Offering consists of 1.1 million common shares sold at $3.75 apiece
By Devika Patel
Knoxville, Tenn., March 27 - AdCare Health Systems, Inc. said it priced a $4.13 million public sale of stock with a $618,750 greenshoe.
The company will sell 1.1 million common shares at $3.75 apiece. The per-share price reflects an 5.78% discount to the closing share price on March 26, $3.98.
Noble Financial Capital Markets is the underwriter.
Settlement is expected March 30.
Proceeds will be used for working capital and other general corporate purposes.
Springfield, Ohio-based AdCare is a developer, owner and manager of retirement communities, assisted living facilities and skilled nursing facilities.
| Issuer: | AdCare Health Systems, Inc.
|
| Issue: | Common stock
|
| Amount: | $4,125,000
|
| Greenshoe: | $618,750
|
| Shares: | 1.1 million
|
| Price: | $3.75
|
| Warrants: | No
|
| Underwriter: | Noble Financial Capital Markets
|
| Pricing date: | March 27
|
| Settlement date: | March 30
|
| Stock symbol: | NYSE Amex: ADK
|
| Stock price: | $3.98 at close March 26
|
| Market capitalization: | $45.76 million
|
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