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Medical Transcription Billing to raise $15M via preferred stock offering

Medical Transcription Billing Corp. is looking to raise $15 million via an upsized public offering of nonconvertible preferred shares.

The Somerset, N.J.-based company is offering 600,000 additional shares of its non-convertible 11% series A preferred stock at $25 apiece.

MTBC intends to use the net proceeds, $13.3 million in total, to fund future acquisitions, as well as working capital and general corporate purposes.

The offering is expected to close on or about Oct. 15, subject to customary closing conditions.

H.C. Wainwright & Co. is acting as exclusive lead placement agent, while Boenning & Scattergood Inc. and Chapin Davis Investments are acting as co-placement agents for the offering.