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CareCloud, Inc. 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock - CCLDO STOCK NEWS

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CareCloud, Inc. (CCLDO) is a healthcare information technology company offering cloud-based solutions and business services. With platforms like practice management, electronic health records, telehealth, patient experience management, and robotic processing automation, CareCloud empowers medical groups and health systems nationwide. Their focus on modern experience and flexible platform ensures higher performance and growth in the ever-evolving healthcare landscape.

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CareCloud (NASDAQ: CCLD) announced a strategic leadership realignment effective January 1, 2025, appointing A. Hadi Chaudhry and Stephen Snyder as Co-CEOs, and Crystal Williams as President. The restructuring aims to focus on technology innovation, revenue growth, and client experience enhancement.

The company reported strong performance in 2024, achieving positive GAAP income and a 50% year-over-year increase in adjusted EBITDA. Notable achievements include significant free cash flow growth enabling full repayment of their credit line in the first nine months. The company's common stock has experienced a 300% surge over the past year.

Under the new structure, Chaudhry will lead technology and AI strategies, Snyder will drive acquisitive and organic growth, while Williams will focus on client experience and wallet share expansion.

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CareCloud (Nasdaq: CCLD) has announced a proxy solicitation from common stock shareholders to approve an increase in authorized shares from 35 million to 85 million. The proposal aims to support growth initiatives and enable potential conversion of Series A Preferred Stock to Common Stock.

The company's board and executive team, owning over 38% of Common Stock, support this initiative. CareCloud has demonstrated strong performance with a 23% CAGR over the past decade, generated over $10 million in free cash flow, and achieved a 50% year-over-year increase in adjusted EBITDA during the first three quarters of 2024.

A Special Meeting of Common Stock Shareholders is scheduled for January 27, 2025, with a record date of December 3, 2024. Shareholders can vote through e-voting, mail, or by attending the meeting.

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CareCloud (CCLD) reported Q3 2024 financial results with GAAP net income of $3.1 million, compared to a net loss of $2.7 million in Q3 2023. Revenue was $28.5 million, down 2.5% year-over-year. The company achieved record free cash flow of $5.4 million, up 405% from Q3 2023. Key highlights include fully paying off their Silicon Valley Bank credit facility, plans to resume preferred stock dividends in March 2025, and increased adjusted EBITDA guidance to $23-$25 million for FY2024. Year-to-date revenue was $82.6 million with adjusted EBITDA of $16.9 million, up 50% from the previous year.

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CareCloud (Nasdaq: CCLD) announced the complete payoff of its Silicon Valley Bank credit facility line, achieving a key 2024 objective ahead of schedule. Starting 2024 with a $10 million outstanding balance, the company cleared the debt by Q3 end. Additionally, CareCloud secured reduced borrowing fees and lowered its revolving credit facility limit, resulting in approximately $140,000 in annual savings. The company maintains an unused, available credit facility line of $10 million under the Ninth Loan Modification Agreement dated October 25, 2024.

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CareCloud (Nasdaq: CCLD), a healthcare technology and generative AI solutions provider, has scheduled its third quarter 2024 financial results release for November 12, 2024, before market opening. The company will host an investor conference call at 8:30 a.m. Eastern Time the same day. Investors can access the live webcast and presentation slides at ir.carecloud.com/events, or join via audio-only by dialing 201-389-0920. A replay will be available approximately one hour after the call's conclusion.

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CareCloud, Inc. (Nasdaq: CCLD) has announced a strategic partnership with ChartSwap to launch 'CareCloud Powered by ChartSwap', a new solution aimed at streamlining the Request for Information (ROI) process in healthcare. This collaboration will enable ChartSwap to serve as the dedicated portal for handling medical records requests at CareCloud provider locations.

Key benefits of the partnership include:

  • Seamless request handling through a centralized portal
  • Enhanced security and compliance with privacy standards
  • Improved efficiency for providers by reducing administrative burden
  • Real-time transparency and tracking for requestors

The partnership aims to simplify practice management, allowing healthcare providers to focus more on patient care while ensuring efficient and secure management of medical records requests.

