CareCloud Rejects Unsolicited Takeover; Shares Surge 90%

New York, May 13, 2024 - PRISM MarketView -Shares in healthcare technology solutions company, CareCloud, Inc (Nasdaq: CCLD), surged more than 90% in morning trading on Monday after the company announced its Board had rejected an unsolicited takeover bid. CareCloud led the PRISM Emerging Healthcare Index during the day.

CareCloud said in a statement that the unsolicited, non-binding indication of interest proposed to acquire the Company for $5.00 per share of its common stock, and the $25 redemption price per share of its 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock. The indication of interest was subject to satisfactory due diligence.

CloudCare’s Board of Directors evaluated the indication of interest and determined it was in the company’s best interests to decline it in its present form. The company stated that the indication of interest prompted it to retain an investment bank to examine and evaluate the terms of its Series A Preferred Stock, including the differing redemption rights afforded to Series A preferred stockholders as compared to Series B preferred stockholders, and to make recommendations to the Board of Directors that may be beneficial to the Company and its shareholders.

In April 2024, CareCloud was awarded Best Medical Billing Software of 2024, earning an exceptional analyst rating of 96, according to SelectHub’s analyst pick.

CareCloud (Nasdaq: CCLD, CCLDP, CCLDO) brings disciplined innovation to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com. Follow CareCloud on LinkedIn, Twitter and Facebook.

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