Healthcare Triangle, Inc. Announces 1-for-10 Reverse Stock Split as Part of Nasdaq Compliance Plan
May 25 2023 - 12:00PM
Healthcare Triangle, Inc. (Nasdaq: HCTI) (“HCTI” or the
"Company"), a leader in digital transformation solutions including
managed services, cloud enablement, and data analytics for the
healthcare and life sciences industry, today announced that it will
effect a 1-for-10 reverse stock split of its common stock. The
reverse stock split will become effective at 12:01 a.m. Eastern
Time on Friday, May 26, 2023, and the Company’s common stock will
commence trading on the Nasdaq Capital Market on a post-split basis
at the opening of the market on May 26, 2023, pending confirmation
by the Depository Trust Company and the Nasdaq. The Company’s
common stock will continue to trade on the Nasdaq Capital Market
under the Company’s existing trading symbol, “HCTI,” and a new
CUSIP number 42227W 207 has been assigned as a result of the
reverse stock split.
The Company expects that the reverse stock
split, which was approved by the Company’s stockholders at the
Annual Meeting of Stockholders held on November 17, 2022, will
increase the price per share of the Company’s common stock, and is
part of the Company’s strategy to regain compliance with the $1.00
minimum bid price requirement of the Nasdaq Capital Market.
At the effective time of the reverse stock
split, each ten (10) shares of the Company’s issued and outstanding
common stock will be automatically converted into one (1) issued
and outstanding share of common stock without any change in the par
value of $0.00001 per share or the total number of authorized
shares. The reverse stock split will reduce the Company’s number of
shares outstanding common stock from approximately 42,778,762
shares to approximately 4,277,876 shares. No fractional shares of
common stock will be issued in connection with the reverse stock
split, and stockholders who would otherwise be entitled to receive
a fractional share will receive a cash payment in lieu thereof.
Stockholders of record as of May 25th, 2023,
will be receiving information regarding their share ownership
following the reverse stock split from the Company's transfer
agent, VStock Transfer, LLC. VStock Transfer can be reached at
(212) 828 8436. Additional information about the reverse stock
split can be found in the Company's definitive proxy statement on
Schedule 14A, filed with the U.S. Securities and Exchange
Commission (the "SEC") on October 19, 2022, and available free
of charge at the SEC's website sec.gov.
About Healthcare Triangle
Healthcare Triangle, Inc. based in Pleasanton,
California, reinforces healthcare progress through breakthrough
technology and extensive industry knowledge and expertise. We
support healthcare including hospitals and health systems, payers,
and pharma/life sciences organizations in their effort to improve
health outcomes. Healthcare Triangle achieves HITRUST Certification
for Cloud and Data Platform (CaDP), marketed as CloudEz™ and
DataEz™. HITRUST Risk-based, 2-year (r2) Certified status
demonstrates to our clients the highest standards for data
protection and information security. Healthcare Triangle enables
the adoption of new technologies, data enlightenment, business
agility, and response to immediate business needs and competitive
threats. The highly regulated healthcare and life sciences
industries rely on Healthcare Triangle for expertise in digital
transformation encompassing the cloud, security and compliance,
data lifecycle management, healthcare interoperability, and
clinical and business performance optimization. For more
information, visit www.healthcaretriangle.com.
Forward-Looking Statements and Safe Harbor
Notice
All statements other than statements of
historical facts included in this press release are
"forward-looking statements" (as defined in the Private Securities
Litigation Reform Act of 1995). Such forward-looking statements
include our expectations and those statements that use
forward-looking words such as "projected," "expect," "possibility"
and "anticipate." The achievement or success of the matters covered
by such forward-looking statements involve significant risks,
uncertainties and assumptions. Actual results could differ
materially from current projections or implied results. Investors
should read the risk factors set forth in the Company's Prospectus
filed with the SEC on October 7, 2021, previous filings, subsequent
filings and future periodic reports filed with the SEC. All the
Company's forward-looking statements are expressly qualified by all
such risk factors and other cautionary statements.
The Company cautions that statements and
assumptions made in this news release constitute forward-looking
statements and make no guarantee of future performance.
Forward-looking statements are based on estimates and opinions of
management at the time statements are made. The information set
forth herein speaks only as of the date hereof. The Company and its
management undertake no obligation to revise these statements
following the date of this news release.
Investor Contact
1-800-617-9550 ir@healthcaretriangle.com
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