ATLANTA — AdCare Health Systems Inc. (NYSE: ADK), an investment company specializing in seniors housing, has closed an underwritten public offering of 575,000 shares of its 10.875 percent Series A cumulative redeemable preferred stock at a public offering price of $25.75 per share.
The stock is listed on the New York Stock Exchange under the symbol ADK.PRA.
MLV & Co. LLC and Northland Capital Markets acted as joint book-running managers.
The net proceeds were approximately $13.5 million. AdCare intends to use the net proceeds to repay debt and fund potential acquisitions.