Today, AdCare Health Systems announced the completion of its previously announced firm commitment underwritten offering of 1,100,000 shares of AdCare’s common stock at a price per share to the public of $3.75. The net proceeds from the offering, after underwriting discounts and commissions and other offering expenses, were reported at approximately $3.7 million.
According to today’s press release, AdCare plans to use the net proceeds from the offering for working capital and other general corporate purposes. Noble Financial Capital Markets acted as sole underwriter for the offering, and all conditions to the closing of the offering were satisfied.
The shares of common stock were offered pursuant to AdCare’s existing effective shelf registration statement that was previously filed with the Securities and Exchange Commission and declared effective last year. A final prospectus supplement relating to the offering was filed with the Securities and Exchange Commission three days ago. Copies of the final prospectus supplement and the accompanying prospectus may be obtained from Noble Financial Capital Markets.
AdCare Health Systems is an expanding national leader in the development, ownership, and management of assisted living facilities, skilled nursing, and retirement communities. The company’s 3,600 employees provide high-quality care for patients and residents residing in the 44 facilities that it operates with a total of approximately 3,900 beds/units in service.
Since inception, AdCare’s mission has been to provide the highest quality healthcare services to the elderly. With nine straight years of record revenue growth, the company has proven its ability to deliver high-quality care and strong operational efficiency. AdCare is well positioned to continue growing rapidly, both organically and via acquisitions, as industry trends and burgeoning opportunities across the U.S. increase the demand for long-term care.
To learn more about AdCare Health, visit its website at: www.AdCareHealth.com
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