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, today announced that the Nasdaq Stock Market (“Nasdaq”) Delisting Notice determination regarding the minimum closing bid price requirement for continued listing on The Nasdaq Capital Market was executed in error. In turn, Nasdaq has cancelled the Company’s request to Nasdaq for a hearing to appeal its delisting determination, and the Company is no longer required to complete a compliance plan for continued listing.
Nasdaq has determined Healthcare Triangle was in 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 May 26, 2023, the Company effected a one-for-ten reverse stock split, and as a result, the closing price of the Company’s common stock has since remained greater than $2.60.
“Healthcare Triangle works diligently to conduct company business in full compliance with Nasdaq listing requirements and with adherence to corporate governance best practices. We appreciate Nasdaq’s fast execution in resolving its error and continuing our listing under the ticker symbol ‘HCTI.'”
