CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDP, CCLDO),
a leader in healthcare technology solutions for medical practices
and health systems nationwide, 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") and its 8.75% Series B Cumulative Redeemable
Perpetual Preferred Stock ("Series B Preferred Stock") for June,
July and August 2023. This represents 94 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:
|
|
June 2023 |
|
July 2023 |
|
August 2023 |
|
Series A dividend per share |
|
|
$0.22917 |
|
|
|
$0.22917 |
|
|
|
$0.22917 |
|
Series B dividend per share |
|
|
$0.18229 |
|
|
|
$0.18229 |
|
|
|
$0.18229 |
|
Ex-dividend date |
|
|
June 29, 2023 |
|
|
|
July 28, 2023 |
|
|
|
August 30, 2023 |
|
Record date |
|
|
June 30, 2023 |
|
|
|
July 31, 2023 |
|
|
|
August 31, 2023 |
|
Payment date |
|
|
July 17, 2023 |
|
|
|
August 15, 2023 |
|
|
|
September 15, 2023 |
|
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). Holders of shares of the
Series B Preferred Stock are entitled to receive cumulative cash
dividends at the rate of 8.75% per annum of the $25.00 per share
liquidation preference (equivalent to $2.1875 per annum per
share).
Dividends on the Series A Preferred Stock and
Series B 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
CCLDPCareCloud's Series A
Preferred Stock trades on the Nasdaq Global Market under the ticker
symbol "CCLDP." The Company may, at its option, upon not less than
30 nor more than 60 days’ written notice, redeem additional shares
of 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.
About
CCLDOCareCloud's Series B
Preferred Stock trades on the Nasdaq Global Market under the ticker
symbol "CCLDO." Commencing on February 15, 2024, the Company may,
at its option, upon not less than 30 nor more than 60 days’ written
notice, redeem the Series B Preferred Stock, in whole or in part,
at any time or from time to time, for cash at redemption prices of
either $25.75 per share (for redemptions on and after February 15,
2024 and prior to February 15, 2025), $25.50 per share (for
redemptions on and after February 15, 2025 and prior to February
15, 2026), $25.25 per share (for redemptions on and after February
15, 2026 and prior to February 15, 2027), or $25.00 per share (for
redemptions on and after February 25, 2027), 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 B 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
CareCloudCareCloud (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.
For additional information, please visit our
website at www.carecloud.com. To listen to video presentations by
CareCloud’s management team, read recent press releases and view
our latest investor presentation, please visit
ir.carecloud.com.
Follow CareCloud on LinkedIn, Twitter and Facebook.
DisclaimerThis 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 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 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:Asher DewhurstICR
WestwickeCareCloudIR@westwicke.com
Media Inquiries:Alexis FeinbergICR
WestwickeCareCloudPR@westwicke.com
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