CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a
leader in healthcare technology solutions for medical practices and
health systems nationwide, today announced that while proxy vote
solicitation continues, it has already obtained approximately 99%
of the minimum required “FOR” votes by proxy in support of the
amendment to the Company’s Certificate of Designations, Preferences
and Rights of its Series A Preferred Stock (the “Preferred Stock
Proposal”).
As of today, the Company has supportive proxy
indications from more than 2.97 million shares and believes that it
is quickly approaching the required 3.02 million share threshold.
Additional investors who wish to submit their voting instructions
can do so now by calling 844-874-6164, by visiting
www.aalvote.com/ccld, or by mailing back their completed proxy card
received from CareCloud. Anyone who would rather attend the Special
Meeting in person can do so by following the instructions contained
in the Definitive Proxy materials. While the Special Meeting is
presently scheduled for September 11, 2024, the Company may adjourn
the meeting if it needs additional time to continue vote
solicitation activities.
If the Preferred Stock Proposal is ultimately
approved, holders of Series A Preferred Stock would receive similar
change of control protections to those afforded to holders of the
Company’s Series B 8.75% Cumulative Redeemable Perpetual Preferred
Stock (the “Series B Preferred Stock”). Also, the dividend of
Series A Preferred Stock would mirror that of the Series B
Preferred Stock, and the Company would, going forward, have the
right to exchange the shares of Series A Preferred Stock for common
stock at the liquidation preference value of $25/share, plus
accrued and unpaid dividends.
The Company, while optimistic, cannot predict
future proxy or voting results, which could be more or less
favorable than the trends seen to date. Those who have already
returned proxy vote indications have the ability to change their
instructions. Any shares that are not voted will be deemed “no”
votes for the Preferred Stock Proposal.
The information contained in this press release
is a summary of certain relevant portions of the Definitive Proxy
Statement and other materials filed with the SEC. It is important
that Series A Preferred Shareholders review the entirety of the
filings, which are available on the SEC’s website and on
https://ir.carecloud.com/series-a-special-proxy.
About
CareCloud
CareCloud 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, patient experience management
(PXM) and digital health at www.carecloud.com.
Follow CareCloud on LinkedIn, X and
Facebook.
Important Additional Information and
Where To Find It. CareCloud filed with the SEC a
definitive proxy statement on Schedule 14A on July 8, 2024,
with respect to its future solicitation of proxies for the Special
Meeting of Series A Preferred Stock shareholders (including any and
all adjournments, postponements, continuations, and reschedulings
thereof, the "Special Meeting"). The information contained in this
press release is merely a summary of certain relevant portions of
the Proxy Statement and it is important that Series A Preferred
Stock shareholders review the entirety of the filing.
SERIES A PREFERRED STOCK SHAREHOLDERS ARE
URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER
AMENDMENTS OR SUPPLEMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR
ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION
ABOUT CARECLOUD'S FILING. Investors and security holders
may obtain copies of these documents and other documents filed with
the SEC by CareCloud free of charge through the website
maintained by the SEC at www.sec.gov. The Notice of
the Special Meeting of Series A Preferred Stockholders and our
Proxy Statement for the Special Meeting, the Annual Report on Form
10-K for the fiscal year ended December 31, 2023 and our
Quarterly Reports on Form 10-Q for the quarterly periods
ended March 31, 2024 and June 30, 2024 are available at
www.sec.gov.
Forward-Looking
Statements
This 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,” “shall,” “should,” “could”,
“intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,”
“believes,” “seeks,” “estimates,” “predicts,” “possible,”
“potential,” “target,” 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 pandemics 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. We do not have an ongoing obligation to
update shareholders regarding future proxy or vote trends, even if
they are materially different from those experienced to date. 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.
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:Norman RothInterim Chief Financial Officer
and Corporate ControllerCareCloud, Inc. nroth@carecloud.com
Investor Contact:Bill
KornCareCloud, Inc. ir@carecloud.com
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