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AdCare Health Systems raises $6M in stock sale

Tue, 07/06/2010 - 1:45pm
The Associated Press

AdCare Health Systems Inc. said Tuesday it has raised $6 million through a stock sale of roughly 1.7 million shares at $3.50 per share.

The home care and management company expects to receive $5.4 million from the sale, after fees and other expenses.

AdCare plans to use the proceeds from the offering to fund acquisitions and pay for general corporate expenses and other costs.

Underwriters have the option to buy another 257,143 shares to cover demand.

C.K. Cooper & Co. was the sole manager for the public offering.

Shares in AdCare were unchanged at $3.30 on Tuesday.

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