Oct. 24, 2013
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
per share. Gross proceeds to the Company from the offering are expected to be
. 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
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.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission and was declared effective on
, 2013. The offering of these securities will be made only by means of a prospectus. Before you invest, you should read the prospectus in the registration statement and other documents that the Company has filed with the SEC for more complete information about the Company and the offering. A copy of the final prospectus relating to the offering, when available, may be obtained by contacting the underwriters at MLV & Co. LLC, 1251 Avenue of the Americas,
New York, NY
; Telephone: (212) 542-5882.
About AdCare Health Systems, Inc.
AdCare Health Systems, Inc. is a recognized provider of senior living and health care facility management. AdCare owns and manages long-term care facilities and retirement communities, and since the company's inception in 1988, its mission has been to provide the highest quality of healthcare services to the elderly through its operating subsidiaries, including a broad range of skilled nursing and sub-acute care services. For more information about AdCare, visit
Important Cautions Regarding Forward-Looking Statements
This press release includes statements that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including with regard to the Company's planned offering of the Series A Preferred Stock and the intended use of proceeds. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management's control. Factors that can affect future results are discussed in the documents filed by the Company from time to time with the Securities and Exchange Commission. Except where required by law, the Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date of this press release.