CareCloud, Inc. (the “Company”) (Nasdaq: MTBC, MTBCO, MTBCP), a
leader in healthcare technology solutions for medical practices and
health systems nationwide, today announced that it held its 2022
annual shareholders’ meeting on June 1, 2022, during which
shareholders re-elected A. Hadi Chaudhry, John N. Daly, Mahmud Haq,
and Cameron P. Munter for another two-year term. Shareholders also
voted to amend CareCloud’s certificate of incorporation to increase
the Company's authorized shares of common and preferred stock, as
well as to amend CareCloud’s Amended and Restated Equity Incentive
Plan (the “Equity Plan”) to add additional common and Series B
preferred shares issuable under the plan.
CareCloud’s shareholders approved the following
five proposals:
- Re-elect A. Hadi Chaudhry, John N.
Daly, Mahmud Haq and Cameron P. Munter to the Board of
Directors.
- Amend the Company’s certificate of
incorporation to increase the Company’s authorized shares of common
stock from twenty-nine million shares to thirty-five million
shares.
- Amend the Company’s certificate of
incorporation to increase the Company’s authorized shares of
preferred stock from seven million shares to fifteen million
shares.
- Amend the Company’s Equity Plan to
increase the number of shares of the Company’s common stock
issuable under the Equity Plan from 4,851,000 shares to 5,851,000
shares.
- Amend the Company’s Equity Plan to
add 200,000 shares of the Company’s Series B Preferred Stock
issuable under the Equity Plan.
“By authorizing these additional shares,
shareholders are giving management the ability to recapitalize in
the way that is most beneficial to shareholders,” said CareCloud
CFO, Bill Korn. “We have the ability to reduce our dividend expense
by issuing Series B Preferred Shares with a lower coupon and
redeeming Series A Preferred Shares or, at the right valuation,
issue common stock to redeem Series A Preferred Shares.”
CareCloud is also proud to announce the
re-appointment of A. Hadi Chaudhry, John N. Daly, Mahmud Haq, and
Cameron P. Munter to the Board. Hadi Chaudhry, President and CEO,
first joined CareCloud in October 2002 as Manager of IT, then later
served as General Manager and CIO before serving as Vice President
of Global Operations, and then President, prior to being appointed
CEO in 2021. John N. Daly has over 50 years of experience in the
financial services industry, including 23 years at E.F. Hutton
where he served as an EVP and member of the Board of Directors.
Mahmud Haq is the founder of CareCloud, and prior to founding the
company held prestigious positions as CEO and President of Compass
International Services Corporation and as Vice President of Global
Risk Management for American Express. Cameron P. Munter joined
CareCloud’s Board of Directors in June 2013. He previously served
as U.S. Ambassador to Pakistan and has held a variety of
high-profile diplomatic positions in Iraq, as well as having served
as U.S. Ambassador to Serbia and U.S. Deputy Chief of Mission to
Poland.
“We are pleased to announce the re-election of
Mahmud, Hadi, John and Cameron,” said CareCloud’s Chief Strategy
Officer, Stephen Snyder. “Our shareholders maintain confidence in
Mahmud and Hadi, who have brought CareCloud to $140 million in
revenue over the last two decades, as well as the leadership of our
professional, veteran board members, who provide governance as we
expand operations and focus on organic growth.”
The final voting tallies from this year’s annual
meeting were included in a Form 8-K which was previously filed with
the Securities and Exchange Commission.
About
CareCloudCareCloud (Nasdaq: MTBC, MTBCO, MTBCP)
brings disciplined innovation to the business of healthcare. Our
suite of technology-enabled solutions helps clients increase
financial and operational performance, streamline clinical
workflows and improve the patient experience. More than 40,000
providers count on CareCloud to help them improve patient care
while reducing administrative burdens and operating costs. Learn
more about our products and services including revenue cycle
management (RCM), practice management (PM), electronic health
records (EHR), business intelligence, telehealth and patient
experience management (PXM) at www.carecloud.com.
Follow CareCloud on LinkedIn, Twitter and Facebook.
Forward-Looking StatementsThis
press release contains various forward-looking statements within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. 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 neither
historical facts nor assurances of future performance. Instead,
they 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,
develop new technologies, upgrade and adapt legacy and acquired
technologies to work with evolving industry standards, compete with
other companies products and services competitive with ours, 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 CareCloud
Company Contact:Bill KornChief Financial
OfficerCareCloudbkorn@carecloud.com
Investor Contact:Gene MannheimerICR
WestwickeCareCloudIR@westwicke.com
Media Inquiries:Kaitlyn ModeCorporate
Communications ManagerCareCloudkmode@carecloud.com
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