MTBC Closes $6 Million Public Offering of Non-Convertible Preferred Stock
September 28 2017 - 1:02PM
MTBC (Nasdaq: MTBC) (Nasdaq: MTBCP) a leading provider of
proprietary, cloud-based healthcare IT solutions and services,
announced the closing of a public offering of 240,000 shares of its
non-convertible Series A Cumulative Redeemable Perpetual Preferred
Stock (“Series A Preferred Stock”) for $25 per share, for gross
proceeds of $6 million.
“We’re pleased to have successfully closed this
upsized and oversubscribed offering of our Series A Preferred
Stock, which has paid cash dividends for 22 consecutive quarters”
said Mahmud Haq, MTBC CEO. “We have raised a total of over $15
million since June from sales of our non-convertible Series A
Preferred Stock, which has positioned us to repay debt and continue
to grow our business.”
H.C. Wainwright & Co. acted as exclusive
lead placement agent for the offering and Boenning &
Scattergood, Inc. acted 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 $5.3 million.
The shares of Series A Preferred Stock were sold
pursuant to a registration statement on Form S-1 that was
declared effective by the Securities and Exchange Commission (SEC)
on September 25, 2017 and an additional registration statement
filed pursuant to Rule 462(b). The final prospectus related
to the offering has been filed with the SEC. Copies of the final
prospectus, 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.
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."
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SOURCE MTBC
Company and Investor Contact:
Bill Korn
Chief Financial Officer
Medical Transcription Billing, Corp.
bkorn@mtbc.com
732-873-5133
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