Company: HCTI
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-045994
Chunk: 22

Company: Healthcare Triangle, Inc.
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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, dissolution, or winding up of the Corporation, whether voluntary or involuntary, the Series A Convertible
Preferred Stock will rank: (i) senior to all other classes or series of capital stock of the Corporation now existing or hereafter authorized,
classified or reclassified, and (ii) junior to all Indebtedness of the Corporation now existing or hereafter authorized (including Indebtedness
convertible into Common Stock).

The holders of the Series A Convertible Preferred
Stock shall not be entitled to receive dividends paid on the Corporation's Common Stock.

With respect to payment of dividends and distribution
of assets upon liquidation, dissolution, or winding up of the Corporation, whether voluntary or involuntary, the Series B Convertible
Preferred Stock will rank: (i) senior to all other classes or series of capital stock of the Corporation now existing or hereafter authorized,
classified or reclassified, and (ii) junior to all Indebtedness of the Corporation now existing or hereafter authorized (including Indebtedness
convertible into Common Stock).

The holders of the Series B Convertible Preferred
Stock shall not be entitled to receive dividends paid on the Corporation's Common Stock.

Series A Preferred Stock

On March 12, 2025, the Board of Directors of the
Company approved the issuance of 14,000 Series A Preferred Stock to Mr Suresh Venkatachari.

Series B Preferred Stock

On October 21, 2024, the Company acquired the
customer contracts from SecureKloud Technologies, Inc (an affiliate) and in consideration for the acquired assets, issued 1,600,000 shares
of Series B Convertible Preferred Stock (“Series B Preferred Stock”) which is/are convertible each into 10 common shares at
the holder’s option. The Series B Preferred Stock were valued at USD 7.44 million.

18

HEALTHCARE TRIANGLE, INC.

Notes To Condensed Consolidated Financial Statements

(Unaudited)

(In thousands except share and per share data)

9) Convertible Notes

A. L1 Capital

During the quarter ending March 31, 2025, the
Company converted $875,000 principal and $315,865 towards interest and conversion fees on the L1 Capital convertible note.

    Date 
    Loan  
    Conversion price  
    No of shares 
  
    1/7/2025 
    $125,000  
     0.62  
     270,362