Investment Banking - MTBC, Inc.

Transactions | Healthcare

Client: MTBC, Inc.
Industry: Healthcare
Transaction Type: Follow-on Offering
Role: Co-Manager

MTBC Completes Its Largest Offering to Date, $27.6 Million of Non-Convertible Preferred Stock

  • MTBC, Inc. (NASDAQ: MTBC) (“MTBC” or the “Company”) 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 practicing in ambulatory care settings.
  • On July 21, 2020, MTBC announced the successful closing of its largest public offering to date of its non-convertible 11% Series A Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”), comprised of a total of 1,104,000 shares at a price of $25.00 per share for gross proceeds of $27.6 million. The Series A Preferred Stock trades on the NASDAQ Capital Market under the ticker symbol “MTBCP.”
  • MTBC initially filed a registration statement for a $20 million offering, which was upsized by 20%, and the underwriters have exercised in full their 30-day option to purchase an additional 144,000 shares for a total of 1,104,000 shares being sold in the offering.
  • The Company intends to use the net proceeds from the offering for working capital, general corporate purposes, and growth initiatives, including potential future acquisitions.
  • Boenning & Scattergood served as a co-manager in the transaction and has been an underwriter in nine of MTBC’s offerings of this security since November 2015.

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