CareCloud Gets xpression of Interest in Being Acquired at $5 a Share

 CareCloud, Inc. (the “Company” or “CareCloud”) (Nasdaq: CCLD, CCLDP and CCLDO), a leader in healthcare technology solutions for medical practices and health systems nationwide, today released details regarding its receipt of an unsolicited, non-binding indication of interest dated March 4, 2024, to acquire the Company for $5.00 per share of its common stock, and the $25 redemption price per share of its 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”). The indication of interest was subject to satisfactory due diligence.

The letter made no mention of the treatment of the Company’s 11% Series A Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”), which the Company believes was due to their respective redemption provisions on a change of control that enables a buyer to take the Company private while leaving the Series A Preferred Stock as a publicly traded security. The Company’s Board of Directors thoroughly evaluated the indication of interest and determined it was in the Company’s best interests to decline it in its present form.

Prompted by the indication of interest, the Company retained an investment bank to examine and evaluate the terms of its Series A Preferred Stock, including the differing redemption rights afforded to Series A preferred stockholders as compared to Series B preferred stockholders, and to make recommendations to the Board of Directors that may be beneficial to the Company and its shareholders.

https://www.globenewswire.com/news-release/2024/05/13/2880375/16541/en/CareCloud-Capital-Structure-Update.html