Healthcare Triangle Maintains Compliance with Nasdaq Listing Requirements as Nasdaq Resolves Delisting Determination Error

Rhea-AI Summary

Healthcare Triangle, Inc (Nasdaq: HCTI) announced that the Nasdaq Stock Market made an error in its delisting notice, which has now been resolved. The company is no longer required to complete a compliance plan for continued listing as it was determined to be in compliance with the minimum closing bid price requirement. The company's stock price has remained above $2.60 since the reverse stock split on May 26, 2023.

Positive

• Nasdaq made an error in its delisting notice and the company is no longer required to complete a compliance plan for continued listing
• The company's stock price has remained above $2.60 since the reverse stock split on May 26, 2023.

Negative

• None.

Nasdaq’s May 31st Delisting Notice did not properly account for May 26th 1-for-10 reverse stock split

PLEASANTON, Calif., June 13, 2023 (GLOBE NEWSWIRE) -- 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 the Nasdaq Stock Market (“Nasdaq”) Delisting Notice determination regarding the minimum closing bid price requirement for continued listing on The Nasdaq Capital Market was executed in error. In turn, Nasdaq has cancelled the Company’s request to Nasdaq for a hearing to appeal its delisting determination, and the Company is no longer required to complete a compliance plan for continued listing.

Nasdaq has determined Healthcare Triangle was in 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 May 26, 2023, the Company effected a one-for-ten reverse stock split, and as a result, the closing price of the Company’s common stock has since remained greater than $2.60.

“Healthcare Triangle works diligently to conduct company business in full compliance with Nasdaq listing requirements and with adherence to corporate governance best practices. We appreciate Nasdaq’s fast execution in resolving its error and continuing our listing under the ticker symbol ‘HCTI.’”

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

FAQ

What is the ticker symbol for Healthcare Triangle, Inc?

The ticker symbol for Healthcare Triangle, Inc is HCTI.

What was the error in Nasdaq's delisting notice?

Nasdaq made an error in its delisting notice regarding the minimum closing bid price requirement.

Is Healthcare Triangle in compliance with Nasdaq's listing requirements?

Yes, Healthcare Triangle is in compliance with Nasdaq's listing requirements.

What was the closing price of the company's common stock after the reverse stock split?

The closing price of the company's common stock has remained above $2.60 since the reverse stock split on May 26, 2023.