Current Report Filing (8-k)
February 21 2023 - 9:22AM
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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): February 17, 2023
CareCloud,
Inc.
(Exact
name of registrant as specified in its charter)
| Delaware |
|
001-36529 |
|
22-3832302 |
(State
or other jurisdiction of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer Identification No.) |
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:
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
| Common
Stock, par value $0.001 per share |
|
CCLD |
|
Nasdaq
Global Market |
| 11%
Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share |
|
CCLDP |
|
Nasdaq
Global Market |
| 8.75%
Series B Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share |
|
CCLDO |
|
Nasdaq
Global Market |
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 ☐
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. ☐
| Item
1.01 |
Entry
into a Material Definitive Agreement |
On
February 17, 2023 (the “Issue Date”), CareCloud, Inc. and its wholly owned subsidiaries CareCloud Acquisition, Corp., CareCloud
Health, Inc., CareCloud Practice Management, Corp., MTBC Acquisition, Corp., Meridian Medical Management, Inc. and medSR, Inc. (the “Company”)
entered into a Seventh Loan Modification Agreement (the “Agreement”) with Silicon Valley Bank (“SVB”) whereby
the Company increased its $20,000,000 revolving line of credit from SVB to $25,000,000 (“Amendment”) and extended the maturity
date from October 13, 2023 to October 13, 2025.
The
interest on the outstanding portion of the line of credit will equal the greater of prime rate plus one and one half of one percent (1.50%)
and six and one half of one percent (6.50%) on the amount drawn on the line, plus a fee of 0.5% for the unused availability of the line.
The Agreement has an anniversary fee of $110,000 on October 13, 2023.
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 |
Financial
Statements and Exhibits |
SIGNATURES
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.
| |
CareCloud,
Inc. |
| |
|
| Date:
February 21, 2023 |
By: |
/s/
A. Hadi Chaudhry |
| |
|
A.
Hadi Chaudhry |
| |
|
Chief
Executive Officer |
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