Proceeds used to acquire and open care centers and for working capital
By Devika Patel
Knoxville, Tenn., Nov. 6 – American CareSource Holdings, Inc. said it priced a $7.5 million public offering of units with a 15% greenshoe. The deal was announced as a $13 million stock offering on Oct. 22 and was revised to sell units on Nov. 12.
The company will sell class A units of one common share and one warrant at $0.70 per unit and class B units of one series A convertible preferred share and 1,429 warrants at $1,000 per unit.
Each warrant will be exercisable at $0.875 for five years. The strike price is a 4.89% discount to the Dec. 3 closing share price of $0.92.
The preferred stock converts to common stock at $0.70 per share, which is a 23.91% discount to the Dec. 3 closing price.
Aegis Capital Corp. is the bookrunner.
Settlement is expected Dec. 9.
Proceeds will be used for the four-location Medac Asset acquisition, to open additional urgent and primary care centers and for working capital.
Based in Atlanta, American CareSource is a health care benefits management firm.
| Issuer: | American CareSource Holdings, Inc.
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| Issue: | Class A units of one common share and one warrant, class B units of one series A convertible preferred share and 1,429 warrants
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| Amount: | $7.5 million
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| Greenshoe: | 15%
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.875
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| Bookrunner: | Aegis Capital Corp.
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| Announcement date: | Oct. 22
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| Amended: | Nov. 12
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| Pricing date: | Dec. 4
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| Settlement date: | Dec. 9
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| Stock symbol: | Nasdaq: GNOW
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| Stock price: | $0.92 at close Dec. 3
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| Market capitalization: | $3.96 million
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| Class A units
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| Price: | $0.70
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| Warrants: | One warrant per unit
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| Class B units
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| Price: | $1,000
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| Warrants: | 1,429 warrants per unit
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| Conversion price: | $0.70
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