Published on October 24, 2013 at 10:12 AM
AdCare Health Systems, Inc. (NYSE MKT: ADK) (NYSE MKT: ADK.PA) (the "Company") announced today that it has priced a "best efforts" underwritten public offering of its 10.875% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") at a public offering price of $25.00 per share.
Gross proceeds to the Company from the offering are expected to be $12,500,000. The closing of the offering is scheduled for October 28, 2013, subject to customary closing conditions. The Company intends to use the net proceeds from the offering to repay certain convertible promissory notes issued by the Company in October 2010 and for general corporate purposes. The Company's currently outstanding Series A Preferred Stock is listed on the NYSE MKT under the symbol "ADK.PRA", and the Company has filed an application to list the shares of the Series A Preferred Stock to be sold in the offering on the NYSE MKT under the same symbol. MLV & Co. LLC is acting as Sole Book-Running Manager for the offering. GVC Capital LLC and Northland Capital Markets are acting as Co-Managers.
SOURCE AdCare Health Systems, Inc.