SOMERSET, N.J., Feb. 15, 2022 (GLOBE NEWSWIRE) --
CareCloud, Inc. (Nasdaq: MTBC) (Nasdaq: MTBCP) (Nasdaq: MTBCO), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced that it is redeeming 800,000 shares (the "Redeemed Shares") of its 11% Series A Cumulative Redeemable Perpetual Preferred Stock (Nasdaq: MTBCP) (the "Series A Preferred Shares"), representing approximately 15% of the approximately 5,300,000 issued and outstanding shares of Series A Preferred Stock with a total liquidation preference of $20,000,000.
“Our Series A Preferred Stock has been a great vehicle for financing growth, funding a combination of organic growth and acquisitions which enabled us to grow revenue more than six-fold over six years, from $5.6 million in Q3 2015 to $38.3 million in Q3 2021,” said Bill Korn, Chief Financial Officer. “Now that our 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock (Nasdaq: MTBCO) (the “Series B Preferred Shares”) is trading, we look forward to continuing to enhancing corporate cash flows by reducing our effective cost of capital. We thank Series A shareholders for their support, which has enabled CareCloud to grow revenues at a 35% compound annual growth rate over the last six years.”
The Redeemed Shares will be redeemed at a cash redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) up to, but not including, the redemption date of March 18, 2022 (the "Redemption Date") in an amount equal to $0.1375 per share, for a total payment of $25.1375 per share.