Healthcare Triangle appoints new CFO and board director

PLEASANTON, CALIF. - Healthcare Triangle, Inc. (NASDAQ:HCTI), a micro-cap healthcare technology company with a market capitalization of $9.77 million specializing in digital transformation for the healthcare and life sciences industries, announced the appointment of Mr. David Ayanoglou as the new Chief Financial Officer and Ms. Sujatha Ramesh as a Director on the Board today.

David Ayanoglou brings over 22 years of experience in corporate finance, with a strong background in software M&A and financial reporting. His prior role as a Director of Valuations and Transaction Support at Open Text involved executing transactions ranging up to $1.62 billion, contributing to a significant increase in the company's market capitalization. Ayanoglou's expertise is expected to bolster Healthcare Triangle's strategic growth and operational excellence.

Ms. Sujatha Ramesh, currently serving as the Chief Operation Officer (COO) of Healthcare Triangle, joins the Board with over 25 years of experience in the technology and financial services sectors. Her expertise in operational strategy and global execution is anticipated to support the company's ongoing expansion and transformation efforts.

Dave Rosa, Chairman of the Board, expressed confidence in both appointments, citing Ayanoglou's business acumen and Ramesh's leadership and domain expertise as valuable assets for the company's future development.

Healthcare Triangle focuses on enhancing healthcare through technology, offering solutions such as cloud enablement, cybersecurity, data analytics, and AI. The company has achieved HITRUST Certification for its Cloud and Data Platform, showcasing its commitment to high data protection and information security standards. According to InvestingPro analysis, the company currently trades below its Fair Value, though investors should note its weak financial health score of 1.49 out of 5. InvestingPro subscribers have access to 8 additional key insights about HCTI's financial position and growth prospects.

The company's forward-looking statements indicate aspirations for future performance, though they are subject to risks, uncertainties, and assumptions that could affect actual results.

This news is based on a press release statement and does not include any speculative or forward-looking implications beyond what is stated by the company.

In other recent news, Healthcare Triangle, Inc. announced a $15.2 million PIPE offering, aiming to raise funds through the sale of over 36 million units, including shares and warrants. The securities involved in this offering remain unregistered under the Securities Act of 1933, and RBW Capital, LLC and Spartan Capital Securities, LLC acted as co-placement agents. Additionally, the company revealed plans to restate its financial statements for the year ended December 31, 2023, due to errors found during a re-audit. These restatements involve write-downs of intangible assets and adjustments to various financial metrics.

Healthcare Triangle also faced potential delisting from Nasdaq due to non-compliance with listing requirements, specifically the failure to hold an annual shareholder meeting in 2024. However, the company plans to conduct its 2024 Annual Meeting by March 31, 2025, and believes it has regained compliance regarding stockholders’ equity requirements. In governance news, shareholders approved amendments to the 2020 stock incentive plan and elected four directors during a recent annual meeting. Lastly, Sujatha Ramesh was appointed as the new Chief Operating Officer, bringing extensive experience in strategic transformation and operational efficiency to the company.

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