CareCloud Proxy Filing: Series A Vote Details

TL;DR

CareCloud proxy filed for Series A vote - shareholders to decide on key company matters.

AI Summary

CareCloud, Inc. filed a Definitive Additional Materials proxy statement on July 23, 2024, related to its Series A. The filing indicates that the company is seeking shareholder approval for matters concerning its Series A preferred stock, which could impact future corporate actions and shareholder rights.

Why It Matters

This filing is important as it details shareholder voting matters for CareCloud's Series A preferred stock, which can influence the company's strategic direction and governance.

Risk Assessment

Risk Level: medium — Proxy filings can indicate significant corporate actions or changes that may affect shareholder value or company strategy.

Key Players & Entities

• CareCloud, Inc. (company) — Registrant
• MTBC, Inc. (company) — Former Company Name
• MEDICAL TRANSCRIPTION BILLING, CORP (company) — Former Company Name

FAQ

Key Financial Figures

• $25 — the liquidation preference value of the $25/share, plus accrued and unpaid dividend

Filing Documents

• formdefa14a.htm (DEFA14A) — 35KB
• 0001493152-24-028817.txt ( ) — 36KB

From the Filing

WASHINGTON, D.C. 20549 SCHEDULE 14A Proxy Exchange Act of 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement CONFIDENTIAL, FOR USE OF THE COMMISSION ONLY (AS PERMITTED BY RULE 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material under § 240.14a-12 CareCloud, Inc. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. Voting on CareCloud’s Series A Proxy Reveals an Encouraging Trend 72% of Series A Preferred Shares that Have Returned their Proxies to Date Approve of the Preferred Stock Proposal SOMERSET, N.J., July 23, 2024 (GLOBE NEWSWIRE) — CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced that it continues to solicit proxies from the holders (the “Series A Preferred Shareholders”) of its 11% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”) to approve an amendment to the Company’s Certificate of Designations, Preferences and Rights of its Series A Preferred Stock (the “Preferred Stock Proposal”). With approximately 11% of the shares of Series A Preferred Stock having provided their voting instructions by proxy to date, the Company’s Board of Directors is encouraged to see that approximately 72% of these shares are in favor of the changes recommended in the Preferred Stock Proposal. “This is an important vote for Series A Preferred Shareholders,” said Stephen Snyder, President of CareCloud. “To become effective, the proposal needs the affirmative vote of at least two-thirds of the shares of all outstanding Series A Preferred Stock – or about 3 million of the outstanding 4.5 million shares. Series A Preferred Shareholders who would like to submit their voting instructions can do so now through August 21, 2024, by calling 844-874-6164, by visiting www.aalvote.com/ccld , or by mailing back the completed proxy card received from the Company. If you vote by phone or over the internet, you will need your control number from your proxy card. However, those who would instead prefer to attend the Special Meeting in person can do so by following the instructions contained in the Definitive Proxy materials filed with the SEC.” If the Preferred Stock Proposal is ultimately approved, holders of Series A Preferred Stock would receive similar change of control protections to those afforded to holders of the Company’s Series B 8.75% Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”). Also, the dividend of Series A Preferred Stock would mirror that of the Series B Preferred Stock, and the Company would, going forward, have the right to exchange the shares of Series A Preferred Stock for common stock at the liquidation preference value of the $25/share, plus accrued and unpaid dividends. If the Preferred Stock Proposal is not approved, the terms remain the same as when the Series A Preferred Stock was issued as previously disclosed in the prospectus. Accordingly, a potential acquirer of the Company could acquire the common stock of the Company, while leaving the Series A Preferred Stock outstanding as a security of a public reporting company. As an example of securities remaining outstanding after an acquisition, investors may find New Fortress Energy’s acquisition of Golar LNG Partners to be a helpful, albeit somewhat different and distinguishable, reference point. Proxy solicitation is ongoing and the Company cannot predict future proxy or voting results, which could be more or less favorable than the trends seen to date. Any shares that are not voted will be deemed “no” votes, making it more difficult for the Company to achieve the minimum two-thirds vote in favor of the Preferred Stock Proposal. The information contained in this press release is a summary of certain relevant portions of the Definitive Proxy Statement and other materials filed with the SEC. It is important that Series A Preferred Shareholders review the entirety of the filings, which are available on the SEC’s website and on https://ir.carecloud.com/series-a-special-proxy . About CareCloud CareCloud 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

View Full Filing

View this DEFA14A filing on SEC EDGAR