PLEASANTON, Calif., June 07, 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, 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