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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.

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CareCloud, Inc. (Nasdaq: CCLD) announced that it has obtained approximately 99% of the minimum required 'FOR' votes by proxy for its Series A Preferred Stock Proposal. The company has received supportive proxy indications from over 2.97 million shares, nearing the required 3.02 million share threshold. If approved, the proposal would grant Series A Preferred Stock holders similar change of control protections as Series B Preferred Stock holders, align dividend structures, and allow the company to exchange Series A shares for common stock at $25/share plus accrued dividends.

The Special Meeting is scheduled for September 11, 2024, but may be adjourned if more time is needed for vote solicitation. Shareholders can still submit voting instructions through various methods. CareCloud emphasizes the importance of reviewing the full Definitive Proxy Statement and related SEC filings for complete information.

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CareCloud (Nasdaq: CCLD) announced that 89% of proxies returned for the Series A Preferred Stock special meeting support the Preferred Stock Proposal. The meeting is rescheduled for September 11, 2024. With 87.8% of the required 3.02 million proxy votes received, the company is close to approval. If passed, Series A Preferred Stock holders would gain change of control protections similar to Series B holders, and the dividend would mirror Series B Preferred Stock. The company would also gain the right to exchange Series A shares for common stock at $25/share plus accrued dividends. While optimistic, CareCloud cannot predict final voting results, and unvoted shares count as 'no' votes.

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CareCloud Inc (Nasdaq: CCLD) reported its Q2 2024 financial results, showing improvements in profitability and cash flow. Key highlights include:

- GAAP net income of $1.7 million, compared to a net loss of $1.8 million in Q2 2023
- Adjusted EBITDA of $6.4 million, up 67% from Q2 2023
- Revenue of $28.1 million, slightly down from $29.4 million in Q2 2023
- Year-to-date free cash flow of $4.9 million, a 265% increase from the same period last year

The company has identified $26 million in annualized expense reductions and reduced its credit facility balance to $2.5 million. CareCloud aims to further improve profitability and eliminate debt in the coming months.

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FAQ

What is the current stock price of CareCloud 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock (CCLDO)?

The current stock price of CareCloud 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock (CCLDO) is $18.0596 as of December 23, 2024.

What services does CareCloud, Inc. offer?

CareCloud offers cloud-based solutions including practice management, electronic health records, telehealth, patient experience management, and robotic processing automation.

What is the focus of CareCloud's technology?

CareCloud's technology focuses on providing a modern experience and a flexible platform for medical groups and health systems.

What sets CareCloud apart from competitors?

CareCloud stands out for its award-winning design, enabling high-performing medical groups to use technology effectively in the new medical economy.

How does CareCloud support patient health?

CareCloud's solutions enable medical professionals to dedicate more time to patient health and deliver an excellent patient experience.

What is the key revenue generating segment of CareCloud?

The key revenue generating segment of CareCloud is Healthcare IT, offering a suite of cloud-based solutions and related services.

How can I contact CareCloud for more information?

For more information or inquiries, you can reach out to Norman Roth, the Interim Chief Financial Officer and Corporate Controller, or Bill Korn, the Investor Contact, at ir@carecloud.com.

Where can I follow CareCloud for updates?

Stay updated on CareCloud by following them on LinkedIn, Twitter, and Facebook.

What are the complementary software tools offered by CareCloud?

In addition to their core platforms, CareCloud provides revenue cycle management, healthcare consulting, implementation services, and on-demand workforce staffing capabilities.

How does CareCloud contribute to the healthcare industry?

CareCloud contributes to the healthcare industry by providing innovative cloud-based solutions that enhance performance and growth for medical groups and health systems.

What is the mission of CareCloud?

CareCloud is dedicated to providing physicians and patients with high levels of flexibility, security, and reliability through their advanced cloud technology solutions.

CareCloud, Inc. 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock

Nasdaq:CCLDO

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