Mental healthcare chain Acadia Healthcare Co., Franklin, Tenn., filed to sell about $65 million worth of shares in a public offering to fund future acquisitions.
Mental healthcare chain plans public offering
Acadia announced that it had filed with the Securities and Exchange Commission to hold a public offering of 8.3 million shares of its common stock, which at today’s midday share price of about $7.67 would value the offering at about $64 million. The company also will grant underwriters the option of selling an additional 1.2 million shares, according to an Acadia news release. Acadia has about 19.8 million shares currently outstanding, according to the federal filing.
Acadia plans to use most of the money for purchases, a number of which are in “various stages of development and consideration,” though there are no definitive agreements outstanding regarding material acquisitions, according to the filing.
As of Nov. 1, Acadia operated 34 behavioral health inpatient and outpatient facilities in 18 states, according to the filing. Last month, it announced it had completed a deal to buy mental health company PHC, which does business as Pioneer Behavioral Health.
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