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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 3, 2023
CARECLOUD,
INC.
(Exact name of registrant as
specified in its charter)
Delaware |
|
001-36529 |
|
22-3832302 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
7
Clyde Road, Somerset,
New
Jersey, 08873
(Address
of principal executive offices, zip code)
(732)
873-5133
(Registrant’s
telephone number, including area code)
Not
Applicable
(Former name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 per share |
|
CCLD |
|
Nasdaq
Global Market |
11%
Series A Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share |
|
CCLDP |
|
Nasdaq
Global Market |
8.75%
Series B Cumulative Redeemable Perpetual Preferred Stock, par value $0.001 per share |
|
CCLDO |
|
Nasdaq
Global Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
7.01 | Regulation
FD Disclosure. |
The
Registrant is hereby furnishing the following information under Regulation FD:
On
November 3, 2023, the Registrant issued a press release announcing 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 December 2023, January 2024 and February 2024.
A
copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Safe
Harbor Statement
Statements
contained in the exhibit to report that state the Company’s or its management’s expectations or predictions of the future
are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933, as amended, and the
Securities Exchange Act of 1934, as amended. It is important to note that the Company’s actual results could differ materially
from those projected in such forward-looking statements. 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.
Item
9.01 | Financial
Statements and Exhibits |
(d)
Exhibits
SIGNATURE(S)
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.
|
CareCloud,
Inc. |
|
|
Date:
November 3, 2023 |
By: |
/s/
A. Hadi Chaudhry |
|
|
A.
Hadi Chaudhry |
|
|
Chief
Executive Officer |
Exhibit
99.1
CareCloud
Declares Dividends on Non-Convertible Series A and
Series B Cumulative Redeemable Perpetual Preferred Stock
SOMERSET,
N.J., November 3, 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 December 2023, January
2024 and February 2024. This represents 100 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:
| |
Dec. 2023 | | |
Jan. 2024 | | |
Feb. 2024 | |
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 | |
| Dec. 28, 2023 | | |
| Jan. 30, 2024 | | |
| Feb. 28, 2024 | |
Record date | |
| Dec. 31, 2023 | | |
| Jan. 31, 2024 | | |
| Feb. 29, 2024 | |
Payment date | |
| Jan. 16, 2024 | | |
| Feb. 15, 2024 | | |
| Mar. 15, 2024 | |
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 15th 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:
Larry
Steenvoorden
Chief
Financial Officer
CareCloud
IR@carecloud.com
Investor
Contact:
Asher
Dewhurst
ICR
Westwicke
CareCloudIR@westwicke.com
Media
Inquiries:
Alexis
Feinberg
ICR
Westwicke
CareCloudPR@westwicke.com
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