Healthcare Triangle Secures $3.6 Million in Convertible Note Offering

Pleasanton-based Healthcare Triangle, Inc. has finalized a private placement of senior convertible promissory notes, pulling in approximately $3.6 million in gross proceeds. The capital injection comes as the digital health transformation firm seeks to clear existing debt and fuel potential strategic acquisitions before the notes mature in December.

The offering involves 15% original issue discount notes with an aggregate principal amount of $4.235 million. According to the company, these notes carry a six-month lock-up period, after which holders gain the right to convert the debt into common stock. The conversion price is pegged to 85% of the volume-weighted average price of Healthcare Triangle shares over the three trading days preceding a conversion notice.

WallachBeth Capital LLC served as the placement agent for the transaction. Beyond debt repayment and future acquisitions, the company intends to allocate a portion of the funds toward general working capital. Further specifics regarding the terms and financial impact of this placement are expected to be detailed in an upcoming Form 8-K filing with the Securities and Exchange Commission.