Foundation Healthcare aims to sell 3 million units via public offering

Funds to be used for acquisitions, working capital, corporate purposes

By Devika Patel

Knoxville, Tenn., Feb. 6 – Foundation Healthcare, Inc. registered up to $23.4 million of stock for its public sale of units, according to a Form S-1/A filed Friday with the Securities and Exchange Commission. The deal was announced as a stock offering on July 2. The company plan to sell 3 million units, with a 30-day greenshoe option of 450,000 additional units.

Of the total proceeds to be raised, 85% will be raised by the company in a primary sale, with the remaining 15% raised by selling stockholders in a secondary sale.

Roth Capital Partners is the bookrunner and Dougherty & Co. and National Securities Corp. are the co-managers.

Proceeds will be used for potential acquisitions of surgical hospitals, additional interests in surgical hospitals, or acquisition and development of additional ancillary services, working capital and general corporate purposes.

The Oklahoma City company provides diagnosis and care management solutions for patients suffering from sleeps disorders.

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