Healthcare Triangle (HCTI), a leading provider of cloud and data transformation solutions for healthcare and life sciences and step-down subsidiary of SecureKloud Technologies Limited, announced that it has entered into a definitive agreement with a single institutional investor for the issuance and sale of 6,097,561 shares of common stock (or common stock equivalents in lieu thereof) in a private placement.

The company will also issue to the investor unregistered preferred investment options to purchase up to an aggregate of 6,097,561 shares of common stock. The purchase price for one share of common stock (or common stock equivalent) and one investment option to purchase one share of common stock is $1.066. The investment options have an exercise price of $1.066 per share, will become exercisable six months following issuance date, and will have a term equal to five years following the issuance date. The private placement is expected to close on or about July 13, 2022, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds from the private placement are expected to be approximately $6.5 million, before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds from the private placement for the working capital and other general corporate purposes.