By Angela McDaniels
Tacoma, Wash., Nov. 3 – Medical Transcription Billing, Corp. priced $5.1 million of 11% series A cumulative redeemable perpetual preferred stock, according to a company news release.
The 204,000 preferreds sold for $25 each.
The underwriters have a $765,000 greenshoe.
The preferreds are callable after Nov. 4, 2020 and upon a change of control.
Chardan Capital Markets, LLC acted as lead bookrunner. Boenning & Scattergood, Inc. acted as joint bookrunner.
The preferreds have been approved for listing on the Nasdaq Capital Market under the ticker symbol "MTBCP," and trading was anticipated to begin on Wednesday.
Proceeds will be used to support growth, including acquisitions and the expansion of sales and marketing efforts, and for working capital and other general corporate purposes.
Medical Transcription Billing is a Somerset, N.J.-based provider of health-care information technology company.
| Issuer: | Medical Transcription Billing, Corp.
|
| Issue: | Series A cumulative redeemable perpetual preferred stock
|
| Amount: | $5.1 million
|
| Greenshoe: | $765,000
|
| Shares: | 204,000
|
| Price: | $25
|
| Dividends: | 11%, payable monthly
|
| Bookrunners: | Chardan Capital Markets, LLC (lead) and Boenning & Scattergood, Inc.
|
| Call option: | After Nov. 4, 2020 and upon a change of control
|
| Pricing date: | Nov. 3
|
| Settlement date: | Nov. 9
|
| Listing: | Nasdaq: MTBCP
|
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