SOMERSET, N.J., April 27, 2020 (GLOBE NEWSWIRE) -- MTBC, Inc. (Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of cloud-based healthcare IT solutions and services today announced the successful closing of its largest public offering to date of its non-convertible 11% Series A Cumulative Redeemable Perpetual Preferred Stock, comprised of a total of 828,000 shares at a price of $25 per share, for gross proceeds of $20.7 million.

After deducting underwriting fees and other offering expenses, the net proceeds of the offering to MTBC are approximately $19 million. MTBC intends to use the net proceeds for working capital, general corporate purposes and growth initiatives, including potential future acquisitions.

MTBC initially filed a registration statement for a $15 million offering, which was upsized by 20%, and the underwriters have exercised in full their 30-day option to purchase an additional 108,000 shares for a total of 828,000 shares being sold in the offering. MTBC is thankful to the eight investment banks who participated in its offering syndicate and to its investors who supported us in this offering. B. Riley FBR, Inc., Ladenburg Thalmann and National Securities Corporation, a wholly-owned subsidiary of National Holdings, Inc. (Nasdaq: NHLD) acted as bookrunning managers for the offering. Boenning & Scattergood, Chapin Davis, The Benchmark Company, Wedbush Securities and Dougherty & Company LLC, acted as co-managers for the offering.

About MTBC

MTBC is a healthcare information technology company that provides a full suite of proprietary cloud-based solutions, together with related business services, to healthcare providers and hospitals throughout the United States. Our Software-as-a-Service (or SaaS) platform includes revenue cycle management (RCM), practice management (PM), electronic health record (EHR), telehealth and patient experience management (PXM) solutions for high-performance medical groups. MTBC helps clients increase financial and operational performance, streamline clinical workflows and make better business and clinical decisions, allowing them to improve patient care while reducing administrative burdens and operating costs. MTBC’s common stock trades on the Nasdaq Global Market under the ticker symbol “MTBC,” and its Series A Preferred Stock trades on the Nasdaq Global Market under the ticker symbol “MTBCP.”