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CareCloud, Inc. 11% Series A Cumulative Redeemable Perpetual Preferred Stock - CCLDP STOCK NEWS

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CareCloud, Inc. 11% Series A Cumulative Redeemable Perpetual Preferred Stock (symbol: CCLDP) is a healthcare information technology company that offers a full suite of cloud-based solutions and business services. Their Software-as-a-Service platforms include practice management, electronic health records, business intelligence, telehealth, patient experience management solutions, and robotic processing automation bots. They also provide revenue cycle management, healthcare consulting, implementation services, and on-demand workforce staffing for medical groups and health systems nationwide.

The company is dedicated to empowering medical groups of all sizes with flexible, secure, and reliable technology to enhance performance and growth. CareCloud is known for its innovative design and modern user experience, enabling healthcare professionals to focus on patient care and deliver exceptional patient experiences.

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CareCloud (Nasdaq: CCLD) announced the continuation of proxy solicitation for its Series A Preferred Stock proposal. With 20% of shares voted, 82% favor the changes, up from 72% last week. The proposal requires approval from two-thirds of outstanding shares (about 3 million of 4.5 million) by August 21, 2024. If approved, Series A holders would receive similar change of control protections as Series B holders, and the dividend would mirror Series B. The company would gain the right to exchange Series A shares for common stock at $25/share plus accrued dividends. Voting can be done by phone, online, or mail. The company cautions that future results may vary and non-votes count as 'no' votes.

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CareCloud (CCLD) reports encouraging trends in the voting on its Series A Preferred Stock proposal. 72% of Series A Preferred Shares that have returned proxies to date approve the Preferred Stock Proposal. The company needs an affirmative vote of at least two-thirds of all outstanding Series A Preferred Stock (about 3 million of 4.5 million shares) for the proposal to pass.

If approved, the proposal would grant Series A Preferred Stockholders similar change of control protections as Series B Preferred Stockholders, align the dividend with Series B Preferred Stock, and allow CareCloud to exchange Series A Preferred Stock for common stock at the $25/share liquidation preference value plus accrued dividends. The voting deadline is August 21, 2024.

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CareCloud, Inc. (Nasdaq: CCLD) has expanded its partnership with DrFirst to include RxInform functionality, aimed at improving medication adherence and reducing healthcare costs. This integration enhances CareCloud's platform by:

1. Addressing financial challenges through notifications and coupons for patients
2. Offering a seamless notification system for prescription updates
3. Providing text alerts throughout the prescription process
4. Incorporating coupons and discount cards to alleviate financial burdens

The partnership aims to reduce prescription abandonment, improve patient engagement, and ultimately lead to better health outcomes. DrFirst's RxInform has maintained a 95% satisfaction rate based on over 20 million patient ratings.

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CareCloud (Nasdaq: CCLD) announced an amendment proposal for its 11% Series A Cumulative Redeemable Perpetual Preferred Stock. The proposal seeks to align the terms of Series A Preferred Stock with those of the 8.75% Series B Preferred Stock. If approved, Series A stockholders would gain change of control protections, a reduced 8.75% dividend rate, and an optional exchange feature. The amendment requires a two-thirds majority approval from Series A shareholders. The Special Meeting is scheduled for August 23, 2024, with proxies being solicited starting July 8, 2024. These changes aim to better position shareholders for potential future transactions and enhance value.

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CareCloud announced the results of its 2024 Annual Shareholder Meeting held on June 17, 2024. Shareholders re-elected A. Hadi Chaudhry, John Daly, Mahmud Haq, and Cameron Munter as directors with over 90% approval. Additionally, shareholders approved the compensation for the company's named executive officers as outlined in CareCloud's 2024 Proxy Statement. The meeting's outcomes were filed in a Form 8-K with the SEC. Executive Chairman Mahmud Haq expressed gratitude for the support from shareholders, customers, and employees, and highlighted the company's goals to grow free cash flow, expand AI solutions, and increase the customer base.

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CareCloud (Nasdaq: CCLD) announced that CEO Hadi Chaudhry and President Stephen Snyder will discuss the use of generative AI in healthcare. The discussion will take place in a fireside chat on June 4, 2024, during a virtual conference hosted by Maxim Group. CareCloud serves 2,600 physician practices across the U.S., and the leadership will highlight how generative AI can enhance healthcare services and operational efficiencies. The event aims to explore AI's broader impact on the healthcare industry.

