The retention of Citizens JMP by the Company was prompted by its recent receipt of an unsolicited indication of interest from a third-party to acquire the Company. The indication of interest proposed a meaningful premium to the common stock, together with treating the Company’s 11% Series A Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”) differently from the Company’s 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock ("Series B Preferred Stock"), by virtue of their respective redemption provisions on a change of control. The Company’s Board of Directors exercised its fiduciary duty to evaluate the indication of interest, which was non-binding and subject to satisfactory due diligence, and declined to accept it as proposed.
As the Company’s advisor, Citizens JMP will evaluate CareCloud’s capital structure and provide guidance regarding possible modifications to its Series A Preferred Stock.
Forward-Looking Statements
This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the
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 pandemics 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, manage and keep our information systems secure and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the
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.
About
Citizens JMP provides M&A advisory, debt and equity capital markets, and equity research services to corporate and institutional clients. Citizens JMP is part of Citizens Financial Group, one of the nation’s oldest and largest financial institutions, with
About
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For additional information, please visit our website at www.carecloud.com. To view CareCloud’s latest investor presentations, read recent press releases, please visit ir.carecloud.com.
SOURCE
Company Contact:
Interim Chief Financial Officer and Corporate Controller
ir@carecloud.com
Investor Contact:
ir@carecloud.com
Source:
2024 GlobeNewswire, Inc., source