CareCloud Announces Suspension of its Dividends on Non-Convertible Series A and Series B Cumulative Redeemable Perpetual Preferred Stock

Rhea-AI Summary

CareCloud, Inc. (Nasdaq: CCLD) has announced the suspension of monthly cash dividends for its Series A and Series B Preferred Stock, deferring approximately $1.3 million in cash dividend payments each month. The Board of Directors will regularly review the suspension.

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• None.

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• The suspension of dividends for the Series A and Series B Preferred Stock will impact the cash flow for shareholders who rely on these payments for income.

SOMERSET, N.J., Dec. 11, 2023 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDP, CCLDO), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced that its Board of Directors has suspended its monthly cash dividends for its 11% Series A Cumulative Redeemable Perpetual Preferred Stock ("Series A Preferred Stock") and its 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock ("Series B Preferred Stock") beginning with the payment scheduled for December 15, 2023. The suspension of these dividends will defer approximately $1.3 million in cash dividend payments each month. During this suspension, dividends will continue to accrue on the Series A and Series B Preferred Stock. The Board of Directors will regularly review and consider when the suspension should be lifted.

CareCloud's Series A Preferred Stock trades on the Nasdaq Global Market under the ticker symbol "CCLDP." CareCloud's Series B Preferred Stock trades on the Nasdaq Global Market under the ticker symbol "CCLDO."

About CareCloud

CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) 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 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.

For additional information, please visit our website at www.carecloud.com. To listen to video presentations by CareCloud’s management team, read recent press releases and view our latest investor presentation, please visit ir.carecloud.com.

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Disclaimer

This press release is for information purposes only, and does not constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.

Forward Looking Statements

This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue or the negative of these terms or other comparable terminology.

Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management's expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, and the expected results from the integration of our acquisitions.

These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission. In addition, there is uncertainty about the spread of the Covid-19 virus and the impact it may have on the Company’s operations, the demand for the Company’s services, and economic activity in general.

The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

SOURCE CareCloud

Company Contact:
Larry Steenvoorden
Chief Financial Officer
CareCloud
IR@carecloud.com

FAQ

Why has CareCloud, Inc. (Nasdaq: CCLD) suspended its monthly cash dividends for its Series A and Series B Preferred Stock?

The company has suspended the dividends to defer approximately $1.3 million in cash dividend payments each month.

How will the suspension of dividends impact shareholders of CareCloud, Inc. (Nasdaq: CCLD)?

The suspension will impact the cash flow for shareholders who rely on these payments for income.

What are the ticker symbols for CareCloud, Inc.'s Series A and Series B Preferred Stock?

CareCloud's Series A Preferred Stock trades under the ticker symbol 'CCLDP' and the Series B Preferred Stock trades under the ticker symbol 'CCLDO'.