24/7 Market News – (NASDAQ:HCTI) HEATH CARE TRIANGLE INC. shares are moving up more than 70% on announced share buyback program.
Healthcare Triangle Authorizes $2 Million Share Repurchase Program
PLEASANTON, Calif., June 21, 2022 (GLOBE NEWSWIRE) — Healthcare Triangle, Inc.
- GLOBENEWSWIRE
- 19 MINUTES AGO
PLEASANTON, Calif., June 21, 2022 (GLOBE NEWSWIRE) — Healthcare Triangle, Inc. (HCTI), a leading provider of Healthcare and Life Sciences cloud transformation, managed services and data analytics platform today announced that its Board of Directors has approved a share repurchase program authorizing the Company to repurchase up to $2 million of its common stock.
“The authorization of this share repurchase program reflects our management’s confidence in the potential of the organization and our ability to generate long-term shareholder value,” said Suresh Venkatachari, Chairman and Chief Executive Officer. “With the growth momentum in our cloud based platform and managed services business, we believe we are poised for a strong 2022 in our healthcare and life sciences businesses as we look to expand our footprint across North America and the international markets. We strongly believe there is a disconnect between our current share price and the intrinsic value of our common stock, based on what we believe to be Healthcare Triangle’s future earnings potential.”
Under the share repurchase program, the company is authorized to repurchase from time to time shares of its outstanding common stock on the open market or in privately negotiated transactions in the United States. The timing and amount of any share repurchases will be determined by the Company’s management based on its evaluation of market conditions and other factors and in accordance with Rule 10b-18 under the Securities Exchange Act of 1934 (the “Exchange Act”). Repurchases may also be made pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Exchange Act, which would permit shares to be repurchased during periods the Company might otherwise be precluded from doing so under insider trading laws. Healthcare Triangle is not obligated to acquire any amount of its common stock.