AdCare Health Systems Inc Prices Offering Of Series A Preferred Stock

AdCare Health Systems Inc announced 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 $23.00 per share. Gross proceeds to the Company are expected to be approximately $10,350,000. The closing of the offering is scheduled for November 14, 2012, subject to customary closing conditions. 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 Company has filed an application to list the Series A Preferred Stock on the NYSE MKT under the symbol ADK.PRA. MLV & Co. LLC is acting as Sole Book-Running Manager for the offering. GVC Capital LLC, Ladenburg Thalmann & Co. Inc. and C.K. Cooper & Company are acting as Co-Managers.