CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: CCLD, CCLDP
and CCLDO), a leader in healthcare technology solutions for medical
practices and health systems nationwide, today announced that it
has retained Citizens JMP as its exclusive capital structure
advisor.
The retention of Citizens JMP by the Company was
prompted by its recent receipt of an unsolicited indication of
interest from a third-party to acquire the Company. The indication
of interest proposed a meaningful premium to the common stock,
together with treating the Company’s 11% Series A Cumulative
Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”)
differently from the Company’s 8.75% Series B Cumulative Redeemable
Perpetual Preferred Stock ("Series B Preferred Stock"), by virtue
of their respective redemption provisions on a change of control.
The Company’s Board of Directors exercised its fiduciary duty to
evaluate the indication of interest, which was non-binding and
subject to satisfactory due diligence, and declined to accept it as
proposed.
As the Company’s advisor, Citizens JMP will
evaluate CareCloud’s capital structure and provide guidance
regarding possible modifications to its Series A Preferred
Stock.
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,” “forecasts,” “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. 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,
manage and keep our information systems secure 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.
About Citizens JMP Securities,
LLC
Citizens JMP provides M&A advisory, debt and
equity capital markets, and equity research services to corporate
and institutional clients. Citizens JMP is part of Citizens
Financial Group, one of the nation’s oldest and largest financial
institutions, with $220.4 billion in assets as of March 31, 2024.
Headquartered in Providence, Rhode Island, Citizens offers a
broad range of retail and commercial banking products and services
to individuals, small businesses, middle-market companies, large
corporations and institutions. In Commercial Banking, Citizens
offers a broad complement of financial products and solutions,
including lending and leasing, deposit and treasury management
services, foreign exchange, interest rate and commodity risk
management solutions, as well as loan syndication, corporate
finance, merger and acquisition, and debt and equity capital
markets capabilities. More information is available
at www.citizensbank.com or visit us on LinkedIn.
About CareCloud
CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) 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 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, Twitter and Facebook.
For additional information, please visit our
website at www.carecloud.com. To view CareCloud’s latest investor
presentations, read recent press releases, please visit
ir.carecloud.com.
SOURCE CareCloud
Company Contact:Norman RothInterim Chief
Financial Officer and Corporate ControllerCareCloud, Inc.
ir@carecloud.com
Investor Contact:Bill KornCareCloud, Inc.
ir@carecloud.com
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