CareCloud Announces Approval of Series A Preferred Stock Proposal

Rhea-AI Summary

CareCloud, Inc. (Nasdaq: CCLD, CCLDO, CCLDP), a leading healthcare technology solutions provider, has announced the approval of its Series A Preferred Stock Proposal at a reconvened special meeting. Shareholders representing over two-thirds of the outstanding Series A Preferred Stock approved the proposal, which includes an amendment to the Company's Certificate of Designations, Preferences and Rights of its Series A Preferred Stock.

The approval marks a significant development for CareCloud, potentially impacting its capital structure and shareholder rights. Investors are advised to review the complete Definitive Proxy Statement and related materials filed with the SEC for comprehensive details about the changes and their implications.

Positive

• Approval of Series A Preferred Stock Proposal by over two-thirds majority
• Successful reconvening of special meeting for important shareholder vote

Negative

• None.

Insights

Financial Analyst

CareCloud's approval of the Series A Preferred Stock proposal marks a significant development for the company's capital structure. This move could potentially enhance financial flexibility and improve the company's ability to raise capital in the future. The two-thirds majority approval indicates strong shareholder support, which is often viewed positively by the market.

However, without specific details on the amendments, it's challenging to fully assess the impact. Investors should closely monitor any changes to dividend rates, redemption terms, or voting rights that may affect the stock's value and the company's financial obligations. This development may also signal potential strategic shifts or upcoming corporate actions that could influence CareCloud's market position in the healthcare technology sector.

Corporate Governance Expert

The approval of the Preferred Stock Proposal demonstrates CareCloud's commitment to shareholder engagement and corporate governance best practices. Achieving a two-thirds majority for such a proposal is noteworthy, suggesting strong alignment between management and preferred shareholders.

Investors should pay attention to the specific amendments in the Certificate of Designations, as these changes could affect the balance of power between different classes of shareholders. It's important to understand how these modifications might impact shareholder rights, dividend policies and the company's capital allocation strategies. This move could potentially set a precedent for future governance decisions and shareholder relations at CareCloud.

SOMERSET, N.J., Sept. 11, 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 reconvened its special meeting (“Special Meeting”) of CareCloud’s Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”) shareholders. At the Special Meeting, shareholders representing more than two-thirds of the outstanding shares of Series A Preferred Stock approved the preferred stock proposal, which included an amendment to the Company’s Certificate of Designations, Preferences and Rights of its Series A Preferred Stock (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. The entirety of the filings 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 to help them improve patient care while reducing administrative burdens and operating costs. Learn more about our products and services including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.

Follow CareCloud on LinkedIn, X and Facebook.

SOURCE CareCloud

Company Contact:
Norman Roth
Interim Chief Financial Officer and Corporate Controller
CareCloud, Inc.
nroth@carecloud.com

Investor Contact:
Bill Korn
CareCloud, Inc.
ir@carecloud.com

FAQ

What was the outcome of CareCloud's (CCLD) special meeting for Series A Preferred Stock shareholders?

At the reconvened special meeting, shareholders representing more than two-thirds of the outstanding Series A Preferred Stock approved the preferred stock proposal, which included an amendment to the Company's Certificate of Designations, Preferences and Rights.

What does the approval of the Series A Preferred Stock Proposal mean for CareCloud (CCLD)?

The approval allows CareCloud to amend the Certificate of Designations, Preferences and Rights of its Series A Preferred Stock, potentially affecting the company's capital structure and shareholder rights. For detailed implications, investors should review the Definitive Proxy Statement filed with the SEC.

Where can investors find more information about CareCloud's (CCLD) Series A Preferred Stock Proposal?

Detailed information about the Series A Preferred Stock Proposal is available in the Definitive Proxy Statement and other materials filed with the SEC. These documents can be accessed on the SEC's website and on CareCloud's investor relations page at https://ir.carecloud.com/series-a-special-proxy.