Initial public offering (IPO) market activity remained slow last week, with only one small issuer joining public markets. The week ahead plans to be just as active, with only one company set to debut amid the backdrop of broader market sell-off impacting Wall Street in recent weeks.

Last week, Phoenix Motor, Inc. (PEV  ) joined the Nasdaq after pricing its downsized offering within its range to raise about $15.8 million. Operating under the Phoenix Motorcars name, the SPI Energy (SPI  ) spin-off produces electric drive systems and elective vehicles, as well as markets and sells EV chargers. The company has yet to generate any significant revenues and is considered unprofitable. Phoenix fell 46% on its first day of trading and finished the week down 57%.

For the week ahead, Heart Test Laboratories, Inc. (HSCS  ) plans to raise $11 million from 1.75 million shares offered between $4.50 to $5.50 each. The medical technology company is focused on applying AI-based technology to ECG--also known as EKG--machines to expand and improve their clinical usefulness. The company aims to make an ECG as more valuable cardiac screening tool, and plans to address the market as it believes there is current no low-cost, front-line, medical device that is effective at screening for heart disease.

Heart Test Laboratories' first product candidate for U.S. Food and Drug Administration (FDA) clearance, called the MyoVista wavECG, is designed to provide diagnostic information related to cardiac dysfunction whas has transitionally only been available through cardiac imaging.