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, has announced that it will effect a 1-for-10 reverse stock split of its common stock. The reverse stock split will become effective at 12:01 a.m. Eastern Time on Friday, May 26, 2023, and the Company's common stock will commence trading on the Nasdaq Capital Market on a post-split basis at the opening of the market on May 26, 2023, pending confirmation by the Depository Trust Company and the Nasdaq. The Company's common stock will continue to trade on the Nasdaq Capital Market under the Company's existing trading symbol, "HCTI," and a new CUSIP number 42227W 207 has been assigned as a result of the reverse stock split.
The Company expects that the reverse stock split, which was approved by the Company's stockholders at the Annual Meeting of Stockholders held on November 17, 2022, will increase the price per share of the Company's common stock, and is part of the Company's strategy to regain compliance with the $1.00 minimum bid price requirement of the Nasdaq Capital Market.
At the effective time of the reverse stock split, each ten (10) shares of the Company's issued and outstanding common stock will be automatically converted into one (1) issued and outstanding share of common stock without any change in the par value of $0.00001 per share or the total number of authorized shares. The reverse stock split will reduce the Company's number of shares outstanding common stock from approximately 42,778,762 shares to approximately 4,277,876 shares. No fractional shares of common stock will be issued in connection with the reverse stock split, and stockholders who would otherwise be entitled to receive a fractional share will receive a cash payment in lieu thereof.
Stockholders of record as of May 25th, 2023, will be receiving information regarding their share ownership following the reverse stock split from the Company's transfer agent, VStock Transfer, LLC. VStock Transfer can be reached at (212) 828 8436. Additional information about the reverse stock split can be found in the Company's definitive proxy statement on Schedule 14A, filed with the U.S. Securities and Exchange Commission (the "SEC") on October 19, 2022, and available free of charge at the SEC's website sec.gov.
Shares of SECUREKLOUD TECHNOLOGIES LIMITED was last trading in BSE at Rs. 36.37 as compared to the previous close of Rs. 35.91. The total number of shares traded during the day was 4741 in over 138 trades.
The stock hit an intraday high of Rs. 36.63 and intraday low of 35.80. The net turnover during the day was Rs. 172322.00.