Healthcare Triangle Inc. filed SEC Form 8-K: Events That Accelerate or Increase a Direct Financial Obligation
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Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
On September 4, 2024, Healthcare Triangle, Inc. (“HCTI” or the “Company”) received a notice of default from Seacoast Business Funding, a division of Seacoast National Bank (“Seacoast”) with respect to the Purchasing Agreement by and between the Company and Seacoast dated May 2, 2022 (“Purchasing Agreement”). As a result of the Event of Default, Seacoast is legally entitled to, among other things, (i) declare all of the obligations under the Purchasing Agreement to be immediately due, payable and performable, and to enforce collection of the obligations by repossessing and disposing of any interest in the collateral, and to proceed against the Company for any deficiency, and (ii) pursue and enforce any and all of its remedies against the Company as are otherwise more specifically set forth in the Purchasing Agreement or as is otherwise permitted under applicable law.
As of the date of this Current Report on Form 8-K, no action has been taken by Seacoast to accelerate the Company’s obligations, to foreclose on the loan collateral or to enforce its rights under the terms of the Purchasing Agreement. The Company is attempting to resolve this matter with Seacoast, and may defend any enforcement action taken by Seacoast. However, the Company cannot guarantee a resolution on a timely basis, on favorable terms, or at all. If the Company is unable to resolve the alleged defaults under the Purchasing Agreement, it would have a material adverse effect on the Company’s liquidity, financial condition and results of operations, and could cause the Company to become bankrupt or insolvent.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Departure of Interim Chief Executive Officer
On September 4, 2024, Anand Kumar, the Interim Chief Executive Officer (“CEO”) of the Company, resigned from his role as CEO, effective immediately to pursue other professional opportunities. Mr. Kumar’s resignation was not due to any disagreement with the Company on any matter relating to its operations, policies or practices.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Healthcare Triangle, Inc. | ||
| Date: September 10, 2024 | By: | /s/ Thyagarajan Ramachandran |
| Name: | Thyagarajan Ramachandran | |
| Title: | Chief Financial Officer | |
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