Healthcare Triangle Receives Nasdaq Delisting Notice; Appeals Determination
June 07 2023 - 8:00AM
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, that on May 31,
2023, the Company received a Delisting Notice from the Listing
Qualifications Department of the Nasdaq Stock Market (“Nasdaq”)
informing the Company that Nasdaq has determined the Company did
not regain compliance with the minimum closing bid price
requirement for continued listing on The Nasdaq Capital Market
under Nasdaq Listing Rule 5550(a)(2) by May 30, 2023, the deadline
to regain compliance.
On June 5, 2023, the Company submitted a request to Nasdaq for a
hearing to appeal its delisting determination. In response to the
Company’s request for a hearing, on June 5, 2023, the Company
received a Hearing Letter from Nasdaq stating that its delisting
action has been stayed, pending a final decision by the Panel and a
hearing will be held on July 20, 2023. The Hearing Letter also
provided the Company with the opportunity to participate in an
expedited review process by completing a questionnaire regarding
the Company’s compliance plan and returning it to the Panel no
later than June 12, 2023. The Company has taken such opportunity
and submitted the questionnaire to Nasdaq on June 5, 2023.
Based on its review of the Company’s responses to the
questionnaire, the Panel may determine that an oral hearing is not
necessary in order to grant the Company an exception to regain
compliance in this matter. In this event, no hearing will be
necessary and the Panel will issue a decision describing the terms
of the exception, including the compliance deadline and any
milestones the Company must meet, based on the Company’s responses
to the questionnaire and the written record. If the Panel is unable
to conclude that an exception is appropriate based on the Company’s
responses to the questionnaire and the written record, there would
be no prejudice against the company and the hearing will proceed as
scheduled.
If the Panel is unable to conclude that the exception is
appropriate, the Company intends to submit a plan to regain
compliance with the continued listing requirements to the Panel as
part of the hearing process. There can be no assurance that Nasdaq
will accept the Company’s compliance plan or that the Company will
be able to regain compliance with the Rule.
On May 26, 2023, the Company effected a one-for-ten reverse
stock split and since such time the closing price of the Company’s
common stock has been greater than $2.60 (on each of the last 6
trading days).
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
through better utilization of the data and information technologies
that they rely on. 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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