CareCloud announces surpassing accelerated filer status, necessitating a new auditor for compliance with SEC regulations.
Quiver AI Summary
CareCloud, Inc., a leader in AI-driven healthcare technology, has announced that it has exceeded the accelerated filer threshold with a public float of $85.1 million, which triggers new SEC compliance requirements, including the need for an auditor attestation of its Internal Control over Financial Reporting. Co-CEO Stephen Snyder emphasized that this milestone reflects the company's growth, investor confidence, and commitment to compliance and governance. However, the company's current audit firm lacks the capacity to perform the required attestation, prompting CareCloud to initiate a process to engage a new auditor for fiscal year 2025 to ensure regulatory compliance and timely filing. The company will provide updates once a new audit firm is selected.
Potential Positives
- CareCloud has surpassed the accelerated filer threshold with a public float of $85.1 million, reflecting significant growth and increased investor confidence.
- This achievement necessitates compliance with new SEC regulations, emphasizing the company's commitment to rigorous internal controls and corporate governance.
- The company is actively engaging a new audit firm to ensure compliance and timely filing, showcasing proactive management and dedication to operational excellence.
Potential Negatives
- The need to change auditors due to the current firm's inability to perform the required ICFR attestation raises concerns about the company's internal compliance capabilities and could delay filings.
- The transition to a new audit firm might disrupt the company's operations or create uncertainty among investors regarding financial oversight.
- This press release highlights significant regulatory compliance challenges, which could negatively impact investor confidence and the company's reputation.
FAQ
What milestone did CareCloud recently achieve?
CareCloud surpassed the accelerated filer threshold with a public float of $85.1 million as of June 30, 2025.
What compliance requirement does this milestone trigger?
This milestone requires an auditor attestation of the Company’s Internal Control over Financial Reporting under Section 404(b) of the Sarbanes-Oxley Act.
Why does CareCloud need to change its audit firm?
The current audit firm lacks the capacity to perform the necessary ICFR attestation, requiring CareCloud to engage a new firm.
How does CareCloud plan to ensure compliance?
CareCloud has initiated a formal process to engage a new audit firm capable of delivering the required services for fiscal year 2025.
What services does CareCloud provide?
CareCloud offers AI-driven healthcare solutions, including revenue cycle management, practice management, electronic health records, and patient experience management.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$CCLD Insider Trading Activity
$CCLD insiders have traded $CCLD stock on the open market 2 times in the past 6 months. Of those trades, 0 have been purchases and 2 have been sales.
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We have seen 35 institutional investors add shares of $CCLD stock to their portfolio, and 14 decrease their positions in their most recent quarter.
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Full Release
SOMERSET, N.J., July 01, 2025 (GLOBE NEWSWIRE) -- CareCloud, Inc. (Nasdaq: CCLD, CCLDO) (“CareCloud” or the “Company”), a leader in AI-driven healthcare technology solutions for medical practices and health systems nationwide, today announced that it has surpassed the accelerated filer threshold with a public float of $85.1 million as of the market close on June 30, 2025. This achievement triggers a new compliance benchmark under SEC regulations—specifically, the inclusion of an auditor attestation of the Company’s Internal Control over Financial Reporting (“ICFR”) in accordance with Section 404(b) of the Sarbanes-Oxley Act.
“This milestone is a powerful validation of CareCloud’s growth trajectory, investor confidence, and long-term market position,” said Stephen Snyder, Co-CEO of CareCloud . “We are entering this next phase with energy and focus, reinforcing our commitment to rigorous compliance, operational excellence, and world-class corporate governance.”
The Company’s current audit firm notified CareCloud that it does not have the capacity to perform the ICFR attestation. Because SEC rules require the same audit firm to conduct both the financial statement audit and the ICFR attestation, a change in auditors is likely necessary.
To ensure full regulatory compliance and timely filing, CareCloud has launched a formal process to engage a new audit firm capable of delivering the full scope of services required for fiscal year 2025.
The Company will provide an update as soon as a new audit firm is selected and engaged.
About CareCloud
CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health, at carecloud.com .
Follow CareCloud on LinkedIn , X and Facebook .
For additional information, please visit our website at carecloud.com . To listen to video presentations by CareCloud’s management team, read recent press releases and view the latest investor presentation, please visit ir.carecloud.com .
Disclaimer
This press release is for information purposes only and does not constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
Forward-Looking Statements
This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could”, “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.
Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management's expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.
These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.
The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
SOURCE: CareCloud
Company Contact:
Norman Roth
Interim Chief Financial Officer and Corporate Controller
CareCloud, Inc.
[email protected]
Investor Contact:
Stephen Snyder
Co-Chief Executive Officer
CareCloud, Inc.
[email protected]