CareCloud Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Item 1.01 Entry into a Material Definitive Agreement
On August 31, 2023 (the “Issue Date”), CareCloud, Inc. and its wholly owned subsidiaries CareCloud Acquisition, Corp., CareCloud Health, Inc., CareCloud Practice Management, Corp., MTBC Acquisition, Corp., Meridian Medical Management, Inc. and medSR, Inc. (the “Company”) entered into an Eighth Loan Modification Agreement (the “Agreement”) with Silicon Valley Bank, a Division of First-Citizens Bank & Trust Company (“SVB”) whereby the Company amended certain provisions of its $25 million line of credit with SVB which matures October 13, 2025.
The Company currently has $10 million drawn on its line of credit, and any future proceeds will be used for the Company’s growth and general working capital purposes.
The Company’s obligations to SVB are secured by substantially all of the Company’s assets.
The foregoing description of the Agreement and related loan documents does not purport to be complete and is qualified entirely by reference to the complete text of such documents, copies of which are attached as exhibits to this Form 8-K and are incorporated herein by reference.
The above description and the loan documents have been included to provide investors and security holders with information regarding the terms thereof. Investors and security holders are not third-party beneficiaries under the credit agreement and should not rely on the representations, warranties and covenants or any descriptions thereof as characterizations of the actual state of facts or condition of the thereto or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of representations and warranties may change after the date of the loan agreement, which subsequent information may or may not be fully reflected in the Company’s disclosures.
Item 9.01 Financial Statements and Exhibits
| Exhibit No. | Description | |
| 10.1 | Eighth Loan Modification Agreement dated as of August 31, 2023 between the Company and Silicon Valley Bank, a Division of First-Citizens Bank & Trust Company. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| 2 |
SIGNATURES
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.
| CareCloud, Inc. | |||
| Date: | September 1, 2023 | By: | /s/ A. Hadi Chaudhry |
| A. Hadi Chaudhry | |||
| Chief Executive Officer | |||
| 3 |