CareCloud says Series A proxy reveals ‘encouraging trend’

CareCloud continues to solicit proxies from the holders of its 11% Series A Cumulative Redeemable Perpetual Preferred Stock to approve an amendment to the Company’s Certificate of Designations, Preferences and Rights of its Series A Preferred Stock. With approximately 11% of the shares of Series A Preferred Stock having provided their voting instructions by proxy to date, the Company’s Board of Directors is encouraged to see that approximately 72% of these shares are in favor of the changes recommended in the Preferred Stock Proposal. “This is an important vote for Series A Preferred Shareholders,” said Stephen Snyder, President of CareCloud. “To become effective, the proposal needs the affirmative vote of at least two-thirds of the shares of all outstanding Series A Preferred Stock – or about 3 million of the outstanding 4.5 million shares. Series A Preferred Shareholders who would like to submit their voting instructions can do so now through August 21, 2024, by calling 844-874-6164, by visiting www.aalvote.com/ccld, or by mailing back the completed proxy card received from the Company. If you vote by phone or over the internet, you will need your control number from your proxy card. However, those who would instead prefer to attend the Special Meeting in person can do so by following the instructions contained in the Definitive Proxy materials filed with the SEC.” If the Preferred Stock Proposal is ultimately approved, holders of Series A Preferred Stock would receive similar change of control protections to those afforded to holders of the Company’s Series B 8.75% Cumulative Redeemable Perpetual Preferred Stock. Also, the dividend of Series A Preferred Stock would mirror that of the Series B Preferred Stock, and the Company would, going forward, have the right to exchange the shares of Series A Preferred Stock for common stock at the liquidation preference value of the $25/share, plus accrued and unpaid dividends.