CareCloud Shareholders Tentatively Approve Proposal to Increase Authorized Common Shares with Record Voter Turnout

Rhea-AI Summary

CareCloud (NASDAQ: CCLD) announced that shareholders have tentatively approved a proposal to increase authorized common shares from 35 million to 85 million. The company received approximately 10.4 million votes by proxy in favor of the increase, representing over 80% of total votes submitted - one of the highest levels of positive votes in the company's history. The final vote count will be announced after the Common Stock Shareholder Special Meeting on January 27, 2025.

Positive

• Strong shareholder support with 80% approval rate for share increase
• Record-level voter participation indicating strong shareholder engagement

Negative

• Significant share increase (50M shares) indicates potential future dilution risk for current shareholders

News Market Reaction

+6.79%

1 alert

+6.79% News Effect

On the day this news was published, CCLD gained 6.79%, reflecting a notable positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

SOMERSET, N.J., Jan. 24, 2025 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: CCLD, CCLDO, CCLDP), a leading provider of healthcare information technology and generative AI solutions for medical practices and health systems nationwide, today announced that shareholders have tentatively approved the proposal to increase the number of authorized common shares.

Approximately 10.4 million votes by proxy have been returned (the “votes”) in favor of increasing the authorized number of shares of common stock from 35 million to 85 million shares, marking one of the highest levels of positive votes in the Company’s history. The votes in favor represent over 80% of the total votes submitted.

“We truly appreciate the shareholders’ confidence in the Company’s direction, reflected in the nearly record-breaking number of ‘yes’ votes received by proxy,” said Stephen Snyder, Co-CEO of CareCloud.

The final vote count will be announced after the Common Stock Shareholder Special Meeting, scheduled for January 27, 2025.

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.

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SOURCE CareCloud

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

Investor Contact:
Stephen Snyder
Co-CEO
CareCloud, Inc.
ir@carecloud.com

FAQ

How many new shares will CCLD be authorized to issue after the approval?

After approval, CareCloud will be authorized to issue up to 85 million shares, an increase of 50 million shares from the previous 35 million share limit.

What percentage of CCLD shareholders voted in favor of increasing authorized shares?

Over 80% of the total votes submitted were in favor of increasing the authorized number of shares.

When will CCLD announce the final vote count for the share authorization increase?

The final vote count will be announced after the Common Stock Shareholder Special Meeting on January 27, 2025.

How many proxy votes did CCLD receive in favor of the share increase?

CareCloud received approximately 10.4 million votes by proxy in favor of increasing the authorized number of shares.