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 September, October and November 2020. This
represents 61 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:
|
Sept.
2020 |
Oct. 2020 |
Nov. 2020 |
Dividend per share |
$0.22917 |
$0.22917 |
$0.22917 |
Ex-dividend date |
Sept. 29, 2020 |
Oct. 29, 2020 |
Nov. 27, 2020 |
Record date |
Sept. 30, 2020 |
Oct. 31, 2020 |
Nov. 30, 2020 |
Payment date |
Oct. 15, 2020 |
Nov. 16, 2020 |
Dec. 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 MTBCP
MTBC'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 MTBC
MTBC 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.
Disclaimer
This 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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