SOMERSET, N.J., July 13, 2016 (GLOBE NEWSWIRE) -- MTBC (Nasdaq:MTBC), a leading provider of proprietary, web-based electronic health records, practice management and mHealth solutions, announced the closing of its oversubscribed public offering of 63,040 additional shares of its non-convertible 11% Series A Cumulative Redeemable Perpetual Preferred Stock at a price of $25.00 per share, with net proceeds of $1.4 million, after deducting underwriting discounts, commissions, and other offering expenses.
“We’re gratified that our offering was oversubscribed and appreciate the confidence in MTBC demonstrated by our investors,” said Stephen Snyder, MTBC President. He added, “We look forward to continuing to execute on our growth strategy as we invest the offering proceeds in new business development and acquisition initiatives.”
Dividends on the Series A Preferred Stock are payable in cash monthly on a cumulative basis, as and if declared by the Company's board of directors, at the rate of 11% per annum of the $25.00 per share liquidation preference. The terms of the Series A Preferred Stock and use of proceeds are described in more detail in the Prospectus.
The securities were offered pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission and declared effective May 9, 2016. MTBC’s Series A Preferred Stock was first sold to the public on November 4, 2015 and trades on the NASDAQ Capital Market under the ticker symbol "MTBCP." Boenning & Scattergood, Inc. acted as lead book-running manager for the offering and Chardan Capital Markets, LLC served as financial advisor to the Company.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein or any other securities, nor shall there be any sale of these notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.
About Medical Transcription Billing, Corp.
Medical Transcription Billing, Corp. 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 practicing in ambulatory care settings. Our integrated Software-as-a-Service (or 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.
