CareCloud Declares Dividends on Non-Convertible Series A and Series B Cumulative Redeemable Perpetual Preferred Stock

Rhea-AI Summary

CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) announced cash dividends for its 11% Series A and 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock for March, April, and May 2023. This marks the 91st consecutive month of declared dividends since the Series A was launched in November 2015. The Series A dividend is $0.22917 per share, with a record date of March 31, 2023 and payment on April 17, 2023. The Series B dividend amount is $0.18229 with similar record and payment dates. The company continues to deliver consistent income to shareholders amidst market conditions.

Positive

• 91 consecutive months of dividends declared since Series A launch, indicating financial stability.
• Monthly dividend of $0.22917 for Series A and $0.18229 for Series B reflects ongoing commitment to shareholders.

Negative

• None.

SOMERSET, N.J., March 03, 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 declared 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") for March, April and May 2023. This represents 91 consecutive months of dividends declared since the Series A Preferred Stock was initially sold in November 2015.

The following table shows the monthly dividends and associated record and payment dates:

		March 2023				April 2023				May 2023
Series A dividend per share		$	0.22917			$	0.22917			$	0.22917
Series B dividend per share		$	0.18229			$	0.18229			$	0.18229
Ex-dividend date			March 30, 2023				April 27, 2023				May 30, 2023
Record date			March 31, 2023				April 30, 2023				May 31, 2023
Payment date			April 17, 2023				May 15, 2023				June 15, 2023

Holders of shares of the Series A Preferred Stock are entitled to receive cumulative cash dividends at the rate of 11% per annum of the $25.00 per share liquidation preference (equivalent to $2.75 per annum per share). Holders of shares of the Series B Preferred Stock are entitled to receive cumulative cash dividends at the rate of 8.75% per annum of the $25.00 per share liquidation preference (equivalent to $2.1875 per annum per share).

Dividends on the Series A Preferred Stock and Series B Preferred Stock are cumulative and payable monthly on the 15^th day of each month; provided that if any dividend payment date is not a business day, then the dividend may be paid on the next succeeding business day. Dividends are payable to holders of record on the applicable record date, which shall be the last day of the calendar month, whether or not a business day.

About CCLDP
CareCloud's Series A Preferred Stock trades on the Nasdaq Global Market under the ticker symbol "CCLDP." The Company may, at its option, upon not less than 30 nor more than 60 days’ written notice, redeem additional shares of the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption.

About CCLDO
CareCloud's Series B Preferred Stock trades on the Nasdaq Global Market under the ticker symbol "CCLDO." Commencing on February 15, 2024, the Company may, at its option, upon not less than 30 nor more than 60 days’ written notice, redeem the Series B Preferred Stock, in whole or in part, at any time or from time to time, for cash at redemption prices of either $25.75 per share (for redemptions on and after February 15, 2024 and prior to February 15, 2025), $25.50 per share (for redemptions on and after February 15, 2025 and prior to February 15, 2026), $25.25 per share (for redemptions on and after February 15, 2026 and prior to February 15, 2027), or $25.00 per share (for redemptions on and after February 25, 2027), plus any accumulated and unpaid dividends thereon to, but not including, the date fixed for redemption. Upon the occurrence of a Change of Control, the Company may, at its option, upon not less than 30 nor more than 60 days’ written notice, redeem the Series B Preferred Stock, in whole or in part, within 120 days after the first date on which such Change of Control occurred, for cash at a redemption price of $25.00 per share, plus any accumulated and unpaid dividends thereon to, but not including, the redemption date.

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.

Follow CareCloud on LinkedIn, Twitter and Facebook.

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, the impact of the Covid-19 pandemic on our financial performance and business activities, 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:
Bill Korn
Chief Financial Officer
CareCloud
bkorn@carecloud.com

Investor Contact:
Asher Dewhurst
ICR Westwicke
CareCloudIR@westwicke.com

Media Inquiries:
Alexis Feinberg
ICR Westwicke
CareCloudPR@westwicke.com

FAQ

What are the dividend details for CareCloud's CCLD, CCLDP, and CCLDO stocks?

CareCloud announced dividends of $0.22917 for Series A and $0.18229 for Series B stocks for March, April, and May 2023.

What is the payment date for the March 2023 dividend for CCLD and CCLDP?

The payment date for the March 2023 dividend is April 17, 2023.

How long has CareCloud been declaring dividends for its preferred stocks?

CareCloud has declared dividends for 91 consecutive months since the Series A Preferred Stock was sold in November 2015.

What is the ex-dividend date for the Series A Preferred Stock?

The ex-dividend date for the Series A Preferred Stock is March 30, 2023.

When can shareholders expect dividends for Series B Preferred Stock?

Shareholders can expect dividends for Series B Preferred Stock on April 17, May 15, and June 15, 2023, following the respective record dates.