Healthcare Triangle, Inc. (NASDAQ: HCTI) has successfully closed a private investment in public equity (PIPE) offering, raising $15.2 million in gross proceeds. This financial maneuver is pivotal for the company as it seeks to bolster its position as a digital transformation solutions provider in the healthcare and life sciences industries. The offering, structured under Nasdaq regulations, involved the sale of 36,190,485 units, each comprising a share of common stock or a pre-funded warrant, alongside series A and B warrants, priced at $0.42 per unit.
The intricate details of the transaction highlight the inclusion of common stock or pre-funded warrants with a nominal exercise price of $0.00001, complemented by series A and B warrants exercisable at $0.84. After accounting for placement agent fees and other expenses, the net proceeds are estimated at approximately $13.68 million. These funds are earmarked for strategic acquisitions, general corporate needs, and working capital, ensuring the company's adherence to Nasdaq's minimum stockholders' equity requirement of $2,500,000 by February 28, 2025.
RBW Capital Partners LLC and Spartan Capital Securities, LLC acted as co-placement agents, with legal counsel provided by Sichenzia Ross Ference Carmel LLP for Healthcare Triangle and Manatt, Phelps & Phillips, LLP for the agents. It's important to note that the securities offered have not been registered under the Securities Act of 1933, restricting their sale in the U.S. without proper registration or an exemption. This offering marks a significant step in Healthcare Triangle's strategy to enhance its digital transformation offerings, reflecting its dedication to innovation and growth in the healthcare and life sciences sectors. For more information, visit https://www.healthcaretriangle.com.
