CareCloud, Inc. — Capital/Financing Update 2017

Sep 11, 2017

8-K 1 form8-k.htm

Field: Rule-Page

Field: /Rule-Page

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Field: Rule-Page

Field: /Rule-Page

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 8, 2017

MEDICAL TRANSCRIPTION BILLING, CORP. (Exact name of registrant as specified in its charter)

Delaware	333-192989	22-3832302
(State
or other jurisdiction of incorporation)	(Commission File Number)	(IRS
Employer Identification No.)

7 Clyde Road, Somerset, New Jersey, 08873

(Address of principal executive offices, zip code)

(732) 873-5133

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

| [ ] | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| --- | --- |
| [ ] | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| [ ] | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| [ ] | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [x]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [x]

Field: Rule-Page

Field: /Rule-Page

Field: Page; Sequence: 1; Options: NewSection

Field: /Page

Item 1.01 Entry into a Material Definitive Agreement

On September 2, 2015, Medical Transcription Billing, Corp. (“MTBC”), entered into a Credit Agreement with Opus Bank (“Opus”), which was later amended by the parties.

On September 8, 2017, MTBC entered into a Fourth Amendment to Credit Agreement (“Agreement”) with Opus whereby the parties agreed as follows:

| ● | MTBC
is permitted to use its available cash to pay amounts due to Prudential, subject to remaining in compliance with Opus’
covenants; |
| --- | --- |
| ● | MTBC
agreed to, and in fact did, repay all Opus term debt on September 8, 2017; |
| ● | MTBC’s
$2 million Opus line of credit will mature on March 31, 2018 and the interest rate will not increase so long as there is not
an event of default; and |
| ● | MTBC
will no longer be required to apply proceeds of capital raised through public offerings to repayment of Opus loan obligations. |

The foregoing description of the Agreement does not purport to be complete and is qualified entirely by reference to the complete text of such document, a copy of which is attached as an exhibit to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d)
1.1	Fourth Amendment to Credit Agreement dated as of September 8, 2017.
99.1	Press Release, dated September 11, 2017, announcing repayment of debt.

Field: Page; Sequence: 2; Options: NewSection; Value: 2

2

Field: /Page

SIGNATURE(S)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

| /s/
Mahmud Haq |
| --- |
| Mahmud
Haq |
| Chairman
of the Board and Chief Executive Officer |

Field: Page; Sequence: 3; Value: 2

3

Field: /Page