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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) June 23, 2023

 

HEALTHCARE TRIANGLE, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-40903   84-3559776
(State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.)

 

 

7901 Stoneridge Dr., Suite 220 Pleasanton, CA 94588

(Address of principal executive offices)

 

(925)-270-4812

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class   Trading Symbol(s)   Name of each exchange
on which registered
Common Stock, par value $0.00001 per share   HCTI   The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 1 

 

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

On June 23, 2023, Healthcare Triangle, Inc. (“HCTI” or the “Company”) received a notice of default from Seacoast Business Funding, a division of Seacoast National Bank (“Seacoast”) with respect to the Purchasing Agreement by and between the Company and Seacoast dated May 2, 2022 (“Purchasing Agreement”). As a result of the Event of Default, the fee payable by HCTI to Seacoast went from the Prime Rate (as defined in the Purchasing Agreement) to 18%. As of June 28, 2023, the Company has an outstanding payment balance of $2,409,437 under the Purchase Agreement. Section 6(h) of the Purchase Agreement requires the Company to obtain the written consent of Seacoast prior to obtaining any loans or advances. On May 5, 2023, the Company entered into the Business Loan and Security Agreement among HCTI, Agile Capital Funding, LLC as collateral agent, and Agile Lending, LLC (the “Loan Agreement”) pursuant to which the Company was advanced $1.5 million without the prior consent of Seacoast.

As of the date of this Current Report on Form 8-K, no action has been taken by Seacoast to accelerate the Company’s obligations, to foreclose on the loan collateral or to enforce its rights under the terms of the Purchasing Agreement. The Company is attempting to resolve this matter with Seacoast, and may defend any enforcement action taken by Seacoast. However, the Company cannot guarantee a resolution on a timely basis, on favorable terms, or at all. If the Company is unable to resolve the alleged defaults under the Purchasing Agreement, it would have a material adverse effect on the Company’s liquidity, financial condition and results of operations, and could cause the Company to become bankrupt or insolvent.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

  Healthcare Triangle, Inc.
   
Date: June 29, 2023 By: /s/ Thyagarajan Ramachandran
  Name: Thyagarajan Ramachandran
  Title: Chief Financial Officer

 

 3 

 

 

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Cover
Jun. 23, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jun. 23, 2023
Entity File Number 001-40903
Entity Registrant Name HEALTHCARE TRIANGLE, INC.
Entity Central Index Key 0001839285
Entity Tax Identification Number 84-3559776
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 7901 Stoneridge Dr.
Entity Address, City or Town  Suite 220 Pleasanton
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94588
City Area Code (925)
Local Phone Number 270-4812
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.00001 per share
Trading Symbol HCTI
Security Exchange Name NASDAQ
Entity Emerging Growth Company true
Elected Not To Use the Extended Transition Period false
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