Healthcare Triangle, Inc. announced that it expects to receive $4.42 million in funding
December 27, 2023
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Healthcare Triangle, Inc. announced that it has entered into a securities purchase agreement with an institutional investor for the sale of $5,200,000 for gross proceeds of up to $4,420,000 due to the original issue discount in aggregate principal amount of its senior secured 15% original issue discount convertible promissory notes, due June 28, 2025, along with warrants to purchase shares of common stock on December 28, 2023.
On the same date, the company issued $2,000,000 principal amount of senior secured 15% original issue discount convertible promissory notes, due June 28, 2025 for gross proceeds $1,700,000 and Warrants to purchase up to an aggregate of 357,500 Warrant Shares under the first tranche The Note and Warrants issued in the first tranche of funding have an initial fixed conversion and exercise price of $3.44688 per share, respectively, subject to adjustment. The Warrants carry a 5-year term and, if not exercised, will terminate on December 28, 2028. In connection with the Offering, the Company relied upon the exemption from registration provided under Section 4(a)(2) and Rule 506(b) under the Securities Act of 1933, as amended.
Healthcare Triangle, Inc. is a healthcare information technology company. The Company is focused on advancing industry-transforming solutions in the sectors of cloud services, data science, and professional and managed services for the electronic health record (EHR), healthcare and life sciences industries. The Company operates through three segments: Software Services, Managed Services and Support, and Platform Services. Its Software Services segment provides strategic advisory, implementation, and development services. Its Managed Services and Support segment include post implementation support and cloud hosting. Its Platform Services segment includes CloudEz, DataEz, and Readabl.AI platforms. Through its platform, solutions, and services, the Company supports healthcare delivery organizations, healthcare insurance companies, pharmaceutical and Life Sciences, biotech companies, and medical device manufacturers in their efforts to improve data management.