Healthcare Triangle Receives Nasdaq Delisting Notice; Appeals Determination

PLEASANTON, Calif., June 07, 2023 (GLOBE NEWSWIRE) -- Healthcare Triangle, Inc (Nasdaq: HCTI) (“HCTI” or the “Company”), a leader in digital transformation solutions including managed services, cloud enablement, and data analytics for the healthcare and life sciences industry, that on May 31, 2023, the Company received a Delisting Notice from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) informing the Company that Nasdaq has determined the Company did not regain compliance with the minimum closing bid price requirement for continued listing on The Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2) by May 30, 2023, the deadline to regain compliance.

On June 5, 2023, the Company submitted a request to Nasdaq for a hearing to appeal its delisting determination. In response to the Company’s request for a hearing, on June 5, 2023, the Company received a Hearing Letter from Nasdaq stating that its delisting action has been stayed, pending a final decision by the Panel and a hearing will be held on July 20, 2023. The Hearing Letter also provided the Company with the opportunity to participate in an expedited review process by completing a questionnaire regarding the Company’s compliance plan and returning it to the Panel no later than June 12, 2023. The Company has taken such opportunity and submitted the questionnaire to Nasdaq on June 5, 2023.

Based on its review of the Company’s responses to the questionnaire, the Panel may determine that an oral hearing is not necessary in order to grant the Company an exception to regain compliance in this matter. In this event, no hearing will be necessary and the Panel will issue a decision describing the terms of the exception, including the compliance deadline and any milestones the Company must meet, based on the Company’s responses to the questionnaire and the written record. If the Panel is unable to conclude that an exception is appropriate based on the Company’s responses to the questionnaire and the written record, there would be no prejudice against the company and the hearing will proceed as scheduled.

If the Panel is unable to conclude that the exception is appropriate, the Company intends to submit a plan to regain compliance with the continued listing requirements to the Panel as part of the hearing process. There can be no assurance that Nasdaq will accept the Company’s compliance plan or that the Company will be able to regain compliance with the Rule.