Healthcare Triangle, a leader in digital transformation solutions including managed services, cloud enablement, cybersecurity, data analytics, and AI data processing for the healthcare and life sciences industries, today announced the execution on December 28, 2023 of a securities purchase agreement with an institutional investor for the sale of US$2 million in aggregate principal amount of its senior secured 15% original issue discount convertible promissory notes, due June 28, 2025, along with warrants to purchase 357,500 shares of common stock with an exercise price of $3.44688 per share in a private placement transaction.

Due to the original issue discount, the company received gross proceeds of approximately US$1.7 million and net proceeds, after deducting offering expenses, of approximately $1.5 million. There may be additional potential closings, for up to an additional $3.2 million aggregate principal amount, subject to additional conditions detailed in the transaction documents.

"This capital funding enables us to address a number of unmet critical needs in the healthcare industry and further builds upon the Company's growth to become a premier healthcare IT provider in the U.S. with its services and offerings," said Thyagarajan Ramachandran, Chief Financial Officer of HCTI.

"The global healthcare IT market is projected to surpass $970 billion by 2027. We are aware of the many challenges facing healthcare and have a suite of services to fill the need and demand. Our innovative solutions help organizations adopt a cloud-first strategy to improve outcomes, quality, access and cost of healthcare. With this added capital, we can further support key initiatives that are more important during this time."