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AdCare Health Systems Inc Prices Offering Of Series A Preferred Stock

Thursday, 24 Oct 2013 08:00am EDT 

AdCare Health Systems Inc announced that it has priced the underwritten public offering of its 10.875% Series A Cumulative Redeemable 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 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. 

Company Quote

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