NEW YORK ( TheStreet) -- AdCare Health Systems ( ADK) shares dropped after the company announced a secondary offering of common stock priced at a 6% discount to its last closing price.

AdCare Health Systems said it has priced an offering of approximately 1.71 million shares of common stock at $3.50 per share, below Tuesday's closing price of $3.72. Underwriters were granted a 30-day option to purchase up to an additional 257,143 shares to cover overallotments.

Net proceeds of approximately $5.5 million will be used for acquisition purposes, working capital and general corporate purposes, AdCare Health said.

Shares of AdCare Health were down 23 cents, or 6.2%, to $3.49, below the offering price. The stock is now down more than 11% in 2010, although it has gained more than 55% over the last 12 months.

Elsewhere, MELA Sciences ( MELA) priced a public offering of 2.2 million shares of common stock at $7.50 per share. Underwriters have a 30-day option to acquire an additional 330,000 shares to cover overallotments, if any.

MELA Sciences said it expects net proceeds of approximately $17.5 million, assuming exercise of the overallotment option. TheStreet's Adam Feuerstein reports that MELA Sciences CEO Joseph Gulfo said during a Tuesday night conference call that the decision to sell stock now was made to "reduce headwinds and market uncertainty" surrounding the company's existing cash position.

Shares of MELA Sciences were sliding by 73 cents, or 8.8%, to $7.57.

StemCells ( STEM) shares also traded lower after the company announced a $6 million equity financing deal. StemCells agreed to sell 7 million shares of its common stock to private-investment partnership Seaside 88 at a price of 86.5 cents per share, a 12.6% discount to Tuesday's closing price. StemCells expects to receive net proceeds from of approximately $5.7 million.

Seaside 88 has agreed to purchase an additional 5 million shares of common stock 12 weeks after the initial closing, although StemCells may elect not to sell the additional shares. Still, shares of the company were down 3.5% to 95.5 cents during Wednesday's trading session.

Energy, Inc. ( EGAS) said late Tuesday it has filed for public offering of up to 2.5 millions shares of common stock. The company said it will sell up to 1.5 million shares of common stock selling shareholders may offer up to 1 million shares. Underwriters also have a 30-day option to purchase up to an additional 375,000 shares to cover overallotments, if any.

Shares of Energy, Inc. were falling by 90 cents, or 7.9%, to $10.55.

Genomic Health ( GHDX) shares also traded lower after the company filed late Tuesday with the Securities and Exchange Commision to sell up to 10 million shares of common stock in one or more offerings. Net proceeds from any offering will be used for general corporate purposes, the company said.

Shares of Genomic Health slipped 2.7% to $13.43.

In IPO news, HiSoft Tech ( HSFT) said it has priced its initial public offering of 7.4 million American Depositary shares at $10 per share, which is below the expected range of $11 to $13. The stock will begin trading on the Nasdaq later Wednesday under the ticker "HSFT."

Meanwhile, Morgans Hotel Group ( MHGC) said in a regulatory filing late Tuesday that it plans to offer up to $500 million in mixed securities, including common and preferred stock and debt securities. Net proceeds from any offering will be used for general corporate purposes, the company said.

Shares of Morgans Hotel Group fell 1.9% to $6.09.

-- Written by Robert Holmes in Boston.

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