenue and Strategy since May 2022.

In July 2020, Ms.

Abdullahi began working with Legacy Cardio as a consultant,

where she was a member of the advisory board as a go-to-market and growth advisor and provided other services as mutually agreed upon.

After two years as an advisor, in May 2022, she joined Cardio full-time to lead the sales, marketing, and customer success teams.

Abdullahi has more than ten years of experience as a revenue and sales strategist, helping clients and companies develop and execute aggressive

customer-acquisition campaigns, services she provides to various clients through Episteme X, her consulting company.

She has led commercialization,

pricing, and monetization strategies and scaled revenue teams in healthcare and biotech.

As a data-driven account-based marketing revenue

strategist, her methods emphasize identifying all relevant contacts across the total addressable target market to drive defensive market

penetration growth.

Abdullahi holds a BA in Philosophy from Carleton College and a Juris Doctor from the University of Minnesota Law

Non-Employee Members of the Board of Directors

The following is a brief biography of each of

our non-employee directors:

Warren Hosseinion, MD has served

as the Company’s Non-Executive Chairman of the Board since the consummation of the Business Combination in October 2022.

Legacy Cardio’s Non-Executive Chairman of the Board from May 2022 and was on Legacy Cardio’s Board of Directors beginning

in November 2020.

degrees in Mechanical Engineering from the University of Iowa where he researched complex fluid flows.

He developed machine

learning models on high-performance computing systems using a mixture of low and high-fidelity numerical simulations and experiments

to draw insights from non-linear physics.

Members of the Board of Directors

The following is a brief biography of each of our non-employee

Hosseinion, MD has served as the Company’s Non-Executive Chairman of the Board since the consummation of the Business Combination

in October 2022.

He was Legacy Cardio’s Non-Executive Chairman of the Board from May 2022 and was on Legacy Cardio’s Board

of Directors beginning in November 2020.

In March 2021, Legacy Cardio and Dr.

Hosseinion entered into a consulting agreement under which he was retained to provide

services in connection with a potential merger transaction.

He continues to provide consulting services to the Company under that contract.

Hosseinion entered into a consulting agreement under which

he was retained to provide services in connection with a potential merger transaction.

He continues to provide consulting services to

the Company under that contract.

He is also currently the President and a director of Nutex Health, Inc.

NUTX), positions he has held since April 2022.

NUTX), positions he

has held since April 2022.

Hosseinion co-founded Astrana Health, Inc.

ASTH) (formerly, Apollo Medical Holdings, Inc.

AMEH)) and has served

as a member of Astrana’s Board of Directors since July 2008.

He served as Astrana’s Chief Executive Officer from July 2008

to December 2017 and its Co-Chief Executive Officer from December 2017 to March 2019.

Hosseinion received his B.S.

in Biology from

the University of San Francisco, his M.S.

in Physiology and Biophysics from the Georgetown University Graduate School of Arts and Sciences,

his Medical Degree from the Georgetown University School of Medicine and completed his residency in internal medicine from the Los Angeles

County-University of Southern California Medical Center.

Hosseinion’s experience as a physician, along with his background at

Astrana and Nutex, brings our Board and our Company a depth of understanding of physician culture and the healthcare market, as well as

a strong knowledge of the public markets.

James Intrater is

the director who was designated by Mana, and he began his term upon Closing of the Business Combination in October 2022 .

ASTH) (formerly, Apollo Medical Holdings,

AMEH)) and served as a member of Astrana’s Board of Directors from July 2008 to March 2019.

He served as Astrana’s

Chief Executive Officer from July 2008 to December 2017 and its Co-Chief Executive Officer from December 2017 to March 2019.

received his B.S.

in Biology from the University of San Francisco, his M.S.

in Physiology and Biophysics from the Georgetown University

Graduate School of Arts and Sciences, his Medical Degree from the Georgetown University School of Medicine and completed his residency

in internal medicine from the Los Angeles County-University of Southern California Medical Center.

Hosseinion’s experience

as a physician, along with his background at Astrana and Nutex, brings to our Board and our Company a depth of understanding of physician

culture and the healthcare market, as well as a strong knowledge of the public markets.

James Intrater

is the director who was designated by Mana, and he began his term upon Closing of the Business Combination in October 2022 .

Intrater is a senior materials and process engineer with over 35 years of professional experience.

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experience developing healthcare-related products as well as products in other industries.

served as a member of the Company’s Board of Directors since consummation of the Business Combination in October 2022 .

September 2006, Dr.

Lau founded Synergy Imaging Center, San Gabriel, California, where he has held the position of Medical Director since

In addition, since November 1997, Dr.

Lau has been affiliated with the Southern California Heart Centers, San Gabriel, California,

which he founded.

Earlier in his professional career, from November 1996 to November 1997, Dr.

Lau served as an Assistant Professor in

Cardiology at Texas Tech University, and from August 1995 to November 1996, he provided cardiovascular

consulting services at Chandra Cardiovascular Consultant, PC, Sioux City, Iowa.

Lau has the following clinical appointments at the

Garfield Medical Center, Monterey Park, California:

Director, Cardiac Structural Heart Program, Chairman of the Cardiovascular Committee,

member of the Board of Directors, Los Angeles County certified ST-Elevation Myocardial Infarction (STEM) Program Director and Director

of the Cardiac Catheterization Lab.

Lau received his M.B.B.S (Bachelor of Medicine and Bachelor of Surgery) in 1984 from the University

of New South Wales School of Medicine, Sydney, Australia.

He received further training at the University of Southern California, specializing

in diagnostic cardiac catheterization, coronary angioplasty, coronary artery stenting, intervascular ultrasound, renal and peripheral

diagnostic angiograms and pacemaker implantation.

He is board certified in interventional cardiology, cardiovascular disease, internal

medicine, certification board of cardiovascular computer tomography, echocardiography subspecialty, acute critical care echocardiography

subspecialty, nuclear cardiology subspecialty and is board certified as a hypertension specialist.

He also extensive experience in coronary

CT Angiogram and Cardiac MRI.

He has a level III (highest) Certification in CCTA by the Society of Cardiovascular Computed Tomography

and a Level II Certification in Cardiac MR by the Society of Cardiovascular Magnetic Resonance, in addition to being board certified in

Cardiovascular Disease, Internal Medicine, Echocardiography, Nuclear Cardiology and as a Hypertension Specialist.

Lau also founded

the structured heart program at Garfield Medical Center, recently implementing the TAVR program in 2017.

Lau received his medical

degree from the University of New South Wales School of Medicine in Sydney, Australia, and completed his Residency in Internal Medicine,

Fellowship in Cardiology and Fellowship in Interventional Cardiology at the University of Southern California.

Lau was selected to

serve on our board of directors due to his extensive academic and clinical experience in internal medicine and cardiology.

Oded Levy has

served as a member of the Company’s Board of Directors since consummation of the Business Combination in October 2022.

the founder, president and managing partner of Blue Ox Healthcare Partners, ("Blue Ox”) a private equity firm based in New

York City that invests growth capital in commercial-stage healthcare companies, with a focus on companies involved in precision health.

Levy has over 30 years of experience in specialized healthcare investing

in private equity, capital markets and asset management.

He co-founded Blue Ox in 2009, leads origination and structuring of the firm’s

investments, and chairs the Investment Committee.

Prior to Blue Ox, he was a principal at

Oracle Partners, LP, a private investment firm specializing in public securities investing and merchant banking in the healthcare, bioscience

and related industries.

Previously, he was Head Trader and a member of the Executive Committee at Genesis Merchant Group Securities ("GMGS”),

a San Francisco-based investment bank.

Levy was also Senior Vice President of Investments at Bering Holdings, Inc., the investment

arm of publicly traded MAXXAM, Inc.

He began his career in 1987 as a corporate finance analyst at Bear, Stearns & Co.

previously served on the boards of former Blue Ox investments, MedSave USA, as Executive Chairman, Delphi Behavioral Health Group and

Infinity Funding.

He holds an MBA in Finance and International Business and a BS in Computer and Information Systems from New York University.

Levy was selected to serve on the board of directors due to his significant experience managing and investing in healthcare companies.

served as a member of the Company’s Board of Directors since December 2023.

served as a member of the Company’s Board of Directors since November 15, 2024.

Since June 2024, Ms.

Betts has been serving

as the Information Security Officer at Rotary International, where she is managing the cybersecurity department, which includes cyber

defense, cyber operations and deployment of strategic technology.

Prior to that, she was the Director of Cybersecurity Strategy at United

Airlines from October 2022 to September 2023, where she managed the strategic initiatives for the cybersecurity program.

2019 to October 2022, Ms.

Betts served as Senior Risk Manager at Bank of America, where she oversaw the second line work for

cybersecurity defense including SOC, Malware, DDoS and Cloud.

From March 2010 to July 2019, Ms.

Betts was employed by Northern Trust,

most recently serving as Vulnerability Manager, where she developed the Secure SDLC program and rolled out DevSecOps methodology

throughout the application development environment.

Betts is continually active in the technology industry, where she is currently

a member of Information Systems Security Association (“ISSA”), Women in Cybersecurity (“WiCyS”), and Chief, the

private network for senior women executives.

Betts earned her BA in Operations Management Information Systems from Northern Illinois

University and an MBA with an emphasis in finance from the Keller Graduate School of Management.

She is a Certified Information Systems

Security Professional (“CISSP”) and Certified Cloud Security Professional (“CCSP”).

She also serves as a Director

for the Luminarts Culture Foundation, an organization dedicated to supporting young artists through its competitive programs that

offer financial awards, artistic opportunities and mentoring that bridge the gap between education and career.

Betts was nominated

due to her background and experience in cybersecurity, finance, and corporate leadership, all of which are areas of expertise

we believe bring valuable insights to our boardroom including with respect to cybersecurity oversight requirements.

has served as a member of the Company’s Board of Directors since November

Since 2004, Dr.

Fung has served as the Director of Cardiovascular Division of Beverly Hospital in Montebello, California.

He is also the Director of Research and Education at Central California Heart Institute in Fresno, California since 1992 and

Director of Nuclear Cardiology at Central Cardiology Medical Clinic in Bakersfield, California since 1991.

Earlier in his professional

career from 1990 to 1997, Dr.

Fung served as Clinical Faculty at University of California Los Angeles (UCLA).

He received his B.Sc.

in Psychobiology in 1979 from University of Southern California, his MD in 1983 from Stanford University School of Medicine, and

was an Internal Medicine resident between 1983 and 1986 and Cardiology Fellow between 1986 and 1989 at Cedars-Sinai Medical Center/UCLA.

His board certifications include Diplomat of the American Board of Internal Medicine, Diplomat Subspecialty Board of Cardiovascular Disease,

Fellow of American College of Cardiology, Fellow of American College of Angiology and Diplomat of Subspecialty Board of Interventional

His extensive clinical expertise includes more than 5,000 cases of coronary angiography, more than 2,000 cases of percutaneous

transluminal coronary angioplasty, more than 400 cases of Peripheral Angiography, more than 200 cases of Peripheral Angioplasty including

balloon and TEC devices, more than 100 cases of Carotid Angiography, more than 100 cases of Peripheral Stent placement, more than 100

cases of Renal Artery Stent Placement, Rotational Artherectomy, Coronary TEC, Pacemaker Implantation, Laser Artherectomy, Stent Placement,

Brachytherapy, and Abdominal Aortic Aneurysm Percutaneous Repair/& Grafting.

Fung was selected to serve on our board of directors

due to his extensive clinical experience in cardiology.

Burton has served as a member of the Company’s Board of Directors since December 2023.

Since May 2021, Mr.

Burton has served as the Managing

Partner, of 2Flo Ventures, a start-up studio and early-stage healthcare investor.

Through 2Flo Ventures, he provides strategic and financial

advice to healthcare companies.

In 2010, he founded and continues to serve as Managing Principal of Burton Advisory, Inc., which provides

strategic and financial advice to healthcare companies, drawing from over 20 years of experience in corporate finance and strategic advisory

served as the Managing Partner, of 2Flo Ventures, a start-up studio and early-stage healthcare investor.

Through 2Flo Ventures, he

provides strategic and financial advice to healthcare companies.

In 2010, he founded and continues to serve as Managing Principal of

Burton Advisory, Inc., which provides strategic and financial advice to healthcare companies, drawing from over 20 years of

experience in corporate finance and strategic advisory services.

In connection therewith, since December 2018, Mr.

Burton has been the Chief Executive Officer of Akan Biosciences, a biotech

start-up company developing regenerative medicinal therapeutics.

From 2019 he also has been serving as the Chief Financial Officer of

Temprian Therapeutics.

From 2019 through 2022 he served as the fractional CFO for both Cancer IQ and 4D Healthware.

From 2019 through

Burton was also an Entrepreneur in Residence at Northwestern University, supporting students and faculty with healthcare-oriented

commercialization projects.

Previously, he was the Chief Executive Officer of ResQ Pharma, Inc.

In 2013 he co-founded Vivacelle Bio,

Inc., where he served as Chief Financial Officer and a member of its board of directors.

