[SCHEDULE 13G/A] Healthcare Triangle, Inc. SEC Filing

Rhea-AI Filing Summary

L1 Capital Global Opportunities Master Fund, Ltd. filed an amendment to Schedule 13G reporting beneficial ownership of 1,417,420 shares of Healthcare Triangle, Inc. (HCTI), equal to 0.35% of the company's outstanding common stock based on 408,445,597 shares. The filing states this total includes 464,681 shares issued on conversion of $200,000 of a convertible promissory note, 595,239 shares underlying warrants and 357,500 shares underlying additional warrants. The report notes it does not reflect potential additional securities from anti-dilution protection and that beneficial ownership would be limited to 9.9% even if related discussions were resolved within 60 days. Directors David Feldman and Joel Arber are identified in the filing.

Positive

• Transparent disclosure of share components: conversion of a $200,000 note into 464,681 shares and two warrant pools of 595,239 and 357,500 shares
• Explicit non-control certification stating the securities were not acquired to change or influence control
• Identification of responsible individuals (David Feldman and Joel Arber) for clarity on potential deemed ownership

Negative

• Reported stake is small at 0.35%, indicating limited immediate influence on the company
• Filing excludes potential anti-dilution issuances, and notes unresolved discussions that could change ownership although current reporting omits those effects
• Beneficial ownership limitations are referenced, meaning any resolution would still be capped at 9.9% within 60 days

Insights

Financial Analyst

TL;DR: Reported stake is small (0.35%), reflecting financing conversions and warrants; no control intent is claimed.

The filing documents that the reported 1,417,420 shares arise from a note conversion and warrants, and quantifies each component. The holder explicitly states the securities were not acquired to change control and that the filing excludes potential anti-dilution issuances. For investors this is a transparency disclosure rather than a material change in ownership because the position remains well below 5% and below the 9.9% beneficial ownership limitation referenced. The conversion amount ($200,000) and warrant counts are provided, enabling precise tracking of dilution sources.

Corporate Governance Expert

TL;DR: Governance impact is limited; filing disclaims control intent and identifies fund directors.

The statement includes a certification that the securities were not acquired to influence control and names fund directors David Feldman and Joel Arber as potentially deemed beneficial owners. It also notes unresolved discussions regarding anti-dilution protections that could affect future ownership levels but asserts present reporting does not include such effects. From a governance perspective, the disclosure meets Schedule 13G/A transparency requirements and does not indicate an active control campaign.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Healthcare Triangle, Inc.

(Name of Issuer)

Common Stock, par value $0.00001 per share

(Title of Class of Securities)

42227W108

(CUSIP Number)

08/14/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 42227W108

1

Names of Reporting Persons

L1 Capital Global Opportunities Master Fund, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,417,420.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,417,420.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,417,420.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.35 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Healthcare Triangle, Inc.
(b)	Address of issuer's principal executive offices: 7901 Stoneridge Dr., Suite 220, Pleasanton, CA 945888
Item 2.
(a)	Name of person filing: L1 Capital Global Opportunities Master Fund, Ltd.
(b)	Address or principal business office or, if none, residence: 161A Shedden Road, 1 Artillery Court PO Box 10085 Grand Cayman, Cayman Islands KY1-1001
(c)	Citizenship: Cayman Islands
(d)	Title of class of securities: Common Stock, par value $0.00001 per share
(e)	CUSIP No.: 42227W108
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 1,417,420 This amendment refers to a Schedule 13G filed with the Securities and Exchange Commission on February 4, 2025, covering 464,681 shares of Common Stock and underlying Warrants purchased on February 3, 2025. The amounts in Row (5), (7) and (9) represent 464,681 shares of Common Stock issued to the Reporting Person upon conversion of $200,000 of the principal amount of a Senior Secured 15% Original Issue Discount Convertible Promissory Note, 595,239 shares of Common Stock underlying Warrants and 357,500 shares of Common Stock underlying Warrants. The percentage set forth on Row (11) of the cover page for the reporting person is based on 408,445,597 shares of Common Stock outstanding as of May 19, 2025, based upon the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 20, 2025. This Schedule 13G/A does not give effect to additional securities issuable as a result of anti-dilution protection. The Reporting Person has engaged in discussions regarding this but due to beneficial ownership limitations, even if the dispute were to be resolved in the next 60 days, the beneficial ownership reported would be limited to 9.9%. David Feldman and Joel Arber are the Directors of L1 Capital Global Opportunities Master Fund, Ltd. As such, L1 Capital Global Opportunities Master Fund, Ltd., Mr. Feldman, and Mr. Arber may be deemed to beneficially own (as that term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) the issuer's securities described herein. To the extent Mr. Feldman and Mr. Arber are deemed to beneficially own such securities, Mr. Feldman and Mr. Arber disclaim beneficial ownership of these securities for all other purposes.
(b)	Percent of class: 0.35%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1,417,420
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,417,420
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

L1 Capital Global Opportunities Master Fund, Ltd.

Signature:	/s/ David Feldman
Name/Title:	David Feldman, Director
Date:	08/14/2025

FAQ

What stake did L1 Capital report in Healthcare Triangle (HCTI)?

L1 Capital reported beneficial ownership of 1,417,420 shares, representing 0.35% of HCTI's outstanding common stock.

How was the 1,417,420-share position composed?

The position includes 464,681 shares from a $200,000 note conversion, 595,239 shares underlying warrants, and 357,500 shares underlying additional warrants.

Does the filing indicate L1 Capital aims to control Healthcare Triangle?

No. The filing contains a certification that the securities were not acquired and are not held to change or influence control of the issuer.

Are potential anti-dilution issuances included in the reported ownership?

No. The Schedule 13G/A explicitly states it does not give effect to additional securities issuable due to anti-dilution protection.

Who are the named individuals associated with the reporting fund?

The filing names David Feldman and Joel Arber as directors of L1 Capital Global Opportunities Master Fund, Ltd.