MTBC Closes Public Offering of Third Tranche of Non-Convertible Preferred Stock
September 06 2017 - 12:00PM
Marketwired
MTBC Closes Public Offering of Third Tranche of Non-Convertible
Preferred Stock
SOMERSET, NJ MTBC (NASDAQ: MTBC)
(NASDAQ: MTBCP) a provider of proprietary, cloud-based healthcare
IT solutions and services, announced the closing today of the most
recent of three tranches of its non-convertible Series A Cumulative
Redeemable Perpetual Preferred Stock ("Series A Preferred Stock")
for $25 per share, for combined gross proceeds from the three
tranches of approximately $1.9 million.
"We're pleased to announce that investors have purchased all
shares of our Series A Preferred Stock that were available under
our shelf registration," said Bill Korn, MTBC Chief Financial
Officer. He continued, "MTBC is well capitalized - having raised
total gross proceeds of approximately $9.2 million over the last
three months from the sale of our Series A Preferred Stock - and
focused on deploying our capital to repay debt and grow our
business. In the future, if we need to sell additional Series A
Preferred Stock, we can do so via a registration statement on Form
S-1, such as the one we used in June."
H.C. Wainwright & Co. acted as exclusive lead placement
agent for the offering that closed today.
Today's closing represented 15,000 shares of MTBC's Series A
Preferred Stock, and the prior tranches that closed on August 17,
2017 and August 28, 2017 represented 23,695 and 36,500 shares,
respectively. After deducting the placement agents' fees and other
estimated offering expenses payable by MTBC, the net proceeds to
MTBC from today's closing were approximately $317,000, and the
combined net proceeds from all three tranches were approximately
$1.6 million. MTBC intends to use the net proceeds for repayment of
debt, working capital and general corporate purposes to support the
company's growth initiatives.
The shares of preferred stock which were sold during the last
four weeks were issued via a take-down off MTBC's "shelf"
registration statement on Form S-3 that was declared effective by
the Securities and Exchange Commission (SEC) on May 9, 2016. The
final prospectus supplements related to the offering that closed
today and the other two tranches that closed on August 17 and
August 25 have been filed with the SEC and may also be obtained at
the SEC's website located at www.sec.gov or by contacting MTBC, 7
Clyde Road, Somerset, NJ 08873.
About MTBC
MTBC is a healthcare information technology
company that provides a fully integrated suite of proprietary
web-based and mobile health solutions, together with related
business services, to healthcare providers throughout the United
States. Its integrated SaaS platform helps its 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 more information on MTBC, please
visit 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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