Burton currently serves as a member of the

Chicago Biomedical Consortium’s VC Advisory Committee, as a member of MATTER, a Chicago-based healthcare incubator, and the Bunker

Labs, an incubator started in Chicago for U.S.

Burton has been

the Chief Executive Officer of Akan Biosciences, a biotech start-up company developing regenerative medicinal therapeutics.

2019 he also has been serving as the Chief Financial Officer of Temprian Therapeutics.

From 2019 through 2022 he served as the

fractional CFO for both Cancer IQ and 4D Healthware.

From 2019 through 2022, Mr.

Burton was also an Entrepreneur in Residence at

Northwestern University, supporting students and faculty with healthcare-oriented commercialization projects.

Previously, he was the

Chief Executive Officer of ResQ Pharma, Inc.

In 2013 he co-founded Vivacelle Bio, Inc., where he served as Chief Financial Officer

and a member of its board of directors.

Burton currently serves as a member of the Chicago Biomedical Consortium’s VC

Advisory Committee, as a member of MATTER, a Chicago-based healthcare incubator, and the Bunker Labs, an incubator started in

Chicago for U.S.

military veterans.

He also is a member of the Board of Directors of Millennium Beacon,

a healthcare incubator based on the southside of Chicago, seeking to serve overlooked populations.

He also is a member of the Board of Directors of Millennium Beacon, a healthcare incubator based

on the southside of Chicago, seeking to serve overlooked populations.

Prior thereto, Mr.

Burton worked as

an investment banking associate at Salomon Brothers (now Citigroup Corporate & Investment Bank).

He also served as a United States

Regular Army Commissioned Officer (Infantry).

Burton earned his JD and MBA from the University of Illinois at Urbana-Champaign and

earned two Bachelor’s Degrees from the University of Illinois at Chicago.

Burton worked as an investment banking

associate at Salomon Brothers (now Citigroup Corporate & Investment Bank).

He also served as a United States Regular Army

Commissioned Officer (Infantry).

Burton earned his JD and MBA from the University of Illinois at Urbana-Champaign and earned two

Bachelor’s Degrees from the University of Illinois at Chicago.

He currently serves on the Board of Trustees of the Ravinia

Festival, an internationally-renowned, not-for-profit music festival.

Burton was nominated due to his extensive experience in the

working of numerous capacities with early-stage healthcare companies as well as his corporate finance background, both of which are areas

of expertise we believe will bring invaluable insights to the Cardio boardroom.

Family Relationships

than Meeshanthini Dogan and Timur Dogan, who are wife and husband,

t here are no family relationships among our executive officers and directors.

Corporate Governance

has structured its corporate governance in a manner that we believe closely aligns its interests with those of its stockholders.

Notable features

of this corporate governance include:

Cardio has independent director representation on its audit, compensation and nominating and corporate governance committees, and its independent directors will meet regularly in executive sessions without the presence of its corporate officers or non-independent directors;

at least one of its directors has qualified as an "audit committee financial expert” as defined by the SEC;

Burton was nominated due to his extensive experience in

the working of numerous capacities with early-stage healthcare companies as well as his corporate finance background, both of which

are areas of expertise we believe bring invaluable insights to our Board.

Relationships

Meeshanthini Dogan and Timur Dogan, who are wife and husband, there are no family relationships among our executive officers and directors.

Cardio has structured its corporate governance in a manner that

we believe closely aligns its interests with those of its stockholders.

Notable features of this corporate governance include:

· Cardio has independent director representation on its audit, compensation

and nominating and corporate governance committees, and its independent directors will meet regularly in executive sessions without the

presence of its corporate officers or non-independent directors;

· at least one of its directors has qualified as an "audit committee financial expert” as defined

· it has and will implement a range of other corporate governance best practices,

Composition of the Board of Directors and Company Officers

Cardio’s business and affairs are managed

under the direction of our board of directors.

including a robust director education program.

Structure of the Board

roles of our Non-Executive Chairman and our Chief Executive Officer have been separated.

We believe that this is appropriate under current

circumstances because it allows management to make the operating decisions necessary to manage the business, while separating out oversight

function of the Board and operating decisions.

We feel that this has provided an appropriate balance of operational focus, flexibility

and oversight.

We do not separately have a lead independent director.

Currently, Dr.

Hosseinion serves as Non-executive Chairman of the

Board, participates in setting the agenda of Board and committee meetings, facilitating communications among members of the Board and

management, and maintaining the focus and punctuality of Board and committee meetings.

Dr Hosseinion also currently leads the efforts

in evaluating our Chief Executive Officer and in succession planning, considering Board committee membership and leadership.

be presiding at this Annual Meeting.

and Experience of Directors

Our nominating and corporate

governance committee is responsible for, among other things, identifying individuals qualified to become members of our board of directors,

consistent with criteria approved by our board of directors, overseeing succession planning for our Chief Executive Officer and other

executive officers, periodically reviewing our board of directors’ leadership structure and recommending any proposed changes to

our board of directors, overseeing an annual evaluation of the effectiveness of our board of directors and its committees, and developing

and recommending to our Board of Directors a set of corporate governance guidelines.

of the Board of Directors and Company Officers

Cardio’s business and affairs are managed under the direction

of our board of directors.

The Company’s board consists of seven directors.

The board of directors are elected each year at the annual meeting of stockholders.

The Company officers are appointed by the board

of directors and serve at the discretion of the board of directors, rather than for specific terms of office, subject to the terms of

employment agreements, where applicable.

The board of directors is authorized to appoint persons to the offices set forth in our bylaws

as it deems appropriate.

The Company’s bylaws provide that our officers may consist of a Chairman of the Board, Chief Executive

Officer, Chief Financial Officer, President, one or more Vice Presidents, Secretary, Treasurer, one or more Assistant Secretaries and

such other offices as may be determined by the board of directors.

Director Independence

The Nasdaq listing standards require that a majority

of our Board of Directors be independent.

An “independent director” is defined generally as a person who has no material relationship

with the listed company (either directly or as a partner, stockholder or officer of an organization that has a relationship with the company).

The Company’s independent directors expect to have regularly scheduled meetings at which only independent directors are present.

Any affiliated transactions will be on terms no less favorable to the Company than could be obtained from independent parties.

The Company’s

Board of Directors will review and approve all affiliated transactions with any interested director abstaining from such review and approval.

Based on information provided by each director

concerning his or her background, employment and affiliations, the Board has determined that Paul Burton, James Intrater, Stanley K.

MD and Oded Levy, representing four of the Company’s seven directors, do not have a relationship that would interfere with the exercise

of independent judgment in carrying out the responsibilities of a director and that each of these directors is an “independent director”

as defined under the listing standards of Nasdaq and applicable SEC rules.

In making these determinations, the Company Board considered

the current and prior relationships that each non-employee director has with the Company and all other facts and circumstances that the

Company Board deemed relevant in determining their independence, including the beneficial ownership of the Company capital stock by each

non- employee director, and the transactions involving them.

of directors are elected each year at the annual meeting of stockholders.

The Company officers are appointed

by the board of directors and serve at the discretion of the board of directors, rather than for specific terms of office, subject to

the terms of employment agreements, where applicable.

The board of directors is authorized to appoint persons to the offices set forth

in our bylaws as it deems appropriate.

The Company’s bylaws provide that our officers may consist of a Chairman of the Board, Chief

Executive Officer, Chief Financial Officer, President, one or more Vice Presidents, Secretary, Treasurer, one or more Assistant Secretaries

and such other offices as may be determined by the board of directors.

The Nasdaq listing standards

require that a majority of our Board of Directors be independent.

An “independent director” is defined generally as a person

who has no material relationship with the listed company (either directly or as a partner, stockholder or officer of an organization that

has a relationship with the company).

The Company’s independent directors expect to have regularly scheduled meetings at which only

independent directors are present.

Any affiliated transactions will be on terms no less favorable to the Company than could be obtained

from independent parties.

The Company’s Board of Directors will review and approve all affiliated transactions with any interested

director abstaining from such review and approval.

Based on information provided by

each director concerning his or her background, employment and affiliations, the Board has determined that Paul Burton, James Intrater,

Wendy Betts, and Peter Fung, MD, representing four of the Company’s seven directors, do not have a relationship that would interfere

with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is an “independent

director” as defined under the listing standards of Nasdaq and applicable SEC rules.

In making these determinations, the Company

Board considered the current and prior relationships that each non-employee director has with the Company and all other facts and circumstances

that the Company Board deemed relevant in determining their independence, including the beneficial ownership of the Company capital stock

by each non- employee director, and the transactions involving them.

See “Certain Cardio Relationships and Related Persons Transactions.”

Board Committees

The standing committees

of the Cardio Board consist of an audit committee, a compensation committee and a nominating and corporate governance committee.

of directors may from time to time establish other committees.

chief executive officer and other executive officers regularly report to the non-executive directors and the audit, the compensation and

the nominating and corporate governance committees to ensure effective and efficient oversight

of our activities and to assist in proper risk management and the ongoing evaluation of management controls.

The standing committees of the Cardio

Board consist of an audit committee, a compensation committee and a nominating and corporate governance committee.

The board of directors

may from time to time establish other committees.

Cardio’s chief executive officer

and other executive officers regularly report to the non-executive directors and the audit, the compensation and the nominating and corporate

governance committees to ensure effective and efficient oversight of our activities and to assist in proper risk management and the ongoing

evaluation of management controls.

Audit Committee

Cardio has an audit committee consisting of Paul

Burton, James Intrater and Oded Levy, with Mr.

Levy serving as the chair of the committee.

The Cardio Board has determined that each member

of the audit committee qualifies as an independent director under the independence requirements of the Sarbanes-Oxley Act, Rule 10A-3

under the Exchange Act and Nasdaq listing requirements.

Cardio has an audit committee consisting

of Paul Burton, James Intrater and Wendy Betts, with

Burton serving as the chair of the committee.

The Cardio Board has determined that each

member of the audit committee qualifies as an independent director under the independence requirements of the Sarbanes-Oxley Act, Rule

10A-3 under the Exchange Act and Nasdaq listing requirements.

The Cardio Board has determined that Mr.

Levy qualifies as an “audit committee

financial expert,” as defined in Item 407(d)(5) of Regulation S-K, and that he possesses financial sophistication, as defined

under the rules of Nasdaq.

audit committee’s responsibilities

include, among other things:

reviewing and discussing with management and the independent auditor the annual audited financial statements, and recommending to the Board whether the audited financial statements should be included in our Form 10-K;

discussing with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation of our financial statements;

qualifies as an “audit committee financial expert,” as defined in Item 407(d)(5) of Regulation S-K, and that he possesses

financial sophistication, as defined under the rules of Nasdaq.

Burton was selected to serve on our Board and as the chair of our

audit committee due to his extensive experience working in numerous capacities with early-stage healthcare companies as well as his corporate

finance background, both of which are areas of expertise that bring invaluable insights to the Cardio boardroom.

The audit committee’s responsibilities include, among

other things:

· reviewing and discussing with management and the independent auditor the

annual audited financial statements, and recommending to the Board whether the audited financial statements should be included in our

· discussing with management and the independent auditor significant financial reporting issues and judgments

made in connection with the preparation of our financial statements;

· discussing with management major risk assessment and risk Management policies;

· monitoring the independence of the independent auditor;

verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit as required by law;

· verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for

the audit and the audit partner responsible for reviewing the audit as required by law;

· reviewing and approving all related-party transactions;

· inquiring and discussing with management our compliance with applicable laws and regulations;

pre-approving all audit services and permitted non-audit services to be performed by our independent auditor, including the fees and terms of the services to be performed;

· pre-approving all audit services and permitted non-audit services to be performed by our independent

auditor, including the fees and terms of the services to be performed;

· appointing or replacing the independent auditor;

determining the compensation and oversight of the work of the independent auditor (including resolution of disagreements between Management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work;

reviewing and approving any annual or long-term incentive cash bonus or equity or other incentive plans in which our executive officers may participate;

establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or reports which raise material issues regarding our financial statements or accounting policies;

approving reimbursement of expenses incurred by our management team in identifying potential target businesses.

The board of directors has adopted a written

charter for the audit committee that is available on our website.

· determining the compensation and oversight of the work of the independent

auditor (including resolution of disagreements between Management and the independent auditor regarding financial reporting) for the purpose

of preparing or issuing an audit report or related work;

· reviewing and approving any annual or long-term incentive cash bonus or equity or other incentive plans

in which our executive officers may participate;

· establishing procedures for the receipt, retention and treatment of complaints

received by us regarding accounting, internal accounting controls or reports which raise material issues regarding our financial statements

or accounting policies;

· approving reimbursement of expenses incurred by our management team in identifying potential target

of directors has adopted a written charter for the audit committee that is available on our website.

Compensation Committee

Cardio has a compensation committee consisting

of James Intrater, Stanley Lau and Oded Levy with Dr.

Lau serving as chair of the committee.

