MTBC Announces Closing of $2.3 Million Registered Direct Offering Priced At-The-Market
May 16 2017 - 7:30AM
Marketwired
MTBC Announces Closing of $2.3 Million Registered Direct
Offering Priced At-The-Market
SOMERSET, NJ-(Marketwired - May 16, 2017) - MTBC (NASDAQ: MTBC)
(NASDAQ: MTBCP) a leading provider of proprietary, cloud-based
electronic health records, practice management and mHealth
solutions, today announced the closing on May 15, 2017, of a
registered direct offering of its common stock priced at-the-market
with gross proceeds of $2.3 million.
In connection with the offering, MTBC issued 1,000,000
registered shares of common stock to a healthcare institutional
investor at a purchase price of $2.30 per share. Concurrently in a
private placement, MTBC issued warrants to purchase up to 2,000,000
shares of its common stock, with an exercise price of $5.00 per
share, which are exercisable through May 15, 2018 for potential
gross proceeds of up to $10 million.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC,
acted as the exclusive placement agent in connection with the
offering.
In connection with the offering, the Company has filed a
prospectus supplement and an accompanying prospectus both of which
are available on the SEC's website at http://www.sec.gov and may
also be obtained from H.C. Wainwright & Co., LLC, by emailing
placements@hcwco.com or by calling 646-975-6996.
The warrants described above were offered in a private placement
under Section 4(a)(2) of the Securities Act of 1933, as amended
(the "Act"), and Regulation D promulgated thereunder and, along
with the shares of common stock underlying the warrants, have not
been registered under the Act, or applicable state securities
laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About MTBC MTBC is a healthcare information technology company
that provides a fully integrated suite of proprietary web-based
solutions, together with related business services, to healthcare
providers throughout the United States. Our integrated
Software-as-a-Service (SaaS) platform helps our customers increase
revenues, streamline workflows and make better business and
clinical decisions, while reducing administrative burdens and
operating costs. MTBC's common stock trades on the NASDAQ Capital
Market under the ticker symbol "MTBC," and its Series A Preferred
Stock trades on the NASDAQ Capital Market under the ticker symbol
"MTBCP."
For additional information, please visit our website at
www.mtbc.com.
Follow MTBC on TWITTER, LINKEDIN and FACEBOOK.
SOURCE MTBC
Company and Investor Contact: Bill Korn Chief Financial Officer
Medical Transcription Billing, Corp. bkorn@mtbc.com
732-873-5133
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