AdCare Health Systems Inc Completes Public Offering Of Series A Preferred Stock

AdCare Health Systems Inc announced that it has closed a public offering of 450,000 shares 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. The Company expects to list the Series A Preferred on the NYSE MKT under the ticker symbol ADKPRA. The net proceeds to the Company from the offering were approximately $9.3 million, after deducting underwriting discounts, commissions and estimated offering expenses. 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.