The Cardio Board has determined that each

member of the compensation committee qualifies as an independent director under the independence requirements of the Sarbanes-Oxley Act,

Rule 10A-3 under the Exchange Act and Nasdaq listing requirements.

compensation committee’s responsibilities

include, among other things:

Cardio has a compensation committee

consisting of Wendy Betts, James Intrater and Peter Fung, MD with Ms.

Betts serving as chair

of the committee.

The Cardio Board has determined that each member of the compensation committee qualifies as an independent director

under the independence requirements of the Sarbanes-Oxley Act, Rule 10A-3 under the Exchange Act and Nasdaq listing requirements.

The compensation committee’s responsibilities include,

among other things:

· establishing, reviewing, and approving our overall executive compensation philosophy and policies;

reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer’s compensation, evaluating our Chief Executive Officer’s performance in light of such goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation ;

· reviewing and approving on an annual basis the corporate goals and objectives

relevant to our Chief Executive Officer’s compensation, evaluating our Chief Executive Officer’s performance in light of such

goals and objectives and determining and approving the remuneration (if any) of our Chief Executive Officer based on such evaluation;

· reviewing and approving the compensation of all of our other executive officers;

approving reimbursement of expenses incurred by our management team in identifying potential target businesses.

· approving reimbursement of expenses incurred by our management team in identifying potential target

· reviewing our executive compensation policies and plans;

receiving and evaluating performance target goals for the senior officers and employees (other than executive officers) and reviewing periodic reports from the CEO as to the performance and compensation of such senior officers and employees;

· receiving and evaluating performance target goals for the senior officers

and employees (other than executive officers) and reviewing periodic reports from the CEO as to the performance and compensation of such

senior officers and employees;

· implementing and administering our incentive compensation equity-based remuneration plans;

reviewing and approving any annual or long-term incentive cash bonus or equity or other incentive plans in which our executive officers may participate;

reviewing and approving for our chief executive officer and other executive officers any employment agreements, severance arrangements, and change in control agreements or provisions;

reviewing and discussing with Management the Compensation Discussion and Analysis set forth in Securities and Exchange Commission Regulation S-K, Item 402, if required, and, based on such review and discussion, determine whether to recommend to the Board that the Compensation Discussion and Analysis be included in our annual report or proxy statement the annual meeting of stockholders;

· reviewing and approving any annual or long-term incentive cash bonus or equity or other incentive plans

in which our executive officers may participate;

· reviewing and approving for our chief executive officer and other executive

officers any employment agreements, severance arrangements, and change in control agreements or provisions;

· reviewing and discussing with Management the Compensation Discussion and

Analysis set forth in Securities and Exchange Commission Regulation S-K, Item 402, if required, and, based on such review and discussion,

determine whether to recommend to the Board that the Compensation Discussion and Analysis be included in our annual report or proxy statement

the annual meeting of stockholders;

· assisting management in complying with our proxy statement and annual report disclosure requirements;

approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers and employees;

· approving all special perquisites, special cash payments and other special compensation and benefit

arrangements for our executive officers and employees;

· if required, producing a report on executive compensation to be included in our annual proxy statement;

reviewing and recommending to the Board for approval the frequency with which we will conduct Say-on-Pay Votes, taking into account the results of the most recent stockholder advisory vote on frequency of Say-on-Pay Votes required by Section 14A of the Exchange Act, and review and recommend to the Board for approval the proposals regarding the Say-on-Pay Vote and the frequency of the Say-on-Pay Vote to be included in our proxy statements filed with the SEC;

· reviewing and recommending to the Board for approval the frequency with

which we will conduct Say-on-Pay Votes, taking into account the results of the most recent stockholder advisory vote on frequency of Say-on-Pay

Votes required by Section 14A of the Exchange Act, and review and recommend to the Board for approval the proposals regarding the Say-

on-Pay Vote and the frequency of the Say-on-Pay Vote to be included in our proxy statements filed with the SEC;

· conducting an annual performance evaluation of the committee;

· reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.

board of directors

has adopted a written charter for the compensation committee that is available on our website.

Compensation Committee Interlocks and Insider

Participation

None of our executive officers serves as a member

of the compensation committee of the board of directors (or other committee performing equivalent functions) of any entity that has one

or more executive officers serving on our board of directors.

The board of directors has adopted a written charter for

the compensation committee that is available on our website.

Compensation Committee Interlocks and Insider Participation

None of our executive officers serves

as a member of the compensation committee of the board of directors (or other committee performing equivalent functions) of any entity

that has one or more executive officers serving on our board of directors.

Nominating and Corporate Governance Committee

Cardio has a nominating and corporate governance

committee consisting of James Intrater, Stanley Lau and Paul Burton, with Mr.

Burton serving as chair of the committee.

The Cardio Board

has determined that each member of the nominating and corporate governance committee qualifies as an independent director under the independence

requirements of the Sarbanes-Oxley Act, Rule 10A-3 under the Exchange Act and Nasdaq listing requirements.

nominating and corporate governance committee’s responsibilities

Cardio has a nominating and corporate

governance committee consisting of James Intrater, Paul Burton and Peter Fung, MD with Mr.

Intrater serving as chair of the committee.

The Cardio Board has determined that each member of the nominating and corporate governance committee qualifies as an independent director

under the independence requirements of the Sarbanes-Oxley Act, Rule 10A-3 under the Exchange Act and Nasdaq listing requirements.

The nominating and corporate governance committee’s responsibilities

include, among other things:

review and assess and make recommendations to the board of directors regarding desired qualifications, expertise and characteristics sought of board members;

identify, evaluate, select or make recommendations to the board of directors regarding nominees for election to the board of directors;

· review and assess and make recommendations to the board of directors regarding desired qualifications,

expertise and characteristics sought of board members;

· identify, evaluate, select or make recommendations to the board of directors regarding nominees for

election to the board of directors;

· develop policies and procedures for considering stockholder nominees for election to the board of directors;

review the Company’s succession planning process for Company’s chief executive officer, and assist in evaluating potential successors to the chief executive officer;

review and make recommendations to the board of directors regarding the composition, organization and governance of the board and its committees;

review and make recommendations to the board of directors regarding corporate governance guidelines and corporate governance framework;

· review the Company’s succession planning process for Company’s chief executive officer,

and assist in evaluating potential successors to the chief executive officer;

· review and make recommendations to the board of directors regarding the composition, organization and

governance of the board and its committees;

· review and make recommendations to the board of directors regarding corporate governance guidelines

and corporate governance framework;

· oversee director orientation for new directors and continuing education for directors;

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· review and monitor compliance with the Company’s code of business conduct and ethics;

administer policies and procedures for communications with the non-management members of the Company’s Board of Directors.

of directors has adopted a written charter for the nominating and

corporate governance committee that is available on our website.

· administer policies and procedures for communications with the non-management members of the Company’s

Board of Directors.

The board of directors has adopted a written charter for the

nominating and corporate governance committee that is available on our website.

Guidelines for Selecting Director Nominees

The guidelines for selecting nominees generally

provide that persons to be nominated:

The guidelines for selecting nominees generally provide that

persons to be nominated:

· should have demonstrated notable or significant achievements in business, education or public service;

should possess the requisite intelligence, education and experience to make a significant contribution to the Board of Directors and bring a range of skills, diverse perspectives and backgrounds to its deliberations;

should have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of the stockholders.

The nominating and governance committee will

consider a number of qualifications relating to management and leadership experience, background and integrity and professionalism in

evaluating a person’s candidacy for membership on the Board of Directors.

The nominating and governance committee may require certain

skills or attributes, such as financial or accounting experience, to meet specific board needs that arise from time to time and will

also consider the overall experience and makeup of its members to obtain a broad and diverse mix of board members.

The nominating and

governance committee does not distinguish among nominees recommended by stockholders and other persons.

Code of Ethics

Company has adopted a written code of business conduct and ethics that applies to its principal executive officer, principal financial

or accounting officer or person serving similar functions and all of our other employees and members of our board of directors.

of ethics codifies the business and ethical principles that govern all aspects of our business.

intends to make any legally required disclosures regarding amendments to, or waivers of, provisions of our code of ethics on our website.

Conflicts of Interest

Potential investors should be aware of the following

potential conflicts of interests:

None of our officers and directors is required to commit their full time to our affairs and, accordingly, they may have conflicts of interest in allocating their time among various business activities.

In the course of their other business activities, our officers and directors may become aware of investment and business opportunities which may be appropriate for presentation to our company as well as the other entities with which they are affiliated.

Our Management has pre-existing fiduciary duties and contractual obligations to such entities (as well as to us) and may have conflicts of interest in determining to which entity a particular business opportunity should be presented.

Our officers and directors may in the future become affiliated with entities engaged in business activities similar to those intended to be conducted by our company.

The conflicts

described above may

not be resolved in our favor.

ongoing and future transactions between

us and any of our management team or their respective affiliates, will be on terms believed by us to be no less favorable to us than are

available from unaffiliated third parties.

· should possess the requisite intelligence, education and experience to

make a significant contribution to the Board of Directors and bring a range of skills, diverse perspectives and backgrounds to its deliberations;

· should have the highest ethical standards, a strong sense of professionalism and intense dedication

to serving the interests of the stockholders.

The nominating and governance committee

will consider a number of qualifications relating to management and leadership experience, background and integrity and professionalism

in evaluating a person’s candidacy for membership on the Board of Directors.

The nominating and governance committee may require

certain skills or attributes, such as financial or accounting experience, to meet specific board needs that arise from time to time and

will also consider the overall experience and makeup of its members to obtain a broad and diverse mix of board members.

The nominating

and governance committee does not distinguish among nominees recommended by stockholders and other persons.

The Company has adopted a

written code of business conduct and ethics that applies to its principal executive officer, principal financial or accounting officer

or person serving similar functions and all of our other employees and members of our board of directors.

The code of ethics codifies

the business and ethical principles that govern all aspects of our business.

Cardio intends to make any legally required disclosures regarding

amendments to, or waivers of, provisions of our code of ethics on our website.

Recovery (“Clawback”) Policy

Effective October 2, 2023,

we adopted a compensation recovery policy (the “Clawback Policy”), which provides that if we are required to prepare an accounting

restatement due to any material non-compliance with financial reporting requirements under the federal securities laws, then the Board

or a duly established committee thereof may require certain officers, including our executive officers named in the Summary Compensation

Table presented later in this proxy statement (our “NEOs”), to repay or forfeit any “excess compensation” in the

event it finds, in its sole discretion, that the executive officer contributed to the circumstances requiring the restatement and that

it involved either (a) intentional misconduct or an intentional violation of any of the Company’s rules or applicable legal or regulatory

requirements or (b) fraud.

“Excess compensation” refers to the pre-tax amount in excess of what would have been paid to the

executive officer under the accounting restatement of any incentive-based compensation that is granted, earned or vested based on the

attainment of a performance measure during the three-year period preceding the date on which we are required to prepare such accounting

The Clawback Policy applies to incentive-based compensation granted after the adoption of this policy.

Potential investors should be aware of the following potential

conflicts of interests:

· None of our officers and directors is required to

commit their full time to our affairs and, accordingly, they may have conflicts of interest in allocating their time among various business

· In the course of their other business activities,

our officers and directors may become aware of investment and business opportunities which may be appropriate for presentation to our

company as well as the other entities with which they are affiliated.

Our Management has pre-existing fiduciary duties and contractual

obligations to such entities (as well as to us) and may have conflicts of interest in determining to which entity a particular business

opportunity should be presented.

· Our officers and directors may in the future become affiliated with entities engaged in business activities

similar to those intended to be conducted by our company.

The conflicts described above may not be resolved in our favor.

All ongoing and future transactions

between us and any of our management team or their respective affiliates, will be on terms believed by us to be no less favorable to us

than are available from unaffiliated third parties.

Such transactions will require prior approval by a majority of our uninterested "independent”

directors or the members of our board of directors who do not have an interest in the transaction, in either case who had access,

at our expense, to our attorneys or independent legal counsel.

directors or the members of our board of directors who do not have an interest in the transaction, in either case who had access, at our

expense, to our attorneys or independent legal counsel.

We will not enter into any such transaction unless our disinterested "independent”

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to such a transaction from unaffiliated third parties.

Limitation on Liability and Indemnification of Officers and Directors

Company intends to enter into indemnification agreements with each of its directors and executive officers that may be broader than the

specific indemnification provisions contained in the DGCL.

These indemnification agreements, which have been authorized for execution

by the Cardio board of directors, requires the Company, among other things, to indemnify its directors and executive officers against

liabilities that may arise by reason of their status or service.

These indemnification agreements also

require the Company to advance all expenses reasonably and actually incurred by its directors and executive officers in investigating

or defending any such action, suit or proceeding.

Our By-laws provide

that Cardio must indemnify and advance expenses to Cardio’s directors and officers to the fullest extent authorized by the DGCL.

believe that these agreements and By-laws provisions are necessary to attract and retain qualified individuals to serve as directors and

executive officers.

maintains insurance policies under which its directors and officers are insured, within the limits and subject to the limitations of those

policies, against certain expenses in connection with the defense of, and certain liabilities which might be imposed as a result of, actions,

suits, or proceedings to which they are parties by reason of being or having been its directors or officers.

