MTBC (MTBC) Announces Commencement of Public Offering of Preferred Stock

MTBC, Inc. (Nasdaq: MTBC) (Nasdaq: MTBCP), a leading provider of cloud-based healthcare IT solutions and services, today announced the commencement of an underwritten public offering of approximately 800,000 shares of its non-convertible 11% Series A Cumulative Redeemable Perpetual Preferred Stock ("Series A Preferred Stock") at a proposed price of $25.00 per share. In connection with the offering, MTBC expects to grant the underwriters a 30-day option to purchase up to an additional 15% of the Series A Preferred Stock offered in the public offering.

B. Riley FBR, Ladenburg Thalmann and National Securities Corporation are acting as bookrunning managers for the offering. The Benchmark Company, Boenning & Scattergood, Chapin Davis, Colliers Securities LLC and Wedbush Securities are acting as co-managers for the offering.

Holders of shares of Series A Preferred Stock are entitled to receive cumulative cash dividends at the rate of 11% per annum of the $25.00 per share liquidation preference (equivalent to $2.75 per annum per share). Dividends on the Series A Preferred Stock are cumulative and payable monthly on the 15th day of each month; provided that if any dividend payment date is not a business day, then the dividend may be paid on the next succeeding business day. Dividends are payable to holders of record on the applicable record date, which shall be the last day of the calendar month, whether or not a business day.

MTBC intends to use the net proceeds from the offering, if completed, for working capital, general corporate purposes and growth initiatives, including potential future acquisitions.

An amended registration statement on Form S-1, including a preliminary prospectus, relating to these securities has been filed with the SEC, but has not yet been declared effective.

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