MTBC Closes $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 06, 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 sale in a public offering of 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. “This upsized raise puts us in an excellent position to execute the Company’s growth initiatives,” said Stephen Snyder, MTBC CEO. He continued, “As of today, we have approximately $13 million of cash, an untapped $5 million line of credit with Silicon Valley Bank, as well as positive cash flow from operations.” H.C. Wainwright & Co. acted as exclusive lead placement agent for the offering and Boenning & Scattergood, Inc. acted as co-placement agent. After deducting placement agents’ fees and other offering expenses payable by MTBC, the net pro
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