CareCloud retains Citizens JMP as exclusive capital structure advisor

CareCloud has retained Citizens JMP as its exclusive capital structure advisor. 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 differently from the Company’s 8.75% Series B Cumulative Redeemable Perpetual 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.