PLYMOUTH MEETING, Pa.--(BUSINESS WIRE)--AdaptHealth Corp. (NASDAQ: AHCO), a leading provider of home medical equipment, supplies and related services in the United States, announced today the upsizing and pricing of its previously announced underwritten public offering of 8,000,000 shares of its Class A Common Stock at a price to the public of $15.50 per share. The size of the offering was increased from the previously announced 6,500,000 shares of common stock. The gross proceeds to AdaptHealth before deducting the underwriting discounts and commissions and estimated offering expenses are expected to be approximately $124 million.
In conjunction with the offering, the Company has granted the underwriters a 30-day option to purchase up to 1,200,000 additional shares of Class A Common Stock. The offering is expected to close on July 6, 2020, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the offering for general corporate purposes, including acquisitions and other business opportunities, capital expenditures and working capital.
Jefferies, Deutsche Bank Securities and UBS Investment Bank are acting as joint book-running managers for the offering. RBC Capital Markets and Stifel are acting as senior co-managers and Canaccord Genuity and Regions Securities LLC are acting as co-managers for the offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such jurisdiction. A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”).
About AdaptHealth Corp.
AdaptHealth Corp. is a leading provider of home healthcare equipment, medical supplies to the home and related services in the United States. AdaptHealth provides a full suite of medical products and solutions designed to help patients manage chronic conditions in the home, adapt to life and thrive. Product and services offerings include (i) sleep therapy equipment, supplies and related services (including CPAP and bi PAP services) to individuals suffering from obstructive sleep apnea, (ii) home medical equipment (HME) to patients discharged from acute care and other facilities, (iii) oxygen and related chronic therapy services in the home, and (iv) other HME medical devices and supplies on behalf of chronically ill patients with diabetes care, wound care, urological, ostomy and nutritional supply needs. The company is proud to partner with an extensive and highly diversified network of referral sources, including acute care hospitals, sleep labs, pulmonologists, skilled nursing facilities, and clinics. AdaptHealth services beneficiaries of Medicare, Medicaid and commercial insurance payors. AdaptHealth services over approximately 1.6 million patients annually in all 50 states through its network of 220 locations in 38 states.
