Company: HCTI
Filing Date: 2025-11-19
Form Type: 424B5
Source: 0001213900-25-112544
Chunk: 18

Company: Healthcare Triangle, Inc.
Filing Date: 2025-11-19
Form: 424B5
Chunk 18
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book value per share after this offering. We calculate net tangible book value per share by dividing the net tangible book value, which
is tangible assets less total liabilities, by the number of outstanding shares of our common stock. Dilution with respect to net tangible
book value per share represents the difference between the amount per share paid by purchasers of shares of common stock in this offering
and the net tangible book value per share of our common stock immediately after this offering. The net tangible book value of our common
stock as of September 30, 2025, was approximately $2,835,000 or $0.64 per share of common stock.

After giving effect to (i) the issuance of 1,429,528
shares of our common stock pursuant the exercise of the PIPE Warrants and the receipt of approximately $2,679,000 in net proceeds from
the exercise of such warrants; and (ii) the issuance of 1,388,041 shares of our common stock to Niyama pursuant to the ATA, our pro forma
net tangible book value as of September 30, 2025 would have been approximately $5,514,000 or approximately $0.76 per share.

After giving effect to the pro forma adjustments
described above and the sale of 9,569,377 shares of our common stock pursuant to this prospectus in the aggregate amount of $20,000,000
at an assumed price of $2.09 per share, which was the last reported sale price of our common stock on Nasdaq on November 14, 2025, and
after deducting commissions and estimated offering expenses payable by us (estimated at $600,000), our as-adjusted net tangible book value
as of September 30, 2025 would have been approximately $24,914,000 or approximately $1.48 per share. This represents an immediate increase in
net tangible book value of approximately $0.72 per share of common stock to our existing stockholders and an immediate dilution in as-adjusted
net tangible book value of approximately $0.61 per share to purchasers of our common stock in this offering, as illustrated by the following
table:

| Assumed offering price per share of common stock                                                    |     |   |      |     | $ | 2.09 |
| Net tangible book value per share as of September 30, 2025                                          |     | $ | 0.64 |     |   |      |
|