MTBC Closes $10.5 Million Public Offering of Non-Convertible Preferred Stock

SOMERSET, N.J, April 06, 2018 (GLOBE NEWSWIRE) -- MTBC (the “Company”) (NASDAQ: MTBC) (NASDAQ: MTBCP), a leading provider of proprietary, cloud-based healthcare IT solutions and services, today announced the sale in a public offering of 420,000 shares of its non-convertible 11% Series A Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”) at a price of $25 per share, for gross proceeds of approximately $10.5 million.“This upsized raise puts us in an excellent position to execute the Company’s growth initiatives,” said Stephen Snyder, MTBC CEO.The shares of Series A Preferred Stock were sold pursuant to a registration statement on Form S-1 that was declared effective by the Securities and Exchange Commission (the “SEC”) on April 3, 2018 and an additional registration statement filed pursuant to Rule 462(b).Our integrated Software-as-a-Service (or 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.”