SOMERSET, NJ–(Marketwired – Jun 28, 2017) – MTBC (NASDAQ: MTBC) (NASDAQ: MTBCP) a leading provider of proprietary, cloud-based electronic health records, practice management and mHealth solutions, today announced the closing of its previously announced public offering of 294,698 additional shares of its non-convertible Series A Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”) for $25 per share, for gross proceeds of approximately $7.4 million.

Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as exclusive lead placement agent for the offering and Boenning & Scattergood, Inc. acted as co-placement agent.

After deducting the placement agent’s fees and other estimated offering expenses payable by MTBC, the net proceeds to MTBC are approximately $6.5 million. MTBC intends to use the net proceeds from the offering for repayment of debt, working capital and general corporate purposes to support the company’s growth initiatives.

The shares of preferred stock were sold pursuant to a registration statement on Form S-1 that was declared effective by the Securities and Exchange Commission (SEC) and on June 22, 2017. The final prospectus related to the offering has also been filed with the SEC. Copies of the final prospectus may be obtained by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 4^th Floor, New York, New York 10022, or by calling (646) 975-6996 or emailing placements@hcwco.com or may also be obtained at the SEC’s website located at www.sec.gov.

About MTBC
MTBC is a healthcare information technology company that provides a fully integrated suite of proprietary web-based solutions, together with related business services, to healthcare providers throughout the United States. Our integrated Software-as-a-Service (SaaS) platform helps our customers increase revenues, streamline workflows and make better business and clinical decisions, while reducing administrative burdens and operating costs. MTBC’s common stock trades on the NASDAQ Capital Market under the ticker symbol “MTBC,” and its Series A Preferred Stock trades on the NASDAQ Capital Market under the ticker symbol “MTBCP.”

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SOURCE MTBC