MTBC, Inc. (the “Company” or “MTBC”) (Nasdaq: MTBC) (Nasdaq:
MTBCP), a leading provider of proprietary, cloud-based healthcare
IT solutions and services, today announced that its Board of
Directors has declared monthly cash dividends for its 11% Series A
Cumulative Redeemable Perpetual Preferred Stock ("Series A
Preferred Stock") for June, July and August 2020. This represents
58 consecutive months of dividends declared since the Series A
Preferred Stock was initially sold in November 2015.
The following table shows the monthly dividends
and associated record and payment dates:
|
June 2020 |
July 2020 |
August 2020 |
Dividend per share |
$0.22917 |
$0.22917 |
$0.22917 |
Ex-dividend date |
June 29, 2020 |
July 30, 2020 |
Aug. 28, 2020 |
Record date |
June 30, 2020 |
July 31, 2020 |
Aug. 31, 2020 |
Payment date |
July 15, 2020 |
Aug. 17, 2020 |
Sep. 15, 2020 |
Holders of shares of the Series A Preferred Stock are entitled
to receive cumulative cash dividends at the rate of 11% per annum
of the $25.00 per share liquidation preference (equivalent to $2.75
per annum per share). Dividends on the Series A Preferred Stock are
cumulative and payable monthly on the 15th day of each month;
provided that if any dividend payment date is not a business day,
then the dividend may be paid on the next succeeding business day.
Dividends are payable to holders of record on the applicable record
date, which shall be the last day of the calendar month, whether or
not a business day.
About MTBCPMTBC's Series A
Preferred Stock trades on the NASDAQ Global Market under the ticker
symbol "MTBCP." Commencing on or after November 4, 2020, the
Company may, at its option, upon not less than 30 nor more than 60
days’ written notice, redeem the Series A Preferred Stock, in whole
or in part, at any time or from time to time, for cash at a
redemption price of $25.00 per share, plus any accumulated and
unpaid dividends thereon to, but not including, the date fixed for
redemption. Upon the occurrence of a Change of Control, the Company
may, at its option, upon not less than 30 nor more than 60 days’
written notice, redeem the Series A Preferred Stock, in whole or in
part, within 120 days after the first date on which such Change of
Control occurred, for cash at a redemption price of $25.00 per
share, plus any accumulated and unpaid dividends thereon to, but
not including, the redemption date.
About MTBCMTBC is a healthcare
information technology company that provides a full suite of
proprietary cloud-based solutions, together with related business
services, to healthcare providers and hospitals throughout the
United States. Our Software-as-a-Service (or SaaS) platform
includes revenue cycle management (RCM), practice management (PM),
electronic health record (EHR), telehealth and patient experience
management (PXM) solutions for high-performance medical groups.
MTBC helps clients increase financial and operational performance,
streamline clinical workflows and make better business and clinical
decisions, allowing them to improve patient care while reducing
administrative burdens and operating costs. MTBC’s common stock
trades on the Nasdaq Global Market under the ticker symbol “MTBC,”
and its Series A Preferred Stock trades on the Nasdaq Global Market
under the ticker symbol “MTBCP.”
For additional information, please visit our
website at www.MTBC.com.
Follow MTBC on LinkedIn, Twitter and
Facebook.
DisclaimerThis press release is
for information purposes only, and does not constitute an offer to
sell or solicitation of an offer to buy, nor shall there be any
sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of such
state or jurisdiction.
Forward Looking Statements This
press release contains various forward-looking statements within
the meaning of the federal securities laws. These statements relate
to anticipated future events, future results of operations or
future financial performance. In some cases, you can identify
forward-looking statements by terminology such as “may,” “might,”
“will,” “should,” “intends,” “expects,” “plans,” “goals,”
“projects,” “anticipates,” “believes,” “estimates,” “predicts,”
“potential,” or “continue” or the negative of these terms or other
comparable terminology.
Our operations involve risks and uncertainties,
many of which are outside our control, and any one of which, or a
combination of which, could materially affect our results of
operations and whether the forward-looking statements ultimately
prove to be correct. Forward-looking statements in this press
release include, without limitation, statements reflecting
management's expectations for future financial performance and
operating expenditures, expected growth, profitability and business
outlook, the impact of the Covid-19 pandemic on our financial
performance and business activities, and the expected results from
the integration of our acquisitions.
These forward-looking statements are only
predictions, are uncertain and involve substantial known and
unknown risks, uncertainties and other factors which may cause our
(or our industry’s) actual results, levels of activity or
performance to be materially different from any future results,
levels of activity or performance expressed or implied by these
forward-looking statements. New risks and uncertainties emerge from
time to time, and it is not possible for us to predict all of the
risks and uncertainties that could have an impact on the
forward-looking statements, including without limitation, risks and
uncertainties relating to the Company’s ability to manage growth,
migrate newly acquired customers and retain new and existing
customers, maintain cost-effective global operations, increase
operational efficiency and reduce operating costs, predict and
properly adjust to changes in reimbursement and other industry
regulations and trends, retain the services of key personnel, and
other important risks and uncertainties referenced and discussed
under the heading titled “Risk Factors” in the Company’s filings
with the Securities and Exchange Commission. In addition, there is
uncertainty about the spread of the Covid-19 virus and the impact
it may have on the Company’s operations, the demand for the
Company’s services, and economic activity in general.
The statements in this press release are made as
of the date of this press release, even if subsequently made
available by the Company on its website or otherwise. The Company
does not assume any obligations to update the forward-looking
statements provided to reflect events that occur or circumstances
that exist after the date on which they were made.
SOURCE MTBC
Company Contact:Bill KornChief
Financial OfficerMTBC, Inc.bkorn@mtbc.com
Investor Contact:Matt Kreps,
Managing DirectorDarrow Associates Investor
Relationsmkreps@darrowir.com (214) 597-8200
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