MTBC Announces Proposed Public Offering of Additional Shares of Non-Convertible Series A Preferred Stock
June 05 2017 - 7:00AM
Marketwired
MTBC Announces Proposed Public Offering of Additional Shares of
Non-Convertible Series A Preferred Stock
SOMERSET, NJ-(Marketwired - Jun 5, 2017) - MTBC (NASDAQ: MTBC)
(NASDAQ: MTBCP) a leading provider of proprietary, cloud-based
electronic health records, practice management and mHealth
solutions, today announced a proposed public offering of up to
340,000 additional shares of its non-convertible Series A
Cumulative Redeemable Perpetual Preferred Stock ("Series A
Preferred Stock") for $25 per share with gross proceeds of up to
$8.5 million. The Series A Preferred Stock currently trades on
Nasdaq with ticker MTBCP, and this offering represents additional
shares of the same security. The offering is subject to market and
other conditions, and there can be no assurance as to whether or
when the offering may be consummated, or as to the actual size or
terms of the offering.
Dividends on the non-convertible Series A Preferred Stock are
payable in cash monthly on a cumulative basis, as and if declared
by the Company's board of directors, at the rate of 11% per annum
of the $25.00 per share liquidation preference.
MTBC intends to use the net proceeds from the offering, if
completed, for repayment of debt, working capital and general
corporate purposes to support the company's growth initiatives.
An amended registration statement relating to these securities
has been filed with the SEC, but has not yet been declared
effective. These securities may not be sold, nor may offers to buy
be accepted, prior to the time the registration statement becomes
effective. This offering will be made only by means of a
prospectus.
This press release is being issued pursuant to and in accordance
with Rule 135 under the Securities Act of 1933, as amended.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities of MTBC.
About MTBC
MTBC is a healthcare information technology company that
provides a fully integrated suite of proprietary web-based
solutions, together with related business services, to healthcare
providers throughout the United States. Our integrated
Software-as-a-Service (SaaS) platform helps our customers increase
revenues, streamline workflows and make better business and
clinical decisions, while reducing administrative burdens and
operating costs. MTBC's common stock trades on the NASDAQ Capital
Market under the ticker symbol "MTBC," and its Series A Preferred
Stock trades on the NASDAQ Capital Market under the ticker symbol
"MTBCP."
Forward-Looking Statements Any statements in this press
release about Medical Transcription Billing's future expectations,
plans and prospects, including statements about the clinical
development of its product candidates, regulatory actions with
respect to the Company's clinical trials and expectations regarding
the sufficiency of the Company's cash balance to fund clinical
trials, operating expenses and capital expenditures, and other
statements containing the words "anticipate," "believe,"
"continue," "could," "estimate," "expect," "intend," "may," "plan,"
"potential," "predict," "project," "should," "target," "would," and
similar expressions, constitute forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Actual results may differ materially from those indicated by
such forward-looking statements as a result of various important
factors, discussed in the "Risk Factors" section of the Company's
most recent filings with the Securities and Exchange Commission.
The closing of the offering is subject to market and customary
closing conditions and there can be no assurance as to whether or
when the offering will close. In addition, any forward-looking
statements included in this press release represent Medical
Transcription Billing's views only as of the date of this release
and should not be relied upon as representing the Company's views
as of any subsequent date. The Company specifically disclaims any
obligation to update any forward-looking statements included in
this press release.
For additional information, please visit our website at
www.mtbc.com.
Follow MTBC on TWITTER, LINKEDIN and FACEBOOK.
SOURCE MTBC
Contact Information
Company and Investor Contact: Bill Korn Chief Financial Officer
Medical Transcription Billing, Corp. bkorn@mtbc.com
732-873-5133
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