CareCloud Proposes Amendment to the Terms of its Series A Preferred Stock

SOMERSET, N.J., July 09, 2024 (GLOBE NEWSWIRE) -- CareCloud, Inc. (the “Company”) (Nasdaq: CCLD CCLDO, CCLDP), a leader in healthcare technology solutions for medical practices and health systems nationwide, today announced that it has begun soliciting proxies from the holders (the “Series A Preferred Shareholders”) of its 11% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Series A Preferred Stock”) to approve an amendment to the Company’s Certificate of Designations, Preferences and Rights of 11% Series A Cumulative Redeemable Perpetual Preferred Stock (the “Preferred Stock Proposal”). Under the Preferred Stock Proposal, holders of Series A Preferred Stock would receive similar change of control protections to those afforded to holders of the Company’s 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Stock”). The future dividends of the Series A Preferred Stock would mirror that of the Series B Preferred Stock, and the Company would, going forward, have the right to exchange the shares of Series A Preferred Stock for shares of common stock at the liquidation preference value of $25 per share, plus any accrued and unpaid dividends.

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