AdCare Health Systems Completes 450K Public Offering
AdCare Health Systems, Inc. (NYSE MKT: ADK) announced that it has closed a public offering of 450,000 shares of its 10.875% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") at a public offering price of $23.00 per share. The Company expects to list the Series A Preferred on the NYSE MKT under the ticker symbol "ADKPRA."
The shares of Series A Preferred Stock were sold in a "best efforts" underwriting. MLV & Co. LLC acted as Sole Book-Running Manager for the offering. GVC Capital LLC, Ladenburg Thalmann & Co. Inc. and C.K. Cooper & Company acted as Co-Managers.
The net proceeds to the Company from the offering were approximately $9.3 million, after deducting underwriting discounts, commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include the repayment of certain indebtedness.
The offering was made pursuant to a registration statement that the Company previously filed with, and was declared effective by, the Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About AdCare Health Systems, Inc.
AdCare Health Systems, Inc. is a recognized provider of senior living and health care facility management. AdCare owns and manages long-term care facilities and retirement communities, and since the company's inception in 1988, its mission has been to provide the highest quality of healthcare services to the elderly through its operating subsidiaries, including a broad range of skilled nursing and sub-acute care services. For more information about AdCare, visit www.adcarehealth.com.