20. SUBSEQUENT EVENTS

During January and early February 2022, the Company issued 1,100,810 shares of 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”) raising net proceeds after expenses of approximately $25.5 million. The Series B Preferred Stock is listed on the Nasdaq Global Market under the symbol “MTBCO.” Dividends on the Series B Preferred Stock of approximately $2.19 annually per share are cumulative from the date of issue and are payable each month when, as and if declared by the Company’s Board of Directors. During February 2022, the Board of Directors declared the monthly dividend on the Series B Preferred Stock for February 2022.

Commencing on February 15, 2024 and prior to February 15, 2025, we may redeem, at our option, the Series B Preferred Stock, in whole or in part, at a cash redemption price of $25.75 per share, plus all accrued and unpaid dividends to, but not including, the redemption date. On or after February 15, 2025 and prior to February 15, 2026, we may redeem, at our option, the Series B Preferred Stock, in whole or in part, at a cash redemption price of $25.50 per share, plus all accrued and unpaid dividends to, but not including, the redemption date. On or after February 15, 2026 and prior to February 15, 2027, we may redeem, at our option, the Series B Preferred Stock, in whole or in part, at a cash redemption price of $25.25 per share, plus all accrued and unpaid dividends to, but not including, the redemption date. On or after February 15, 2027, we may redeem, at our option, the Series B Preferred Stock, in whole or in part, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends to, but not including, the redemption date.

During January 2022, our agreement with SVB was modified to allow for the payment of dividends on the Company’s Series B Preferred Stock, to use a portion of the offering to redeem a portion of the Series A Preferred Stock that is outstanding and to allow for the potential exchange of shares of Series A Preferred Stock for Series B Preferred Stock.

During February 2022, the Company entered into an “at-the-market” facility. The underwriter receives 3% of the gross proceeds. Through March 11, the Company sold 49,562 shares of Series B Preferred Stock under this facility and received net proceeds of approximately $1.2 million.

Also, during February 2022, the Company began the process of redeeming its Series A Preferred Stock by issuing a notice of its intent to redeem 800,000 shares of Series A Preferred Stock for $25.00 per share, plus all accrued and unpaid dividends to, but not including, the redemption date on March 18, 2022.