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PLEASANTON, CA - Healthcare Triangle, Inc. (NASDAQ: HCTI), specializing in digital transformation for healthcare and life sciences, has disclosed a PIPE (Private Investment in Public Equity) offering aimed at raising approximately $15.2 million in gross proceeds, before accounting for fees and other expenses. The offering comprises over 36 million units, each including a share of common stock or a pre-funded warrant, along with series A and B warrants to purchase additional shares of common stock. The company’s stock, currently trading at $0.43, has experienced significant volatility, having declined over 77% in the past year. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value assessment.
The company’s securities involved in the offering have not been registered under the Securities Act of 1933 or any state securities laws and thus cannot be offered or sold without registration or an applicable exemption. Details of the transaction will be provided in the company’s Form 8-K filing with the U.S. Securities and Exchange Commission. InvestingPro data reveals the company’s challenging financial position, with a weak overall Financial Health score and current ratio of 0.29, indicating potential liquidity concerns.
RBW Capital, LLC and Spartan Capital Securities, LLC served as co-placement agents for the offering. The common stock, pre-funded warrants, and series A and B warrants, along with the common stock issuable upon their exercise, remain unregistered and are subject to restrictions on their offer or sale.
Healthcare Triangle, Inc., headquartered in Pleasanton, California, focuses on enhancing healthcare through technology and expertise. The company supports various healthcare segments in improving health outcomes using data and information technologies. With HITRUST Certification for its Cloud and Data Platform, Healthcare Triangle emphasizes its commitment to data protection and information security.
This announcement is based on a press release statement and should not be considered an offer to sell or a solicitation of an offer to buy the mentioned securities.
In other recent news, Healthcare Triangle, Inc. announced that its financial statements for the year ended December 31, 2023, will be restated due to identified errors during a re-audit. The restatement includes a write-down of intangible assets by up to $2,185,000 and adjustments related to the acquisition of Devcool Inc., among other revisions. Additionally, Healthcare Triangle is addressing compliance issues with Nasdaq’s listing requirements, having received a notification regarding non-compliance due to the absence of an annual shareholder meeting. The company plans to hold its 2024 Annual Meeting of Stockholders by March 31, 2025, to address this issue. In more positive developments, Healthcare Triangle has regained compliance with Nasdaq’s minimum bid price requirement, maintaining a closing bid price of $1.00 or higher for at least 20 consecutive business days. This compliance ensures the company remains listed on Nasdaq, which is crucial for attracting institutional investors. These recent developments highlight the company’s ongoing efforts to maintain regulatory compliance and financial transparency.
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