CareCloud's Preferred Stock Proposal Receives 89% Support
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CareCloud's Preferred Stock Proposal Receives Overwhelming Support
CareCloud, Inc. (NASDAQ: CCLD, CCLDO, CCLDP), a leading provider of healthcare technology solutions, has reported a significant increase in support for its Series A Preferred Stock proposal. With an overwhelming 89% of proxy votes cast in favor, the Company is moving forward with plans to reconvene its Special Meeting for further deliberation.
Details Regarding the Special Meeting
As a result of the positive response from shareholders, the Special Meeting will be reconvened soon. CareCloud's President, Stephen Snyder, expressed enthusiasm about the increased backing from investors, noting that nearly 9 out of 10 responding shareholders voted in favor of the proposal. This comes on the heels of a favorable recommendation from proxy advisory firm Glass Lewis, enhancing the likelihood of a successful outcome.
Voting Instructions for Shareholders
Shareholders wishing to cast their votes can do so by phone, online, or by mailing their completed proxy cards. Investors are encouraged to engage in this process to ensure their voices are heard during the upcoming meeting. Those who wish to attend in person can find the necessary instructions in the Definitive Proxy materials that CareCloud has provided.
Implications of the Preferred Stock Proposal
If approved, the Preferred Stock Proposal will offer holders of Series A Preferred Stock added protections akin to those currently enjoyed by holders of the Company’s Series B 8.75% Cumulative Redeemable Perpetual Preferred Stock. Additionally, dividends on the Series A shares are set to mirror those of the Series B, while shareholders may also have the right to exchange Series A shares for common stock at $25 per share, plus any accrued dividends.
Investor Perspective and Future Considerations
Although the Company remains optimistic about achieving the necessary votes for the proposal's approval, it is also realistic about the potential challenges ahead. Any shares that receive no votes will be considered “no” votes, creating a more significant hurdle in reaching the two-thirds majority needed for approval. The focus now shifts to mobilizing shareholders to participate actively in the voting process.
About CareCloud
CareCloud is at the forefront of innovation in healthcare technology. The Company’s comprehensive suite of solutions is designed to enhance operational efficiency and patient experience for healthcare providers. With a growing client base of over 40,000 providers, CareCloud helps streamline clinical workflows while minimizing administrative burdens and costs.
Core Offerings and Services
The range of services CareCloud provides includes revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management, and digital health solutions. This broad coverage allows CareCloud to cater to the evolving needs of the healthcare ecosystem effectively.
Frequently Asked Questions
What is the current voting percentage for the Preferred Stock Proposal?
Approximately 89% of the shares represented by proxies returned indicated a vote of “FOR” the proposal.
When is the Special Meeting for the Preferred Stock Proposal?
The Special Meeting is scheduled to be reconvened soon, with specific details to be announced soon.
How can shareholders vote on the proposal?
Shareholders can submit their voting instructions by calling 844-874-6164 or by visiting the designated proxy voting website.
What are the benefits if the Preferred Stock Proposal is approved?
Approval would provide holders of Series A shares with similar protections as Series B holders and allow for a share exchange at a predetermined value.
Who should shareholders contact for further information?
Shareholders can reach out to Norman Roth, the Interim Chief Financial Officer, at nroth@carecloud.com for any inquiries regarding the proposal.
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