Healthcare Triangle, Inc. recently completed a significant transaction boosting its cloud and technology domain assets. On October 21, 2024, the company finalized the acquisition of various business components, assets, and operations related to cloud and technology domains from SecureKloud Technologies, Inc., a Nevada corporation. This acquisition included critical business interests currently forming part of SecureKloud’s operations and was carried out through an Asset Transfer Agreement.
As part of the deal, Healthcare Triangle issued 1,600,000 shares of newly designated Series B Convertible Preferred Stock to SecureKloud Technologies, Inc. These preferred shares are convertible into 10 common shares of the company at the holder’s discretion, subject to shareholder approval. The total consideration for the transferred assets under this agreement is valued at USD 7.20 million. The Asset Transfer Agreement also outlined standard provisions such as representations, warranties, indemnities, and covenants.
Furthermore, in relation to the Asset Transfer Agreement, Healthcare Triangle filed a Certificate of Designations of Preferences, Rights, and Limitations of Series B Convertible Preferred Stock on October 22, 2024, with the Secretary of State of Delaware. This move was to establish the preferences, limitations, and relative rights associated with the Series B Convertible Preferred Stock.
The Series B Convertible Preferred Stock allows conversion into 10 common shares of the company’s stock per preferred share, with a stated value of $4.50 each. Holders of the Series B Preferred Stock do not possess voting rights equivalent to common stock shareholders and are not entitled to receive dividends paid on the company’s common stock. In the event of a liquidation, dissolution, or winding up, holders of the Series B Convertible Preferred Stock have specific entitlements.
The statements in this report include forward-looking statements aimed at addressing risks and uncertainties under the safe harbor for such statements provided by the Private Securities Litigation Reform Act of 1995, as amended. These statements are subject to risks and uncertainties beyond the company’s control and may differ from actual future results due to various factors. Healthcare Triangle emphasized that the forward-looking statements represent expectations as of the current date.
The Company’s stock trades on The Nasdaq Stock Market LLC under the symbol HCTI.
This report is not exhaustive and for complete details, reference should be made to the appropriate sections of the original documents filed with the Securities and Exchange Commission.
This article contains preliminary information and references to the full text of the related agreements are available in the official filings with the SEC.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Healthcare Triangle’s 8K filing here.
Healthcare Triangle Company Profile
Healthcare Triangle, Inc, a healthcare information technology company, focuses on developing solutions in the sectors of cloud services, data science, and professional and managed services for the electronic health record, and healthcare and life sciences industry. It provides a suite of software, solutions, platforms, and services that enables healthcare and pharma organizations to deliver personalized healthcare, precision medicine, advances in drug discovery, development and efficacy, collaborative research and development, respond to evidence, and accelerate their digital transformation.
Recommended Stories
- Five stocks we like better than Healthcare Triangle
- Manufacturing Stocks Investing
- Texas Roadhouse Stock Steering for New Highs This Year
- Election Stocks: How Elections Affect the Stock Market
- Monopar Therapeutics Skyrockets 400% on Licensing Deal
- How the NYSE and NASDAQ are Different, Why That Matters to Investors
- Tractor Supply Stock Pulls Back: A Prime Buying Opportunity