The coverage provided by

these policies may apply whether or not the Company would have the power to indemnify such person against such liability under the provisions

of the DGCL .

At present, we are not aware of any pending litigation or proceeding involving any person who will be one of the Company’s directors

or officers or is or was one of its directors or officers, or is or was one of its directors or officers serving at its request as a director,

officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, for which indemnification is

sought, and we are not aware of any threatened litigation that may result in claims for indemnification.

DGCL authorizes corporations to limit or eliminate the personal liability of directors of corporations and their stockholders

for monetary damages for breaches of directors’ fiduciary duties, subject to certain exceptions.

Our Second Amended and Restated

Certificate of Incorporation includes a provision that eliminates the personal liability of directors for damages for any breach of fiduciary

duty as a director where, in civil proceedings, the person acted in good faith and in a manner that person reasonably believed to be in

or not opposed to the best interests of our Company or, in criminal proceedings, where the person had no reasonable cause to believe that

his or her conduct was unlawful.

limitation of liability, advancement and indemnification provisions in our

Second Amended and Restated Certificate of Incorporation and our

By-laws may discourage stockholders from bringing lawsuit against directors for breach of their fiduciary duty.

These provisions also

may have the effect of reducing the likelihood of derivative litigation against directors and officers, even though such an action, if

successful, might otherwise benefit Cardio and our stockholders.

In addition, your investment may be adversely affected to the extent

Cardio pays the costs of settlement and damage awards against directors and officer pursuant to these indemnification provisions.

is currently no

pending material litigation or proceeding involving any of Cardio’s directors, officers, or employees for which indemnification

Section 16(a) Beneficial Ownership Reporting Compliance

on Liability and Indemnification of Officers and Directors

The Company intends to enter into

indemnification agreements with each of its directors and executive officers that may be broader than the specific indemnification provisions

contained in the DGCL.

These indemnification agreements, which have been authorized for execution by the Cardio board of directors, requires

the Company, among other things, to indemnify its directors and executive officers against liabilities that may arise by reason of their

status or service.

These indemnification agreements also require the Company to advance all expenses reasonably and actually incurred

by its directors and executive officers in investigating or defending any such action, suit or proceeding.

Our By-laws provide that Cardio

must indemnify and advance expenses to Cardio’s directors and officers to the fullest extent authorized by the DGCL.

that these agreements and By-laws provisions are necessary to attract and retain qualified individuals to serve as directors and executive

maintains insurance policies under which its directors and officers are insured, within the limits and subject to the limitations of

those policies, against certain expenses in connection with the defense of, and certain liabilities which might be imposed as a

result of, actions, suits, or proceedings to which they are parties by reason of being or having been its directors or officers.

coverage provided by these policies may apply whether or not the Company would have the power to indemnify such person against such

liability under the provisions of the DGCL.

At present, we are not aware of any pending litigation or proceeding involving any

person who will be one of the Company’s directors or officers or is or was one of its directors or officers, or is or was one

of its directors or officers serving at its request as a director, officer, employee or agent of another corporation, partnership,

joint venture, trust or other enterprise, for which indemnification is sought, and we are not aware of any threatened litigation

that may result in claims for indemnification.

The DGCL authorizes corporations

to limit or eliminate the personal liability of directors of corporations and their stockholders for monetary damages for breaches of

directors’ fiduciary duties, subject to certain exceptions.

Our Second Amended and Restated Certificate of Incorporation includes

a provision that eliminates the personal liability of directors for damages for any breach of fiduciary duty as a director where, in civil

proceedings, the person acted in good faith and in a manner that person reasonably believed to be in or not opposed to the best interests

of our Company or, in criminal proceedings, where the person had no reasonable cause to believe that his or her conduct was unlawful.

The limitation of liability, advancement

and indemnification provisions in our Second Amended and Restated Certificate of Incorporation and our By-laws may discourage stockholders

from bringing lawsuit against directors for breach of their fiduciary duty.

These provisions also may have the effect of reducing the

likelihood of derivative litigation against directors and officers, even though such an action, if successful, might otherwise benefit

Cardio and our stockholders.

In addition, your investment may be adversely affected to the extent Cardio pays the costs of settlement

and damage awards against directors and officer pursuant to these indemnification provisions.

There is currently no pending material litigation or proceeding

involving any of Cardio’s directors, officers, or employees for which indemnification is sought.

16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Securities Exchange

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These executive officers, directors, and greater than

10% beneficial owners are required by SEC regulation to furnish us with copies of all Section 16(a) forms filed by such reporting

Based solely on our review of such forms furnished

to us and written representations from certain reporting persons, we believe that, during the fiscal year ended December 31, 2023,

our directors, executive officers, and ten percent stockholders complied with all Section 16(a) filing requirements.

10% beneficial owners are required by SEC regulation to furnish us with copies of all Section 16(a) forms filed by such reporting persons.

Based solely on

our review of such forms furnished to us and written representations from certain reporting persons, we believe that, during the fiscal

year ended December 31, 2024, our directors, executive officers, and ten percent stockholders complied with all Section 16(a) filing requirements,

other than three Form 3s filed one each by Wendy J.

Betts, Peter Fung and Paul Burton, three Form 4s filed by Oded Levy, four Form 4s

filed each by Paul Burton, James Intrater, Stanley Lau and Oded Levy, and one Form 4 filed each by Warren Hosseinion, Elisa Luqman, Meeshanthini

Dogan Timur Dogan and Robert Philibert, which were filed late.

has adopted a Securities Trading Policy that governs the purchase, sale, and/or other dispositions of the Company's securities by our

directors, officers and employees that are reasonably designed to promote compliance with insider trading laws, rules and regulations,

and any listing standards applicable to the Company.

A copy of our policy against insider trading is filed as Exhibit 19.1 to this Annual

Report on Form 10-K for the fiscal year ended December 31, 2024.

Our policy against insider trading prohibits directors, officers, employees

and other covered persons from engaging in transactions while aware of material nonpublic information about the Company.

Directors, officers

and certain other employees are subject to pre-clearance requirements for all transactions in the Company’s securities and are

generally prohibited from transacting in the Company’s securities during designated blackout periods.

Our policy against insider

trading prohibits employees, officers and directors from engaging in any speculative or hedging transactions in our securities.

transactions such as puts, calls, swaps, forward sale contracts, and other derivatives or similar arrangements or instruments designed

to hedge or offset decreases in the market value of our securities.

No employee, officer or director may engage in short sales of our

securities, hold our securities in a margin account, purchase shares of our stock on margin or pledge our securities as collateral for

Executive Compensation

This section discusses the material components

of the executive compensation program for our executive officers who are named in the “2023 Summary Compensation Table” below.

For the year ended December 31, 2023, our “named executive officers” (“NEOs”) and their positions were as

section discusses the material components of the executive compensation program for our executive officers who are named in the

“2024 Summary Compensation Table” below.

For the year ended December 31,

2024, our “named executive officers” (“NEOs”) and their positions were as follows:

· Meeshanthini V.

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· Elisa Luqman, Chief Financial Officer

Hosseinion provides ongoing services to our

company as Chairman of the Board and as a consultant.

As such, he is not an executive officer and would not be included in the executive

compensation tables or accompanying narrative as an NEO under SEC disclosure rules.

However, because his contractual compensation is significant

and would be payable to him, even if he were no longer our Chairman, we are treating him as an NEO in this Item 11 in the interest of

full disclosure of the compensation payable to the highest paid persons who work for our company.

Hosseinion is not considered a Named

Executive Officer for any purpose other than the following disclosures.

· Timur Dogan, Chief Technology Officer

Hosseinion provides ongoing

services to our company as Chairman of the Board and as a consultant.

As such, he is not an executive officer and would not be included

in the executive compensation tables or accompanying narrative as an NEO under SEC disclosure rules.

However, because his contractual

compensation is significant and would be payable to him, even if he were no longer our Chairman, we are treating him as an NEO in this

Item 11 in the interest of full disclosure of the compensation payable to the highest paid persons who work for our company.

is not considered a Named Executive Officer for any purpose other than the following disclosures.

Summary Compensation Table

The following table sets forth information concerning

the compensation of our named executive officers for fiscal years ended December 31, 2023 and 2022.

Officers Name & Principal Position

Other Compensation ($)

The following table sets forth information concerning the compensation

of our named executive officers for fiscal years ended December 31, 2024 and 2023.

Current Officers Name & Principal

Compensation ($)

Meeshanthini V.

1 unchanged sentence

Elisa Luqman,

Other Compensation includes Cardio’s contribution to the Company’s 401(k) account on behalf of the executive and health and

dental insurance coverage.

(2) Discretionary

stock option grants made in 2023 by the Compensation Committee.

The 2023 amounts reflect the grant date fair values of performance awards

based upon the Nasdaq closing stock price of $1.26 on the date of grant.

Discretionary stock option grants were made in 2022 by Legacy

Cardio and subsequently exchanged for options under the Cardio Diagnostics Holdings, Inc.

2022 Equity Incentive Plan in connection with

the Closing of the Business Combination.

All outstanding 2022 options became immediately vested at the Closing.

The 2022 amounts reflect

the grant date fair values of performance awards based upon the Nasdaq closing stock price of $5.99 on the date of the Closing of the

Business Combination.

The amounts reported do not reflect compensation actually received.

(3) Discretionary cash

bonus paid in 2022, for 2021 and 2022 performance and completion of the Business Combination.

(4) Consulting compensation

paid prior to Closing of the Business Combination.

(1) All Other Compensation includes Cardio’s contribution to the Company’s 401(k) account on

behalf of the executive and health and dental insurance coverage.

(2) Discretionary stock option grants made in 2024 and 2023 by

the Compensation Committee.

The 2024 amounts reflect the grant date fair values of performance awards based upon the Nasdaq closing stock

price of $2.11 on the date of grant.

The 2023 amounts reflect the grant date fair values of performance awards based upon the Nasdaq

closing stock price of $1.26 on the date of grant.

Narrative to the Summary Compensation Table

2024 Base Salary

The named executive officers receive a base

salary to compensate them for services rendered to our company.

The base salary payable to each named executive officer is intended to

provide a fixed component of compensation reflecting the executive’s skill set, experience, role and responsibilities.

the base salaries paid to each of Dr.

Hosseinion and Ms.

Luqman are set forth in the “Summary Compensation Table”

above in the column titled “Salary.” Each of the NEOs has entered into an employment agreement (or, in the case of Dr.

a Non-Executive Chairman and Consulting Agreement), which became effective as of the Closing of the Business Combination.

A brief summary

of those agreements is set forth below under the caption, “Agreements with Our Executive Officers and Non-Executive Chairman of

Annual Bonuses

not currently maintain an annual bonus program for our employees, including our named executive officers.

named executive officers receive a base salary to compensate them for services rendered to our company.

The base salary payable to

each named executive officer is intended to provide a fixed component of compensation reflecting the executive’s skill set,

experience, role and responsibilities.

In 2024, the base salaries paid to each of Dr.

Hosseinion, Ms.

Dogan are set forth in the “Summary Compensation Table” above in the column titled “Salary.” Each of the

NEOs has entered into an employment agreement (or, in the case of Dr.

Hosseinion, a Non- Executive Chairman and Consulting

Agreement), which became effective as of the Closing of the Business Combination.

A brief summary of those agreements is set forth

below under the caption, “Agreements with Our Executive Officers and Non-Executive Chairman of the Board.”

currently maintain an annual bonus program for our employees, including our named executive officers.

However, the employment agreements

1 unchanged sentence

Hosseinion, his Non-Executive Chairman and Consulting Agreement, provide that our named executive officers are

eligible to receive an annual cash bonus based on the extent to which, in the discretion of the Board, each such person achieves

or exceeds specific and measurable individual and Company performance objectives.

The Board did not award any annual bonuses in 2023.

2022 Cash Performance Incentives

Prior to the Closing of the Business Combination,

Legacy Cardio’s Board of Directors determined that it was in Cardio’s best interests to award cash performance incentive payments

to certain Legacy Cardio executive officers and directors in recognition of each such individual’s efforts required in connection

(i) successfully completing the private placements of Legacy’s Cardio’s Common Stock in 2022, and (ii) since May 27,

2022, assisting in the preparation and filing with the SEC of the registration statement on Form S-4 relating to the Business Combination

and related matters, as well as amendments thereto, responding to comments thereon made by the SEC applicable to Legacy Cardio, facilitating

the completion of the SEC’s review thereof, including assisting in seeking to cause the registration statement to be declared effective,

and handling numerous other matters incidental to consummating the Business Combination pursuant to the Merger Agreement.

The Legacy Cardio

Board awarded the cash bonuses to the named executive officers, as reflected in the “Bonus” column of the Summary Compensation

Table, which awards were pre-approved by the Mana Board of Directors.

