MTBC Announces $7.4 Million Public Offering
June 23 2017 - 6:00AM
Marketwired
MTBC Announces $7.4 Million Public Offering
SOMERSET, NJ-(Marketwired - Jun 23, 2017) - MTBC (NASDAQ: MTBC)
(NASDAQ: MTBCP) a leading provider of proprietary, cloud-based
electronic health records, practice management and mHealth
solutions, today announced the pricing of a public offering of
approximately 297,000 additional shares of its non-convertible
Series A Cumulative Redeemable Perpetual Preferred Stock ("Series A
Preferred Stock") for $25 per share, for gross proceeds of
approximately $7.4 million. The offering is expected to close on or
about June 28, 2017, subject to the satisfaction of customary
closing conditions.
Rodman & Renshaw, a unit of 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 the placement agent's fees and other estimated
offering expenses payable by MTBC, the net proceeds to MTBC are
anticipated to be approximately $6.5 million. 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.
The shares of preferred stock are being offered pursuant to a
registration statement on Form S-1 (File No. 333-214863) that was
declared effective by the Securities and Exchange Commission (SEC)
and on June 22, 2017. The securities may be offered only by means
of a prospectus. The preliminary prospectus related to the offering
has been filed with the SEC and a final prospectus related to the
offering will be filed with the SEC on or about June 23, 2017.
Copies of the preliminary prospectus and the final prospectus, when
available, may be obtained by contacting H.C. Wainwright & Co.,
LLC, 430 Park Avenue, 4th Floor, New York, New York 10022, or by
calling (646) 975-6996 or emailing placements@hcwco.com or may also
be obtained at the SEC's website located at www.sec.gov.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor may there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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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