MTBC selling $6 million of series A perpetual preferreds

By Susanna Moon

Chicago, Sept. 26 – MTBC said it priced a $6 million public offering of 240,000 shares of series A cumulative redeemable perpetual preferred stock.

The preferreds were sold at $25.00 per share, with the offering expected to close on Sept. 28, according to a company announcement.

The dividend was not disclosed.

H.C. Wainwright & Co. is the lead placement agent with Boenning & Scattergood, Inc. as co-placement agent.

Proceeds will be used to repay acquisition debt owed to Prudential for the company's MediGain acquisition, for working capital and for general corporate purposes to support the MTBC's growth initiatives.

MTBC is a health care information technology company based in Somerset, N.J.

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