Current Report Filing (8-k)
September 20 2018 - 5:06PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported):
September 20, 2018
MEDICAL
TRANSCRIPTION BILLING, CORP.
(Exact
name of registrant as specified in its charter)
Delaware
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001-36529
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22-3832302
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(State
or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification No.)
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7
Clyde Road, Somerset, New Jersey, 08873
(Address of principal executive offices, zip code)
(732)
873-5133
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company
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[X]
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If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [X]
Item
1.01
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Entry
into a Material Definitive Agreement
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On
September 20, 2018 (the “Issue Date”), Medical Transcription Billing, Corp. and its wholly owned subsidiaries MTBC
Acquisition, Corp., MTBC Health, Inc. and MTBC Practice Management, Corp. (the “Company”) entered into a Joinder and
First Loan Modification Agreement (the “Agreement”) with Silicon Valley Bank (“SVB”) whereby the Company
increased its $5,000,000 revolving line of credit from SVB to $10,000,000 (“Amendment”).
The
interest on the outstanding portion of the line of credit will equal the prime rate plus one and one half of one percent (1.50%),
plus a fee of 0.5% for the unused availability of the line. The Amendment has a fee equal to 1% payable at closing. The Company
also issued SVB a warrant exercisable for $150,000 shares of the Company’s common stock, with a strike price based on actual
prices during the fifteen (15) consecutive trading days before and after the Issue Date.
The
proceeds will be used for the Company’s growth and general working capital purposes.
The
Company’s obligations to SVB are secured by substantially all of the Company’s assets.
The
foregoing description of the Agreement and related loan documents does not purport to be complete and is qualified entirely by
reference to the complete text of such documents, copies of which are attached as exhibits to this Form 8-K and are incorporated
herein by reference.
The
above description and the loan documents have been included to provide investors and security holders with information regarding
the terms thereof. Investors and security holders are not third-party beneficiaries under the credit agreement and should not
rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of
facts or condition of the thereto or any of their respective subsidiaries or affiliates. Moreover, information concerning the
subject matter of representations and warranties may change after the date of the loan agreement, which subsequent information
may or may not be fully reflected in the Company’s disclosures.
Item
9.01
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Financial
Statements and Exhibits
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(d)
SIGNATURE(S)
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
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Medical
Transcription Billing, Corp.
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Date:
September 20, 2018
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By:
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/s/
Stephen Snyder
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Stephen
Snyder
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Chief
Executive Officer
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