MEDICAL TRANSCRIPTION BILLING, CORP. (NASDAQ:MTBCP) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On January 23, 2017, Medical Transcription Billing, Corp. (MTBC)
and MTBC Acquisition, Corp. (MAC), a wholly owned subsidiary of
MTBC, entered into a Second Amendment to its Assignment Agreement
dated as of October 3, 2016 with The Prudential Insurance Company
of America and Prudential Retirement Insurance and Annuity
Company (together Prudential).
to the Assignment Agreement, MAC acquired senior secured notes
from Prudential that were secured by the assets of MediGain, LLC,
a Texas limited liability company, and its affiliate Millennium
Practice Management Associates, LLC, a New Jersey limited
liability company. The total purchase price for the senior
secured notes was $7,000,000. to the Assignment Agreement, MTBC
paid $2,000,000 of the purchase price at closing and agreed to
pay the remaining $5,000,000 within 90 days thereafter. Please
see MTBCs Current Report on Form 8-K filed on October 5, 2016 for
more information regarding the Assignment Agreement.
to the First Amendment to the Assignment Agreement, the parties
agreed that the remaining $5,000,000 will be payable on a revised
timeline in two installments. The first installment of $3,000,000
was to be due by January 23, 2017, with the second installment of
$2,000,000 due by May 15, 2017. Please see MTBCs Current Report
on Form 8-K filed on January 6, 2017 for more information
regarding the First Amendment to the Assignment Agreement.
to the Second Amendment to the Assignment Agreement, the parties
agreed that the first installment of $3,000,000.00 will not be
due January 23, 2017, but will instead be due on or before March
9, 2017, or such later date determined by Prudential, in their
sole discretion. The Second Amendment to the Assignment Agreement
should be read in conjunction with the First Amendment to the
Assignment Agreement, a copy of which was attached as Exhibit
10.1 to MTBCs Current Report on Form 8-K filed on January 6,
2017.
The foregoing description of the Second Amendment to Assignment
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) | Exhibits |
2.1 Second Amendment to Assignment Agreement, dated as of January
23, 2017, by and among Medical Transcription Billing, Corp., MTBC
Acquisition, Corp., The Prudential Insurance Company of America
and Prudential Retirement Insurance and Annuity Company.
MEDICAL TRANSCRIPTION BILLING, CORP. (NASDAQ:MTBCP) Recent Trading Information
MEDICAL TRANSCRIPTION BILLING, CORP. (NASDAQ:MTBCP) closed its last trading session up +0.04 at 25.42 with 513 shares trading hands.