Equity Compensation

Legacy Cardio established and maintained a 2022

Equity Incentive Plan (the “2022 Legacy Plan”) pursuant to which Legacy Cardio granted stock options to certain executive

officers, directors, employees and consultants.

Options were granted in May 2022 under the Legacy Cardio Plan, none of which would vest

until the Closing of the Business Combination, if ever.

Unvested stock options granted pursuant to the 2022 Legacy Plan were exchanged

for stock options in the Company under the Cardio Diagnostics Holdings, Inc.

2022 Equity Incentive Plan (the “2022 Equity Plan”),

adopted by the Mana Board of Directors and approved by the Mana stockholders in connection with the Business Combination.

granted to the named executive officers that were exchanged in connection with the Business Combination are reflected in the column “Option

Awards” in the Summary Compensation Table for 2022.

The number of options granted to each named executive officer is the number

of previously-granted Legacy Cardio options, as adjusted for the merger exchange ratio.

2022 Equity Plan, as adopted, provides for the grant of up to 3,265,516 shares of Common Stock upon exercise of granted options,

awards of restricted stock units, rewards of restricted stock and other equity awards as may be determined by the Board of

In the discretion of the Board, the number of shares of Common Stock available under the 2022 Plan may be increased as of

January 1 of each year, without additional stockholder approval.

application of the Business Combination exchange ratio of 3.427259, the 511,843 Legacy Cardio stock options were exchanged for

1,754,219 stock options under the 2022 Equity Plan at an exercise price of $3.90 per share.

All of the exchanged options vested and

became immediately exercisable upon the Closing of the Business Combination.

Board did not increase the aggregate number of shares available under the 2022 Equity Plan on January 1, 2023 but the 2022 Equity

Plan was increased by 1,071,425 shares as of January 1, 2024.

In the future, we may grant cash and equity incentive awards to

directors, employees (including our named executive officers) and consultants in order to continue to attract, motivate and retain

the talent for which we compete.

A total of 377,370 shares were available for

issuance under the 2022 Equity Plan at December 31, 2023.

eligible to receive an annual cash bonus based on the extent to which, in the discretion of the Board, each such person achieves or exceeds

specific and measurable individual and Company performance objectives.

The Board did not award any annual bonuses in 2023 and 2024.

Cardio Diagnostics Holdings, Inc.

2022 Equity Incentive Plan (the “2022 Equity Plan”), was adopted by the Mana Board of Directors

and approved by the Mana stockholders in connection with the Business Combination.

The 2022 Equity

Plan, as adopted, provides for the grant of up to 3,265,516 shares of Common Stock upon exercise of granted options, awards of restricted

stock units, rewards of restricted stock and other equity awards as may be determined by the Board of Directors.

In the discretion of

the Board, the number of shares of Common Stock available under the 2022 Plan may be increased as of January 1 of each year, without additional

stockholder approval.

The Board did not increase the aggregate number of shares available under the 2022 Equity Plan on January 1, 2023

but the 2022 Equity Plan was increased by 1,060,458 shares as of January 1, 2024 and granted 1,187,826 options to management

and employees, 1,166,826 of which vested immediately with the remaining 21,000 options subject to 50% vesting on June 30, 2024

and 100% vesting on December 31, 2024.

Each option has an exercise price of $2.11 per share with an expiration date of January 23, 2034.

Among the 21,000 options, 7,500 options were vested on June 30, 2024, 5,000 options were vested on December 31, 2024 and 8,500 options

were forfeited before vesting with the leaving of the employees before December 31, 2024.

On June 30, 2024,

we granted 30,300 stock options to the board of directors, which vested immediately on grant date.

Each option has an exercise price of $0.55 per share with an expiration date of June 30, 2034.

On September 30,

2024, we granted 74,744 stock options to the board of directors, which vested immediately on grant

Each option has an exercise price of $0.22 per share with an expiration date of September 30, 2034.

14, 2024, we granted 15,728 stock options to the board of directors, which vested immediately on

Each option has an exercise price of $0.27 per share with an expiration date of November 14, 2034.

December 31, 2024, we granted 13,632 stock options to the board of directors, which vested immediately

on grant date.

Each option has an exercise price of $0.92 per share with an expiration date of December 31, 2034.

In the future, we may grant cash and equity incentive awards to directors, employees (including our named executive officers) and consultants

in order to continue to attract, motivate and retain the talent for which we compete.

A total of 344,445 shares were available

for issuance under the 2022 Equity Plan at December 31, 2024.

At December 31, 2024, there were 3,594,202 options outstanding for the purchase

of Common Stock, all of which were vested and exercisable.

The following table sets forth information as

of December 31, 2023 regarding Common Stock that may be issued under the 2022 Equity Plan, which, as of the date of this report,

is the only equity compensation plan that has been adopted by our Board of Directors.

The following table sets

forth information as of December 31, 2024 regarding Common Stock that may be issued under the 2022 Equity Plan, which, as of the date

of this report, is the only equity compensation plan that has been adopted by our Board of Directors.

Plan Category

(A) Number of

Securities to be

options, warrants

share exercise

options, warrants

available for future

issuance under

equity compensation

plans (excluding

securities reflected in

Number of Securities to be issued upon exercise of outstanding options, warrants and rights

Weighted average per share exercise price of outstanding options, warrants and rights

Number of Securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (A))

Equity compensation plans approved by security holders

3,594,202 (1)

Equity compensation plans not approved by security holders

(1) Includes 3,594,202 outstanding options to purchase shares of Common Stock under the 2022 Equity Plan.

1,759,599 outstanding options are exercisable at $3.90, and 825,000 outstanding options are exercisable at $1.26 subject to adjustment for stock splits, reverse stock splits and other similar events of recapitalization.

This amount includes the deduction of 303,547 shares in settlement of RSUs issued in 2023 to our independent directors.

This amount does not include any additional shares that may become available for future issuance under the 2022 Equity Plan pursuant to the automatic increase to the share reserve on January 1 of each of our calendar years through 2027 (each, an “Evergreen Date”) by the number of shares equal to the lesser of (i) 7% of the total number of shares of Common Stock outstanding on the December 31st immediately preceding the applicable Evergreen Date and (ii) such lesser number of shares of Common Stock as determined to be appropriate by the committee in its sole discretion.

Effective January 1, 2024, the 2022 Equity Plan increased by 1,071,425 shares pursuant to the evergreen provision of the plan.

to Note 10 to the consolidated financial statements included in this annual report for additional information relating to outstanding

Other Elements of Compensation

Retirement Plan

We maintain a 401(k) retirement savings plan

for our employees, including our named executive officers, who satisfy certain eligibility requirements.

The Internal Revenue Code allows

eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions to the

We believe that providing a vehicle for tax-deferred retirement savings though our 401(k) plan adds to the overall desirability

of our executive compensation package and further incentivizes our employees, including our named executive officers, in accordance with

our compensation policies.

(2) 1,759,599 outstanding options are exercisable at $3.90, 759,000 outstanding

options are exercisable at $1.26, 941,198 outstanding options are exercisable at $2.11, 30,300 outstanding options are exercisable at

$0.55, 74,744 outstanding options are exercisable at $0.22, 15,728 outstanding options are exercisable at $0.27 and 13,632 outstanding

options are exercisable at $0.92 subject to adjustment for stock splits, reverse stock splits and other similar events of recapitalization.

(3) This amount includes the deduction of 83,780 shares in settlement of RSUs

issued in 2024 and 303,547 shares in settlement of RSUs issued in 2023 to our independent directors and advisors.

This amount does not

include any additional shares that may become available for future issuance under the 2022 Equity Plan pursuant to the automatic increase

to the share reserve on January 1 of each of our calendar years through 2027 (each, an “Evergreen Date”) by the number of

shares equal to the lesser of (i) 7% of the total number of shares of Common Stock outstanding on the December 31st immediately preceding

the applicable Evergreen Date and (ii) such lesser number of shares of Common Stock as determined to be appropriate by the committee in

its sole discretion.

Effective January 1, 2024, the 2022 Equity Plan increased by 1,060,458 shares pursuant to the evergreen provision

Note 10 to the consolidated financial statements included in this annual report for additional information relating to outstanding options.

Award Grant Practices

Our equity-based incentive awards are designed to align

our interests and the interests of our stockholders with those of our employees and consultants, including our Named Executive Officers.

The Board or Compensation Committee is responsible for approving equity grants.

We typically grant equity awards to new hires or employees

receiving bonuses annually for the previous fiscal year’s performance.

Annual awards are typically granted in the first quarter of

Generally, our equity awards granted to our Named Executive Officers vest over four years, subject to the employee’s

continued employment with us on each vesting date.

The board of directors annual compensation is paid 50% in the form of stock options,

payable quarterly.

The regularly-scheduled grant dates for the board of directors stock options are the last calendar day of the each

fiscal quarter.

The Board and Compensation Committee does not take material

nonpublic information into account when determining the timing and terms of equity-based awards, and the Company does not time the disclosure

of material nonpublic information for the purpose of affecting the value of executive compensation.

For all stock option awards, the exercise

price is the closing price of our Common Stock on the Nasdaq Capital Market on the date of the grant.

If the grant date falls on a non-trading

day, the exercise price is the closing price of our Common Stock on the Nasdaq Capital Market on the last trading day preceding the date

We have not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation

for any Named Executive Officer grants in fiscal year 2024.

Elements of Compensation

We maintain a 401(k) retirement

savings plan for our employees, including our named executive officers, who satisfy certain eligibility requirements.

The Internal Revenue

Code allows eligible employees to defer a portion of their compensation, within prescribed limits, on a pre-tax basis through contributions

to the 401(k) plan.

We believe that providing a vehicle for tax- deferred retirement savings though our 401(k) plan adds to the overall

desirability of our executive compensation package and further incentivizes our employees, including our named executive officers, in

accordance with our compensation policies.

Employee Benefits and Perquisites

Health/Welfare Plans.

All of our full-time employees,

including our named executive officers, are eligible to participate in our health and welfare plans, including:

• medical, dental and

vision benefits;

• medical and dependent care

flexible spending accounts;

• life insurance and accidental

death and dismemberment;

We believe the benefits described above are

necessary and appropriate to provide a competitive compensation package to our employees, including our named executive officers.

not provide any perquisites to our named executive officers.

All of our full-time employees, including

our named executive officers, are eligible to participate in our health and welfare plans, including:

• medical, dental and vision benefits;

• medical and dependent care flexible spending accounts;

• life insurance and accidental death and dismemberment;

We believe the benefits described above

are necessary and appropriate to provide a competitive compensation package to our employees, including our named executive officers.

We do not provide any perquisites to our named executive officers.

No Tax Gross- Ups

We do not make gross-up payments to cover our

named executive officers’ personal income taxes that may pertain to any of the compensation or benefits paid or provided by our

Outstanding Equity Awards at Fiscal Year-End Table

The following table summarizes the number of

shares of common stock underlying outstanding equity incentive plan awards for each named executive officer as of December 31, 2023.

have made no stock awards under the 2022 Plan and accordingly, that portion of the table has been omitted.

We do not make gross-up payments to cover our named executive

officers’ personal income taxes that may pertain to any of the compensation or benefits paid or provided by our Company.

Equity Awards at Fiscal Year-End Table

The following

table summarizes the number of shares of common stock underlying outstanding equity incentive plan awards for each named executive officer

as of December 31, 2024.

We have made no stock awards under the 2022 Plan and accordingly, that portion of the table has been omitted.

Option Awards

6 unchanged sentences

Meeshanthini V.

Warren Hosseinion

Agreements with Our Executive Officers and Non-Executive Chairman

connection with preparations for the Business Combination, Cardio executed employment agreements as of May 27, 2022 with each person

expected to be named an executive officer of the combined entity.

the agreement with Khullani Abdullahi, whose agreement was effective as of May 19, 2022, the agreements became effective upon Closing

of the Business Combination.

The principal terms of each of agreements is as follows:

Employment Agreement between Cardio and

Meeshanthini V.

Dogan (Chief Executive Officer)

Dogan’s five-year employment agreement provides for (i) an annual base salary of $300,000, (ii) eligibility to receive an annual

cash bonus based on the extent to which, in the discretion of the Board, Dr.

Dogan achieves or exceeds specific and

measurable individual and Company performance objectives, and (iii) eligibility

to participate in any long-term incentive plan that is made available to similarly positioned executives, employee benefit or group insurance

plans maintained from time to time by Cardio.

Long-term incentive plan awards may include cash, or equity awards settled in shares of

Company stock, including but not limited to stock options, restricted stock and performance shares.

Dogan were to leave the Company

as a "Good Leaver,” as defined in the employment agreement, terms of any long-term incentive award will be deemed satisfied

immediately prior to such termination and as such, all awards and grants will be deemed fully vested.

In addition, Dr.

Dogan will be reimbursed

for her reasonable and usual business expenses incurred on behalf of the Company.

Severance benefits will be payable in the event Dr.

Dogan’s termination is either by the Company without cause or by her with "good reason,” as defined in the agreement.

In such event and in addition to accrued salary benefits as of the date of termination, the Company will pay Dr.

