Form 8-K - Current report
29 Juni 2023 - 11:00PM
Edgar (US Regulatory)
0001839285
false
0001839285
2023-06-23
2023-06-23
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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.
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.
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 |
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