Healthcare Triangle Announces $6.5 Million Private Placement

Healthcare Triangle Inc., (Nasdaq: HCTI) ("HCTI" or the "Company"), a leading provider of cloud and data transformation solutions for healthcare and life sciences and step-down subsidiary of SecureKloud Technologies Limited, today announced that it has entered into a definitive agreement with a single institutional investor for the issuance and sale of 6,097,561 shares of common stock (or common stock equivalents in lieu thereof) in a private placement. The Company will also issue to the investor unregistered preferred investment options (the "investment options") to purchase up to an aggregate of 6,097,561 shares of common stock. The purchase price for one share of common stock (or common stock equivalent) and one investment option to purchase one share of common stock is $1.066. The investment options have an exercise price of $1.066 per share, will become exercisable six months following issuance date, and will have a term equal to five years following the issuance date. The private placement is expected to close on or about July 13, 2022, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds from the private placement are expected to be approximately $6.5 million, before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds from the private placement for the working capital and other general corporate purposes.

The securities offered in the private placement and described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act") and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. Accordingly, the securities may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the "SEC") or an applicable exemption from such registration requirements. Pursuant to a registration rights agreement with the investor, the Company has agreed to file one or more registration statements with the SEC covering the resale of such securities.

Shares of SECUREKLOUD TECHNOLOGIES LIMITED was last trading in BSE at Rs. 73.60 as compared to the previous close of Rs. 73.20. The total number of shares traded during the day was 1875 in over 28 trades.

The stock hit an intraday high of Rs. 75.40 and intraday low of 73.50. The net turnover during the day was Rs. 139647.00.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

Source : Equity Bulls

Keywords

SECUREKLOUDTECHNOLOGIES INE650K01021 HealthcareTriangle HCTI PrivatePlacement FundRaising