Dogan an amount equal

to a (x) two times the sum of her most recent base salary and target annual bonus and (y) an amount in cash equal to the Company’s

premium amounts paid for her coverage under group medical, dental and vision programs for a period of 24 months.

The agreement also contains

customary confidentiality, non-solicitation, non-competition and cooperation provisions.

The employment agreement will automatically renew

for an additional year following the initial term and any renewal term, unless either party provides 60-days’ written notice before

the end of the then-current term.

with Our Executive Officers and Non-Executive Chairman of the Board

In connection with preparations

for the Business Combination, Cardio executed employment agreements as of May 27, 2022 with each person expected to be named an executive

officer of the combined entity.

The agreements became effective upon Closing of the Business Combination.

The principal terms of each

of agreements is as follows:

Employment Agreement between Cardio and Meeshanthini V.

(Chief Executive Officer)

Dogan’s five-year employment

agreement provides for (i) an annual base salary of $300,000, (ii) eligibility to receive an annual cash bonus based on the extent to

which, in the discretion of the Board, Dr.

Dogan achieves or exceeds specific and measurable individual and Company performance objectives,

and (iii) eligibility to participate in any long-term incentive plan that is made available to similarly positioned executives, employee

benefit or group insurance plans maintained from time to time by Cardio.

Long-term incentive plan awards may include cash, or equity awards

settled in shares of Company stock, including but not limited to stock options, restricted stock and performance shares.

were to leave the Company as a "Good Leaver,” as defined in the employment agreement, terms of any long-term incentive award

will be deemed satisfied immediately prior to such termination and as such, all awards and grants will be deemed fully vested.

Dogan will be reimbursed for her reasonable and usual business expenses incurred on behalf of the Company.

Severance benefits will

be payable in the event Dr.

Dogan’s termination is either by the Company without cause or by her with "good reason,”

as defined in the agreement.

In such event and in addition to accrued salary benefits as of the date of termination, the Company will

Dogan an amount equal to a (x) two times the sum of her most recent base salary and target annual bonus and (y) an amount in cash

equal to the Company’s premium amounts paid for her coverage under group medical, dental and vision programs for a period of 24

The agreement also contains customary confidentiality, non- solicitation, non-competition and cooperation provisions.

The employment

agreement will automatically renew for an additional year following the initial term and any renewal term, unless either party provides

60-days’ written notice before the end of the then-current term.

The Company may terminate Dr.

Dogan’s employment without cause (as defined in the agreement) by

providing 60 days’ advance written notice.

Dogan may terminate her employment for any reason.

Non-Executive Chairman and Consulting Agreement

between Cardio and Warren Hosseinion

Dogan’s employment without

cause (as defined in the agreement) by providing 60 days’ advance written notice.

Dogan may terminate her employment for any

Non-Executive Chairman and Consulting Agreement between Cardio

and Warren Hosseinion

Cardio has retained Dr.

Hosseinion under a

five-year consulting agreement to serve as Non-Executive Chairman of the Board following the Merger and to provide other services as requested.

under a five-year consulting agreement to serve as Non-Executive Chairman of the Board following the Merger and to provide other services

as requested.

Upon expiration of such provision, the agreement may be renewed for an additional one-year term.

In addition to his duties as Chairman,

the agreement provides that Dr.

Hosseinion will provide consulting services assisting management in developing business strategy and business

plans, identifying business opportunities and identifying strategic relationships and strategies to further develop the Company’s

In addition to his duties

as Chairman, the agreement provides that Dr.

Hosseinion will provide consulting services assisting management in developing business strategy

and business plans, identifying business opportunities and identifying strategic relationships and strategies to further develop the Company’s

In the event he is not reelected as Chairman of the Board, the terms of this agreement will continue strictly as a consulting services

Conversely, if his consulting services are terminated, such termination will not affect his Chairman Services, provided that

he remains eligible to serve as Chairman.

For his Chairman services and consulting services, the agreement provides for a fee of $300,000

per year payable in monthly installments of $25,000.

In addition, Dr.

Hosseinion is entitled to be awarded any equity compensation otherwise

payable to Board members in connection with their service on the Board and to be reimbursed for all reasonable and necessary business

expenses incurred in the performance of his consulting services and Chairman services.

Hosseinion’s services are terminated

by the Company other than for Cause (as defined in the agreement), including any discharge without Cause, liquidation or dissolution of

the Company, or a termination caused by death or Disability (as defined in the agreement), the Company will pay Dr.

Hosseinion (or his

estate) the consulting fees equal to two times his annual consulting compensation, payable within 60 days, in one lump sum, plus any expenses

owing for periods prior to and including the date of termination of the consulting services.

The agreement also contains customary confidentiality,

non-solicitation, non-disparagement and cooperation provisions.

Either party may terminate the agreement without cause after giving prior

written notice to the other party.

The agreement may be terminated by the Company at any time for cause, as defined in the agreement.

Employment Agreement between Cardio and

Elisa Luqman (Chief Financial Officer)

Luqman’s five-year employment agreement

provides for (i) an annual base salary of $275,000, (ii) eligibility to receive an annual cash bonus based on the extent to which, in

the discretion of the Board, Ms.

Luqman achieves or exceeds specific and measurable individual and Company performance objectives, and

(iii) eligibility to participate in any long-term incentive plan that is made available to similarly positioned executives, employee benefit

or group insurance plans maintained from time to time by Cardio.

Long-term incentive plan awards may include cash, or equity awards settled

in shares of Company stock, including but not limited to stock options, restricted stock and performance shares.

Luqman were to

leave the Company as a "Good Leaver,” as defined in the employment agreement, terms of any long-term incentive award will be

deemed satisfied immediately prior to such termination and as such, all awards and grants will be deemed fully vested.

Conversely, if his consulting services are terminated,

such termination will not affect his Chairman Services, provided that he remains eligible to serve as Chairman.

For his Chairman services

and consulting services, the agreement provides for a fee of $300,000 per year payable in monthly installments of $25,000.

Hosseinion is entitled to be awarded any equity compensation otherwise payable to Board members in connection with their service on

the Board and to be reimbursed for all reasonable and necessary business expenses incurred in the performance of his consulting services

and Chairman services.

Hosseinion’s services are terminated by the Company other than for Cause (as defined in the agreement),

including any discharge without Cause, liquidation or dissolution of the Company, or a termination caused by death or Disability (as defined

in the agreement), the Company will pay Dr.

Hosseinion (or his estate) the consulting fees equal to two times his annual consulting compensation,

payable within 60 days, in one lump sum, plus any expenses owing for periods prior to and including the date of termination of the consulting

The agreement also contains customary confidentiality, non-solicitation, non-disparagement and cooperation provisions.

party may terminate the agreement without cause after giving prior written notice to the other party.

The agreement may be terminated

by the Company at any time for cause, as defined in the agreement.

Agreement between Cardio and Elisa Luqman (Chief Financial Officer)

five-year employment agreement provides for (i) an annual base salary of $275,000, (ii) eligibility to receive an annual cash bonus based

on the extent to which, in the discretion of the Board, Ms.

Luqman achieves or exceeds specific and measurable individual and Company

performance objectives, and (iii) eligibility to participate in any long-term incentive plan that is made available to similarly positioned

executives, employee benefit or group insurance plans maintained from time to time by Cardio.

Long-term incentive plan awards may include

cash, or equity awards settled in shares of Company stock, including but not limited to stock options, restricted stock and performance

Luqman were to leave the Company as a "Good Leaver,” as defined in the employment agreement, terms of any long-term

incentive award will be deemed satisfied immediately prior to such termination and as such, all awards and grants will be deemed fully

In addition, Ms.

Luqman will be reimbursed for her reasonable and usual business expenses incurred on behalf of the Company.

Severance benefits will be

payable in the event Ms.

Luqman’s termination is either by the Company without cause or by her with "good reason,” as

defined in the agreement.

In such event and in addition to accrued salary benefits as of the date of termination, the Company will pay

Luqman an amount equal to a (x) the sum of her most recent base salary and target annual bonus and (y) an amount in cash equal to

the Company’s premium amounts paid for her coverage under group medical, dental and vision programs for a period of 12 months, provided

that she has elected continued coverage under COBRA.

The agreement also contains customary confidentiality, non-solicitation, non-competition

and cooperation provisions.

The employment agreement will automatically renew for an additional year following the initial term and any

renewal term, unless either party provides 60-days’ written notice before the end of the then-current term.

The Company may terminate

Severance benefits will be payable in the event Ms.

Luqman’s termination is either by the Company without cause or by her with

"good reason,” as defined in the agreement.

In such event and in addition to accrued salary benefits as of the date of termination,

the Company will pay Ms.

Luqman an amount equal to a (x) the sum of her most recent base salary and target annual bonus and (y) an amount

in cash equal to the Company’s premium amounts paid for her coverage under group medical, dental and vision programs for a period

of 12 months, provided that she has elected continued coverage under COBRA.

The agreement also contains customary confidentiality, non-solicitation,

non-competition and cooperation provisions.

The employment agreement will automatically renew for an additional year following the initial

term and any renewal term, unless either party provides 60-days’ written notice before the end of the then-current term.

may terminate Ms.

Luqman’s employment without cause (as defined in the agreement) by providing 60 days’ advance written notice.

may terminate her employment for any reason.

Director Compensation

The following individuals served as non-employee directors

of the Company for all or part of 2023 (other than Dr.

Hosseinion, who, as discussed above, is being treated as an NEO for purposes of

the compensation disclosure in this Annual Report):

Paul Burton, James Intrater, Stanley K.

Lau, Oded Levy and Brandon Sim.

Luqman may terminate her employment for any reason.

Employment Agreement between Cardio and Tim Dogan (Chief

Technical Officer)

Dogan’s five-year employment

agreement provides for (i) an annual base salary of $250,000, (ii) eligibility to receive an annual cash bonus based on the extent to

which, in the discretion of the Board, Dr.

Dogan achieves or exceeds specific and measurable individual and Company performance objectives,

and (iii) eligibility to participate in any long-term incentive plan that is made available to similarly positioned executives, employee

benefit or group insurance plans maintained from time to time by Cardio.

Long-term incentive plan awards may include cash, or equity awards

settled in shares of Company stock, including but not limited to stock options, restricted stock and performance shares.

were to leave the Company as a “Good Leaver,” as defined in the employment agreement, terms of any long-term incentive award

will be deemed satisfied immediately prior to such termination and as such, all awards and grants will be deemed fully vested.

Dogan will be reimbursed for his reasonable and usual business expenses incurred on behalf of the Company.

Severance benefits will

be payable in the event Dr.

Dogan’s termination is either by the Company without cause or by him with “good reason,”

as defined in the agreement.

In such event and in addition to accrued salary benefits as of the date of termination, the Company will

Dogan an amount equal to a (x) the sum of his most recent base salary and target annual bonus and (y) an amount in cash equal

to the Company’s premium amounts paid for his coverage under group medical, dental and vision programs for a period of 12 months,

provided that he has elected continued coverage under COBRA.

The agreement also contains customary confidentiality, non-solicitation,

non-competition and cooperation provisions.

The employment agreement will automatically renew for an additional year following the initial

term and any renewal term, unless either party provides 60-days’ written notice before the end of the then-current term.

may terminate Dr.

Dogan’s employment without cause (as defined in the agreement) by providing 60 days’ advance written notice.

Dogan may terminate his employment for any reason.

The following

table sets forth information concerning the compensation for our non-employee directors for services rendered during the year ended December 31,

Additionally, we reimburse our non-employee directors for reasonable travel and other out-of-pocket expenses incurred in connection

with attending board of director and committee meetings or undertaking other business on behalf of Cardio.

Fees Earned or Paid

individuals served as non-employee directors of the Company for all or part of 2024 (other than Dr.

Hosseinion, who, as discussed above,

is being treated as an NEO for purposes of the compensation disclosure in this Annual Report):

Paul Burton, James Intrater, Stanley K.

Lau, Oded Levy, Wendy J.

Betts and Peter K.

The following table sets forth information concerning the compensation for our

non-employee directors for services rendered during the year ended December 31, 2024.

Additionally, we reimburse our non-employee directors

for reasonable travel and other out-of-pocket expenses incurred in connection with attending board of director and committee meetings

or undertaking other business on behalf of Cardio.

Fees Earned or Paid in Cash

Stock Awards ($)

Compensation ($)

Paul Burton(1)

All Other Compensation ($)

James Intrater

Brandon Sim(2)

Burton was elected to the Board at the December 18, 2023 Annual Meeting of Stockholders.

Sim did not stand for re-election at the 2023 Annual Meeting but did receive shares of Common Stock upon vesting and settlement of previously

awarded RSUs on December 31, 2023.

During 2023, Cardio compensated its non-employee,

independent directors for service as a director with Restricted Stock Units (“RSUs”) in the amount of $12,500 in RSU awards

The first such award was made on June 30, 2023 for $25,000 to compensate for two quarters of service.

Thereafter, on September

30, 2023 and December 31, 2023, each independent director received $12,500 in RSU awards.

