MTBC Announces $10.5 Million Public Offering of Non-Convertible Preferred Stock
CareCloud, Inc. (MTBC)
Last carecloud, inc. earnings: 2/28 07:00 am
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US:NASDAQ Investor Relations:
ir.mtbc.com
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Source: GlobeNewswire
SOMERSET, N.J., April 04, 2018 (GLOBE NEWSWIRE) -- MTBC (the “Company”) (NASDAQ: MTBC) (NASDAQ: MTBCP), a leading provider of proprietary, cloud-based healthcare IT solutions and services, today announced the pricing of an upsized public offering of approximately 420,000 shares of its non-convertible 11% Series A Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”) at a price of $25 per share, for gross proceeds of approximately $10.5 million. The offering is expected to close on or about April 6, 2018, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co., is acting as exclusive lead placement agent for the offering and Boenning & Scattergood, Inc. is acting as co-placement agent. After deducting placement agent’s fees and other offering expenses payable by MTBC, the net proceeds to MTBC are anticipated to be approximately $9.4 million. MTBC intends to use the net proceeds from the offering, if completed, for general corporate
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