Healthcare Triangle Inc. (NASDAQ: HCTI) completed a private placement of convertible promissory notes, raising approximately $3.6 million in gross proceeds. The company issued $4.235 million in aggregate principal amount of 15% original issue discount senior convertible promissory notes.

The notes mature on December 12, 2026, and can be converted to common stock at the holder's option after six months from the issue date. The conversion price equals 85% of the volume-weighted average price of the company's common stock for the three trading days preceding the conversion notice.

WallachBeth Capital LLC served as the placement agent for the transaction. Healthcare Triangle plans to use the net proceeds to repay certain prior debt, pursue potential strategic acquisitions, and support general working capital needs.

The notes and any shares issued upon conversion have not been registered under the Securities Act of 1933 and cannot be offered or sold in the United States without SEC registration or an applicable exemption.

Healthcare Triangle, based in Pleasanton, California, provides digital transformation solutions for healthcare and life sciences organizations. The company offers cloud, data management, and security services to hospitals, health systems, payers, and pharmaceutical companies.

Additional transaction details will be disclosed in a Form 8-K filing with the Securities and Exchange Commission, according to the company's statement.