RSUs vested and were settled on the date of

each respective grant.

The number of shares of Common Stock into which the RSUs were settled were based on the closing price of our Common

Stock on June 30, 2023, September 30, 2023 and December 31, 2023, respectively.

The compensation committee has determined that

the same type and level of compensation as 2023 be granted to those persons serving as non-employee directors in 2024.

On January 23,

2024, each currently-serving non-employee director was awarded $50,000 in RSUs, which RSUs will vest quarterly.

Subject to continued service

with the Company on each respective vesting date, the RSUs shall vest and be settled in shares of Common Stock based on the closing price

of our Common Stock on each respective vesting date:

(i) $12,500 in value on March 31, 2024;

(ii) $12,500 in value on June 30, 2024;

$12,500 in value on September 30, 2024;

and (iv) $12,500 in value on December 31, 2024.

Oded Levy (2)

Betts and Peter K.

Fung, MD were elected to the Board

at the November 15, 2024 Annual Meeting of Stockholders.

(2) Stanley K.

Lau and Oded Levy did not stand for re-election at the

2024 Annual Meeting but did receive shares of Common Stock upon vesting and settlement of previously awarded RSUs on December 31, 2023

and January 22, 2024, and Stock Options awarded through November 14, 2024.

Narrative Disclosure to Non-Employee Director Compensation

Cardio compensated its non-employee, independent directors for service as a director with a combination of Restricted Stock Units (“RSUs”)

in the amount of $12,500, Option Agreements in the amount of $12,500 and Cash payments in the amount of $25,000.

RSUs were awarded on January 23, 2024 for $12,500 to compensate for one quarter of service.

The RSUs were vested and settled on March

31, 2024 based on the closing price of our Common Stock on March 31, 2024.

Thereafter, on June 30, 2024, September 30, 2024, and December

31, 2024, each independent director received $8,333 in cash payments and $4,167 in Stock Options awards.

The number of shares of Common Stock into which the Options

may be exercised were based on the closing price of our Common Stock on June 30, 2024, September 30, 2024 and December 31, 2024, respectively.

Directors who transitioned on or off the Board were compensated on a pro-rata basis for days of service.

directors are also eligible to be granted options under the Company’s 2022 Equity.

reimburses its non-employee directors for reasonable travel and out-of-pocket expenses incurred in connection with attending board of

director and committee meetings or undertaking other business on behalf of our Company.

below under “Certain Relationships and Related Party Transactions," we have entered into indemnification agreements with,

and obtained directors liability protection for, covering our directors.

of Other Members of the Board of Directors

In fiscal 2024, Dr.

Dogan, our co-founder and Chief

Executive Officer, and Dr.

Hosseinion, our Non-Executive Chairman of the Board, were compensated as an employee and a consultant, respectively,

and did not receive any additional compensation for service on our Board.

Their total 2024 compensation in all capacities is reflected

in the Summary Compensation Table.

As noted in connection with the Summary Compensation Table above, Dr.

Hosseinion’s compensation

is disclosed as though he is a Named Executive Officer in order to provide complete transparency as to the compensation he is paid by

us as Non-Executive Chairman and a consultant to our company.

Robert Philibert, our co-founder, Chief Medical Officer and a director,

is not compensated for his service as a member of the Board of Directors.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

following table

sets forth information regarding

the beneficial ownership of the Company’s Common Stock as of April 1, 2024 by:

each person known to the Company to be the beneficial owner of more than 5% of the Company’s Common Stock;

The following

table sets forth information regarding the beneficial ownership of the Company’s Common Stock as of March 20, 2025 by:

· each person known to the Company to be the beneficial owner of more than 5% of the Company’s Common

· each person who is a “named executive officer” or a director of the Company and

· all of the Company’s executive officers and directors as a group.

Beneficial ownership is determined in accordance

with SEC rules and includes voting or investment power with respect to securities.

Except as indicated by the footnotes below, the Company

believes, based on the information furnished to it as of the Closing of the Business Combination, that the persons named in the table

below have, sole voting and investment power with respect to all stock that they beneficially own, subject to applicable community property

All Company stock subject to options or warrants exercisable within 60 days of the date of the table are deemed to be outstanding

and beneficially owned by the persons holding those options or warrants for the purpose of computing the number of shares beneficially

owned and the percentage ownership of that person.

They are not, however, deemed to be outstanding and beneficially owned for the purpose

of computing the percentage ownership of any other person.

Subject to the paragraph above, percentage ownership

of outstanding shares is based on 21,591,119 shares of the Company’s Common Stock outstanding as of April 1, 2024.

Beneficial ownership is determined

in accordance with SEC rules and includes voting or investment power with respect to securities.

Except as indicated by the footnotes

below, the Company believes, based on the information furnished to it as of the Closing of the Business Combination, that the persons

named in the table below have, sole voting and investment power with respect to all stock that they beneficially own, subject to applicable

community property laws.

All Company stock subject to options or warrants exercisable within 60 days of the date of the table are deemed

to be outstanding and beneficially owned by the persons holding those options or warrants for the purpose of computing the number of shares

beneficially owned and the percentage ownership of that person.

They are not, however, deemed to be outstanding and beneficially owned

for the purpose of computing the percentage ownership of any other person.

Subject to the

paragraph above, percentage ownership of outstanding shares is based on 52,145,416 shares

of the Company’s Common Stock outstanding as of March 20, 2025.

Name and Address of Beneficial Owner (1)

Percentage of

Amount and Nature of Beneficial Ownership

Approximate Percentage of Outstanding Shares

Directors, Executive Officers and Greater than 5% Holders

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James Intrater (7)

Wendy Betts (8)

Paul Burton (7)

Timur Dogan (6)

Khullani Abdullahi(7)

All Executive Officers and Directors as a Group (9 individuals)

* Less than 1%.

Unless otherwise noted, the address for the persons in the table is 311 West Superior Street, Suite 444, Chicago IL 60654.

(1) Unless otherwise noted, the address for the persons in the table is 311 West Superior Street,

Suite 444, Chicago IL 60654.

(2) Meeshanthini Dogan and Timur Dogan are married.

The beneficial ownership of Meeshanthini Dogan reflected in the table includes the shares and options of Timur Dogan.

Meeshanthini Dogan’s direct ownership is 1,586,464 shares of common stock and 1,433,958 shares issuable upon exercise of options.

Dogan may be deemed to be the indirect beneficial owner of the securities owned by her husband;

however, she disclaims beneficial ownership of the shares held indirectly, except to the extent of her pecuniary interest.

Shares of common stock reflected in the table as beneficially owned by Dr.

Philibert are held of record by BD Holdings, Inc., whose address is 2500 Crosspark Road, Suite W245, Coralville, IA 52241.

is a corporation owned and controlled by Dr.

Philibert disclaims beneficial ownership of all such indirectly-owned

shares except to the extent of his pecuniary interest in such corporations.

Also includes 805,465 shares of Common Stock issuable upon

exercise of options that are currently exercisable.

Includes 502,195 shares of common stock issuable upon exercise of options.

Includes 264,832 shares of common stock issuable upon exercise of options.

The beneficial

ownership of Meeshanthini Dogan reflected in the table includes the shares and options of Timur Dogan.

Meeshanthini Dogan’s direct

ownership is 1,586,464 shares of common stock, 1,433,958 shares issuable upon exercise of options

and 68,965 shares of common stock held jointly with her spouse.

Dogan may be deemed to be the indirect beneficial owner of the securities

owned by her husband;

however, she disclaims beneficial ownership of the shares held indirectly, except to the extent of her pecuniary

(3) Robert Philibert a Director and Chief Medical Officer (CMO) of the

registrant, is the direct owner of 75,676 of the securities of the registrant reported herein, owns and controls BD Holding Inc.,

the direct owner of 1,586,464 of the securities of the registrant reported herein, owns and controls Behavioral Diagnostics LLC, the

direct owner of 14,126 of the securities of the registrant reported herein, and his spouse is the direct owner of 7,601 of the

securities of the registrant reported herein.

Also includes 805,465 shares of Common Stock issuable upon exercise

of options that are currently exercisable.

(4) Includes 502,195 shares of common stock issuable upon exercise

(5) Includes 264,832 shares of common stock issuable upon exercise

(6) Timur Dogan and Meeshanthini Dogan are married.

The beneficial ownership of Timur Dogan reflected in the table includes the shares and options of Meeshanthini Dogan.

Timur Dogan’s direct ownership is 128,345 shares of common stock and 435,467 shares issuable upon exercise of options.

The beneficial

ownership of Timur Dogan reflected in the table includes the shares and options of Meeshanthini Dogan.

Timur Dogan’s direct ownership

is 128,345 shares of common stock, 435,467 shares issuable upon exercise of options and 68,965 shares of common stock held jointly with

Dogan may be deemed to be the indirect beneficial owner of the securities owned by his wife;

however, he disclaims beneficial ownership of the shares held indirectly, except to the extent of his pecuniary interest.

Includes 304,128 shares of

common stock issuable upon exercise of options.

however, he disclaims beneficial

ownership of the shares held indirectly, except to the extent of his pecuniary interest.

(7) Includes 30,805 shares of common stock issuable upon exercise

(8) Includes 2,272 shares of common stock issuable upon exercise

Certain Relationships, and Related Transactions and Director Independence

There have been no transactions since January

1, 2023 to which we have been a party in which the amount involved exceeded or will exceed the lesser of $120,000 or 1% of the average

of our total assets at year end for the last two completed fiscal years, and in which any of our directors, executive officers or, to

our knowledge, beneficial owners of more than 5% of our capital stock or any member of the immediate family of any of the foregoing persons

had or will have a direct or indirect material interest, other than transactions that are described under the section “Executive

and Director Compensation.”

Cardio has an exclusive, worldwide patent license

of the Core Technology from the University of Iowa Research Foundation (UIRF).

Under UIRF’s Inventions Policy inventors are generally

entitled to 25% of income from earnings from their inventions.

Consequently, Meeshanthini Dogan and Robert Philibert will benefit from

Timur Dogan, spouse of Meeshanthini (Meesha)

Dogan (the Company’s Co-Founder, Chief Executive Officer and Director), has been a full-time employee of the Company since

In 2021, he was paid $37,500 in salary and an additional $4,765 in benefits.

May 2022, Legacy Cardio granted 511,843 stock options to its executive officers and directors.

These options were exchanged for an aggregate

of 1,754,219 options under the 2022 Equity Incentive Plan, The Options fully vested and became fully exercisable upon Closing of the Business

Combination and have an exercise price of $3.90 per share (as adjusted for the Exchange Ratio) with an expiration

date of May 6, 2032.

the Closing of the Business Combination, Dr.

been no transactions since January 1, 2024 to which we have been a party in which the amount involved exceeded or will exceed the lesser

of $120,000 or 1% of the average of our total assets at year end for the last two completed fiscal years, and in which any of our directors,

executive officers or, to our knowledge, beneficial owners of more than 5% of our capital stock or any member of the immediate family

of any of the foregoing persons had or will have a direct or indirect material interest, other than transactions that are described under

the section “Executive and Director Compensation.”

Cardio has an exclusive, worldwide

patent license of the Core Technology from the University of Iowa Research Foundation (UIRF).

Under UIRF’s Inventions Policy inventors

are generally entitled to 25% of income from earnings from their inventions.

Consequently, Meeshanthini Dogan and Robert Philibert will

benefit from this policy.

Timur Dogan, the

Company’s Chief Technology Officer is the spouse of Meeshanthini (Meesha) Dogan, the Company’s Co-Founder, Chief Executive

Officer and Director.

At the Closing

of the Business Combination, Dr.

Philibert, Ms.

Dogan and Ms.

Abdullahi each entered into an Invention

and Non-Disclosure Agreement.

Luqman, and Dr.

Dogan each entered into an Invention and Non-Disclosure Agreement.

An integral part of the Invention and Non-Disclosure Agreement

is the disclosure by the employee of any discoveries, ideas, inventions,

improvements, enhancements, processes, methods, techniques, developments, software and works of authorship (“developments”)

that were created, made, conceived or reduced to practice by the employee prior to his or her employment by Cardio and that are not assigned

to the Company.

Philibert’s agreement lists certain developments that are epigenetic methods unrelated to the current mission

of Cardio and that were developed separate and apart from Cardio.

There is no assurance that as the Company broadens the scope of its

products and services that one or more of Dr.

Philibert’s developments could be relevant.

Under the agreement, all rights to the

developments listed by Dr.

Philibert are his sole property and their use, if desired by the Company, would be in the sole discretion of

Philibert, who is under no obligation to license or otherwise grant permission to the Company to use them.

Related Party Policy

audit committee of the board of directors had adopted a policy setting forth the policies and procedures for its review and approval or

ratification of “related party transactions.” The policy provides that a “related party transaction” is defined

in the policy as any consummated or proposed transaction or series of transactions:

is the disclosure by the employee of any discoveries, ideas, inventions, improvements, enhancements, processes, methods, techniques,

developments, software and works of authorship (“developments”) that were created, made, conceived or reduced to practice

by the employee prior to his or her employment by Cardio and that are not assigned to the Company.

