SHAREHOLDERS’ EQUITY |
3 Months Ended |
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Mar. 31, 2022 | |
| Equity [Abstract] | |
| SHAREHOLDERS’ EQUITY |
10. SHAREHOLDERS’ EQUITY
During the current quarter, the Company sold shares of 8.75% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”) and received net proceeds 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 $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. On March 18, 2022, the Company used a portion of the proceeds from selling Series B Preferred Stock and redeemed shares of Series A Preferred Stock for $per share, plus all accrued and unpaid dividends to, but not including, the redemption date.
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 $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 $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 $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 $per share, plus all accrued and unpaid dividends to, but not including, the redemption date.
The Company has the right to sell up to $35 million of its Series B Preferred Stock using an “at-the-market” facility (“ATM”). The underwriter receives 3% of the gross proceeds. During the first quarter of 2022, the Company sold shares of Series B Preferred Stock under its ATM and received net proceeds of approximately $1.2 million. The Company also has the right to sell up to $50 million of its common stock using a second ATM facility. The underwriters of the common stock ATM also receive 3% of the gross proceeds. During the first quarter of 2022, shares of common stock were issued under this ATM.
During the three months ended March 31, 2021, 858,000 common stock warrants were exercised at $7.50 each resulting in gross proceeds of $6,435,000.
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