Healthcare Triangle Inc. (NASDAQ: HCTI) completed a private placement of convertible promissory notes, raising approximately $3.6 million in gross proceeds, according to a statement from placement agent WallachBeth Capital LLC.

The offering involved $4.235 million in aggregate principal amount of 15% original issue discount senior convertible promissory notes. The notes mature on December 12, 2026.

The notes become convertible at the holder's option after six months from the original issue date. The conversion price equals 85% of the volume-weighted average price of Healthcare Triangle's common stock for the three trading days immediately preceding the conversion notice date.

Healthcare Triangle plans to use the net proceeds to repay certain prior debt, pursue potential strategic acquisitions, and support general working capital requirements.

WallachBeth Capital LLC served as the placement agent for the transaction.

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

Additional transaction details will be included in Healthcare Triangle's Form 8-K filing with the Securities and Exchange Commission.