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CareCloud has promoted Crystal Williams to Chief Operating Officer (COO), effective May 21, 2024. Williams brings over 20 years of experience in revenue cycle management (RCM) and was previously VP of Client Operations at CareCloud. She aims to streamline operations and enhance profitability. Williams' prior roles include leadership positions at GE Healthcare, where she led initiatives to improve efficiencies, margins, and client revenue. This strategic move is intended to leverage CareCloud's global operations for better client experiences and patient outcomes.

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CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) announced its Q1 2024 financial results, reporting $26 million in revenue, down from $30 million in Q1 2023.

Despite lower revenue, the company achieved a GAAP operating income of $129,000, compared to a $223,000 loss in the previous year.

Net loss improved to $241,000 or $0.02 per share, from $401,000 or $0.28 per share in Q1 2023. Adjusted EBITDA fell to $3.7 million from $4.2 million, but cash from operations surged to $4.1 million from $1.0 million, and free cash flow reached $2.2 million, a significant improvement from a negative $2.0 million in Q1 2023.

Operationally, CareCloud identified $22 million in annualized expense reductions, with $15 million expected this year, and repaid $2 million of its credit facility.

The company is also leveraging generative AI to enhance efficiencies. CEO A. Hadi Chaudhry expressed optimism about the financial direction, highlighting improvements in cash flow metrics and profitability.

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CareCloud, Inc. received an unsolicited offer to acquire the company for $5.00 per share of common stock and $25 redemption price per share of its Series B Preferred Stock. The Board of Directors declined the offer after thorough evaluation and retained an investment bank to assess the terms of its Series A Preferred Stock.

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CareCloud, Inc. has retained Citizens JMP as its exclusive capital structure advisor after receiving an unsolicited indication of interest to acquire the company. The Board of Directors declined the proposal and Citizens JMP will evaluate CareCloud's capital structure for potential modifications to its Series A Preferred Stock.

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FAQ

What is the current stock price of CareCloud 11% Series A Cumulative Redeemable Perpetual Preferred Stock (CCLDP)?

The current stock price of CareCloud 11% Series A Cumulative Redeemable Perpetual Preferred Stock (CCLDP) is $16.3028 as of November 22, 2024.

What services does CareCloud offer?

CareCloud provides practice management, electronic health record, business intelligence, telehealth, patient experience management solutions, and robotic processing automation bots, along with revenue cycle management and other business services.

What are the key segments of CareCloud's operations?

The key segments of CareCloud are Healthcare IT and Practice Management, with Healthcare IT being the primary revenue-generating segment.

How does CareCloud support medical groups and health systems?

CareCloud empowers medical groups and health systems with flexible cloud-based technology, secure connectivity, and reliable solutions to drive performance and growth.

What sets CareCloud apart in the healthcare technology industry?

CareCloud is recognized for its award-winning design, innovative user experience, and modern technology that help medical groups compete in the evolving healthcare landscape.

What are some of the unique features of CareCloud's platforms?

CareCloud's platforms offer intuitive design, powerful apps, and services that streamline workflows and enhance patient care, leading to better patient health outcomes and improved experiences.

How does CareCloud ensure the security and reliability of its cloud platform?

CareCloud is dedicated to providing the highest levels of security, flexibility, and reliability to physicians and patients, ensuring data protection and system performance.

What additional services does CareCloud offer to medical groups?

In addition to software platforms, CareCloud provides complementary services such as healthcare consulting, implementation services, and on-demand workforce staffing to support high-performance medical groups.

How can medical groups benefit from CareCloud's solutions?

Medical groups of all sizes can benefit from CareCloud's cloud-based solutions by improving efficiency, enhancing patient care, increasing performance, and driving growth in their practices.

How can investors get in touch with CareCloud?

Investors can contact CareCloud through the provided Investor Contact email address: ir@carecloud.com.

What social media platforms can I follow CareCloud on?

You can follow CareCloud on LinkedIn, Twitter, and Facebook to stay updated with their latest news and insights.

What is the significance of CareCloud's 11% Series A Cumulative Redeemable Perpetual Preferred Stock (symbol: CCLDP)?

The 11% Series A Cumulative Redeemable Perpetual Preferred Stock (symbol: CCLDP) represents a financial instrument that provides investors with a fixed dividend rate and perpetual ownership interest in CareCloud.

How does CareCloud contribute to the healthcare industry?

CareCloud contributes to the healthcare industry by offering innovative technology solutions, cloud-based platforms, and business services that empower medical groups to deliver better patient care, compete effectively, and drive growth in the new medical economy.

CareCloud, Inc. 11% Series A Cumulative Redeemable Perpetual Preferred Stock

Nasdaq:CCLDP

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23.38%
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