Philibert’s agreement lists

certain developments that are epigenetic methods unrelated to the current mission of Cardio and that were developed separate and apart

There is no assurance that as the Company broadens the scope of its products and services that one or more of Dr.

developments could be relevant.

Under the agreement, all rights to the developments listed by Dr.

Philibert are his sole property and

their use, if desired by the Company, would be in the sole discretion of Dr.

Philibert, who is under no obligation to license or otherwise

grant permission to the Company to use them.

Our Certificate

of Incorporation, as amended, restated and currently in effect, and our Bylaws provide for indemnification and advancement of expenses

for our directors and officers to the fullest extent permitted by Delaware law, subject to certain limited exceptions.

We have entered

into indemnification agreements with each member of our Board and several of our officers.

Warren Hosseinion

M.D., who serves as the Non-Executive Chairman of the Board of the Company, is also a minority ten percent (10%) owner of Altitude Capital

Group LLC (“Altitude”), a separate entity engaged as the Placement Agent for our Private Placement.

This ownership interest

creates a potential conflict of interest because Dr.

Hosseinion may have a financial interest in the success of Altitude, which could

affect his decision-making with respect to the Offering and other matters related to the Company.

However, the Company has established

policies and procedures designed to address and mitigate any potential conflicts of interest that may arise in connection with Mr.

All material agreements and arrangements between the Company and Altitude, as well as this Private Placement Memorandum and

the Offering, have be reviewed and approved by the Company's independent Board of Directors.

Hosseinion did not receive any compensation

in relation to the Private Placement.

The audit committee of the board

of directors had adopted a policy setting forth the policies and procedures for its review and approval or ratification of “related

party transactions.” The policy provides that a “related party transaction” is defined in the policy as any consummated

or proposed transaction or series of transactions:

(i) in which the Company was or is to be a participant;

(ii) the amount of which exceeds (or is reasonably expected to exceed) the lesser of $120,000 or 1% of the average of the Company’s

total assets at year-end for the prior two completed fiscal years in the aggregate over the duration of the transaction

(without regard to profit or loss);

and (iii) in which a “related party” had, has or will have a direct or indirect material

“Related parties” under this policy included:

(i) Cardio’s directors, nominees for

director or executive officers;

(ii) any record or beneficial owner of more than 5% of any class of Cardio’s voting securities;

(iii) any immediate family member of any of the foregoing if the foregoing person is a natural person;

and (iv) any other person

who maybe a “related person” pursuant to Item 404 of Regulation S-K under the Exchange Act.

the policy, the audit committee would consider (i) the relevant facts and circumstances of each related party transaction, including

if the transaction is on terms comparable to those that could be obtained in arm’s-length dealings with an unrelated

third party, (ii) the extent of the related party’s interest in the transaction, (iii) whether the transaction contravenes

our code of ethics or other policies, (iv) whether the audit committee believes the relationship underlying the transaction to be

in the best interests of Cardio and its stockholders and (v) the effect that the transaction may have on a director’s status

(ii) the amount of which exceeds

(or is reasonably expected to exceed) the lesser of $120,000 or 1% of the average of the Company’s total assets at year-end for

the prior two completed fiscal years in the aggregate over the duration of the transaction (without regard to profit or loss);

in which a “related party” had, has or will have a direct or indirect material interest.

“Related parties” under

this policy included:

(i) Cardio’s directors, nominees for director or executive officers;

(ii) any record or beneficial owner of

more than 5% of any class of Cardio’s voting securities;

(iii) any immediate family member of any of the foregoing if the foregoing

person is a natural person;

and (iv) any other person who maybe a “related person” pursuant to Item 404 of Regulation S-K

under the Exchange Act.

Pursuant to the policy, the audit committee would consider (i) the relevant facts and circumstances of each related

party transaction, including if the transaction is on terms comparable to those that could be obtained in arm’s-length dealings

with an unrelated third party, (ii) the extent of the related party’s interest in the transaction, (iii) whether the transaction

contravenes our code of ethics or other policies, (iv) whether the audit committee believes the relationship underlying the transaction

to be in the best interests of Cardio and its stockholders and (v) the effect that the transaction may have on a director’s status

as an independent member of Cardio’s board and on his or her eligibility to serve on Cardio’s board’s committees.

6 unchanged sentences

Principal Accounting Fees and Services

Fees Paid to the Independent Registered Public Accounting Firm

The following table presents fees for professional

audit services and other services rendered by Prager Metis for the fiscal years ended December 31, 2023 and 2022:

Paid to the Independent Registered Public Accounting Firm

The following

table presents fees for professional audit services and other services rendered by Prager Metis CPAs LLC for the fiscal years ended December

31, 2024 and 2023:

December 31, 2024

3 unchanged sentences

All Other Fees (4)

Audit fees consist of fees billed for professional services

rendered for the audit of our year-end financial statements, reviews of our quarterly interim financial statements, and services that

are normally provided by our independent registered public accounting firm in connection with statutory and regulatory filings.

above, we engaged Prager Metis CPAs.

LLC to conduct the audit of our financial statements for the years ended December 31, 2023 and 2022.

Audit fees consist of fees billed for professional services rendered for the audit

of our year-end financial statements, reviews of our quarterly interim financial statements,

and services that are normally provided by our independent registered public accounting firm

in connection with statutory and regulatory filings.

As noted above, we engaged Prager Metis

CPAs LLC to conduct the audit of our financial statements for the years ended December 31,

2024 and 2023.

(2) Audit-Related Fees .

Audit-related fees consist of fees billed for assurance and related services that are reasonably related to performance of the audit or review of our year-end consolidated financial statements and are not reported under “Audit Fees.” These services include attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.

We did not pay our independent registered public accounts for other services for the periods shown in the table above.

Tax fees consist of fees billed for professional services relating to tax compliance, tax planning and tax advice.

We did not pay our independent registered public accounts for tax services for the periods shown in the table above.

Audit-related fees consist of fees

billed for assurance and related services that are reasonably related to performance of the audit or review of our year-end consolidated

financial statements and are not reported under “Audit Fees.” These services include attest services that are not required

by statute or regulation and consultation concerning financial accounting and reporting standards.

(3) Tax Fees .

Tax fees consist of fees billed for professional

services relating to tax compliance, tax planning and tax advice.

We did not pay our independent registered public accountants for tax services

for the periods shown in the table above.

(4) All Other Fees .

All other fees consist of fees billed for all other services including permitted due diligence services related potential business combinations.

We did not pay our independent registered public accounts for other services for the periods shown in the table above.

Auditor Independence

In 2023, there were no other professional services

provided by Prager Metis, other than those listed above, that would have required our audit committee to consider their compatibility

with maintaining the independence of Prager Metis.

Pre-Approval Policy

The Company’s audit committee was formed

upon the consummation of the Business Combination.

As a result, the audit committee did not pre-approve the 2021 Audit services, although

any services rendered prior to the formation of Cardio’s audit committee were approved by the Company’s board of directors.

Since the formation of the audit committee, and on a going-forward basis, the audit committee has and will pre-approve all auditing services

and permitted non-audit services to be performed for the Company by its auditors, including the fees and terms thereof (subject to the

de minimis exceptions for non-audit services described in the Exchange Act that are approved by the audit committee prior to the completion

of the audit).

All other fees consist of fees billed for all

other services including permitted due diligence services related to potential business combinations.

We did not pay our independent

registered public accountants for other services for the periods shown in the table above.

In 2024, there were no other professional

services provided by Prager Metis CPAs LLC, other than those listed above, that would have

required our Audit Committee to consider their compatibility with maintaining the independence of Prager Metis CPAs LLC.

Pre-Approval Policies and Procedures

Our Audit Committee is required to pre-approve the audit and non-audit

services performed by our independent registered public accounting firm in order to assure that the provision of such services does not

impair the auditor’s independence.

Any proposed services exceeding pre-approved cost levels require specific pre-approval by our

Audit Committee.

Our Audit Committee at least annually reviews and provides general

pre-approval for the services that may be provided by the independent registered public accounting firm.

The term of the general pre-approval

is 12 months from the date of approval, unless our Audit Committee specifically provides for a different period.

If our Audit Committee

has not provided general pre-approval, then the type of service requires specific pre-approval by our Audit Committee.

All services performed and related fees billed by Prager Metis

CPAs LLC during fiscal years 2023 and 2024 were pre-approved by our Audit Committee pursuant to regulations of the SEC.

Exhibits and Financial Statement Schedules

6 unchanged sentences

Exhibit Index

The following is a list of exhibits filed as

part of this Annual Report on Form 10-K or are incorporated herein by reference:

Incorporation

Agreement and Plan of Merger dated as of May 27, 2022 by and among Mana Capital Acquisition Corp., Mana Merger Sub, Inc., Cardio Diagnostics, Inc., and Meeshanthini (Meesha) Dogan, as representatives of the shareholders (included as Annex A to the Proxy S tatement/Prospectus)

Amendment dated September 15, 2022 to Agreement and Plan of Merger dated as of May 27, 2022 by and among Mana Capital Acquisition Corp., Mana Merger Sub, Inc., Cardio Diagnostics, Inc., and Meeshanthini (Meesha) Dogan, as representatives of the shareholders

5 unchanged sentences

Form of Private Placement Warrant

Description of Securities

of Securities

Form of Non-Competition and Non-Solicitation Agreement

1 unchanged sentence

Registration Rights Agreement, dated November 22, 2021, by and among the Company, the Sponsor and other holders party thereto

Cardio Diagnostics Holdings, Inc.

Diagnostics Holdings, Inc.

2022 Equity Incentive Plan and related forms of agreements

8 unchanged sentences

and Timur Dogan

Employment Agreement, executed as of May 18, 2022, between Cardio Diagnostics, Inc.

and Khullani Abdullahi

Non-Executive Chairman and Consulting Agreement between Cardio Diagnostics, Inc.

13 unchanged sentences

and Craig-Hallum Capital Group, LLC

Securities Insider Trading Policy

List of Subsidiaries

Consent of Prager Metis CPA’s LLC, independent registered public accounting firm

Consent of Prager Metis CPAs LLC, independent registered public accounting firm

Power of Attorney (included on signature page of this Form 10-K)

3 unchanged sentences

Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Cardio Diagnostics Holdings, Inc.

Cardio Diagnostics Holdings,

“Clawback” Policy

8 unchanged sentences

# Indicates a management contract or compensatory plan, contract or arrangement.

Certain of the exhibits or schedules to this Exhibit have been omitted in accordance with Regulation S-K Item 601(a)(5).

§ Certain of the exhibits or schedules to this Exhibit have been omitted in accordance with

Regulation S-K Item 601(a)(5).

The Registrant agrees to furnish a copy of all omitted exhibits and schedules to the SEC upon its request;

provided, however, that the Registrant may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act, as amended, for any schedule or exhibit so furnished.

provided, however, that the Registrant may request confidential treatment pursuant to Rule 24b-2 of the Exchange Act, as amended, for

any schedule or exhibit so furnished.

+ Furnished herewith.

The certifications attached as Exhibit 32.1 that accompanies this Annual Report on Form 10-K is deemed furnished and not filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Cardio Diagnostics Holdings,, Inc.

under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Annual Report on Form 10-K, irrespective of any general incorporation language contained in such filing.

The certifications attached as Exhibit 32.1 that accompanies this Annual

Report on Form 10-K is deemed furnished and not filed with the Securities and Exchange Commission and is not to be incorporated by reference

into any filing of Cardio Diagnostics Holdings,, Inc.

under the Securities Act of 1933, as amended, or the Securities Exchange Act of

1934, as amended, whether made before or after the date of this Annual Report on Form 10-K, irrespective of any general incorporation

language contained in such filing.

++ Furnished herewith.

Pursuant to Rule 406T

of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement

or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes

of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those

Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on

Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities

Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise

are not subject to liability under those sections.

Form 10-K Summary

Pursuant to the requirements

of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by

the undersigned, thereunto duly authorized.

to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed

on its behalf by the undersigned, thereunto duly authorized.

Cardio Diagnostics Holdings, Inc.

April 1, 2024

March 20, 2025

/s/ Meeshanthini V .

18 unchanged sentences

Chief Executive Officer and Director

March 20, 2025

Meeshanthini V.

/s/ Elisa Luqman

Chief Financial Officer and Principal Accounting Officer

April 1, 2024

Chief Financial Officer and Principal

March 20, 2025

Accounting Officer

/s/ Warren Hosseinion

Director (Chairman of the Board)

April 1, 2024

March 20, 2025

Warren Hosseinion, MD

/s/ James Intrater

April 1, 2024

March 20, 2025

James Intrater

/s/ Stanley K.

April 1, 2024

/s/ Oded Levy

April 1, 2024

March 20, 2025

/s/ Robert Philibert

April 1, 2024

March 20, 2025

Robert Philibert, MD

/s/ Paul Burton

April 1, 2024

March 20, 2025

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures