AdaptHealth Corp. (NASDAQ: AHCO) (“AdaptHealth” or the
“Company”), a leading provider of home medical equipment,
supplies and related services in the United States, announced today
that it has commenced an underwritten public offering of 7,000,000
shares of its Class A Common Stock, and certain selling
stockholders intend to offer and sell an additional 1,000,000
shares of the Company’s Class A Common Stock, subject to market and
other conditions. In conjunction with the offering, the Company
intends to grant to the underwriters a 30-day option to purchase up
to 1,200,000 additional shares of Class A Common Stock.
The Company intends to use approximately half of the net
proceeds of the shares offered by it in this offering, together
with senior secured term loan borrowings, the net proceeds from the
issuance of unsecured senior notes and cash on hand, to finance the
Company’s previously announced acquisition of AeroCare Holdings,
Inc. (“AeroCare”) and to pay related fees and expenses, and the
remainder for general corporate purposes, which may include future
acquisitions and other business opportunities, capital expenditures
and working capital. The Company will not receive any proceeds from
the sale of Class A Common Stock by the selling stockholders. The
closing of the AeroCare acquisition is not dependent on the
consummation of the offering, and the consummation of the offering
is not dependent on the closing of the acquisition.
Deutsche Bank Securities, Jefferies, BofA Securities and Truist
Securities are acting as lead book-running managers for the
offering. Baird, RBC Capital Markets, Stifel, and UBS Investment
Bank are acting as joint book-running 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.
This offering is being made pursuant to an effective shelf
registration statement on Form S-3 (No. 333-251452) and a
preliminary prospectus supplement. The preliminary prospectus
supplement related to the offering has been filed with the
Securities and Exchange Commission (the “SEC”) and is available on
the SEC’s website at http://www.sec.gov. In addition, copies of the
preliminary prospectus supplement relating to the shares of Class A
Common Stock offered in the offering may be obtained from Deutsche
Bank Securities Inc., Attention: Prospectus Department, 60 Wall
Street, New York, New York 10005, telephone: 800-503-4611, or
email: prospectus.cpdg@db.com; Jefferies LLC, Attention: Equity
Syndicate Prospectus Departments, 520 Madison Avenue, 2nd Floor,
New York, NY 10022, telephone: (877) 821-7388, or email:
Prospectus_Department@Jefferies.com; BofA Securities,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC
28255-0001, Attention: Prospectus Department, or email:
mailto:dg.prospectus_requests@bofa.com; and Truist Securities,
Inc., 3333 Peachtree Road NE, 9th floor, Atlanta, Georgia 30326,
Attention: Prospectus Department, or email:
TruistSecurities.prospectus@Truist.com.
Before investing in this offering, interested parties should
read in their entirety the preliminary prospectus supplement, which
provides more information about AdaptHealth and such offering.
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) medical
devices and supplies to patients for the treatment of diabetes
(including continuous glucose monitors and insulin pumps), (iii)
home medical equipment (HME) to patients discharged from acute care
and other facilities, (iv) oxygen and related chronic therapy
services in the home, and (v) other HME medical devices and
supplies on behalf of chronically ill patients with wound care,
urological, incontinence, 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. As of September 30, 2020,
AdaptHealth services over approximately 1.8 million patients
annually in all 50 states through its network of 269 locations in
41 states.
Forward-Looking
Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding AdaptHealth’s
expectations regarding its capital raising efforts, including the
commencement of the public offering, the actual size or terms of
the offering, the underwriters’ exercise of their option to
purchase additional shares and AdaptHealth’s intended use of
proceeds, as well as closing previously announced acquisition.
These statements are subject to a number of risks and
uncertainties, and are based on various assumptions and on the
current expectations of Company management and are not predictions
of actual performance. These forward-looking statements are
provided for illustrative purposes only and are not intended to
serve as, and must not be relied on, by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of the
Company. A further description of such risks and uncertainties can
be found in the Company’s filings with the Securities and Exchange
Commission. If the risks materialize or assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that the Company presently knows or that the
Company currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect the Company’s expectations, plans or forecasts of future
events and views as of the date of this press release. The Company
anticipates that subsequent events and developments will cause the
Company’s assessments to change. However, while the Company may
elect to update these forward-looking statements at some point in
the future, the Company specifically disclaims any obligation to do
so. These forward-looking statements should not be relied upon as
representing the Company’s assessments as of any date subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210104005843/en/
AdaptHealth Corp. Jason Clemens, CFA Chief Financial
Officer (484) 301-6599 jclemens@adapthealth.com Brittany Lett Vice
President, Marketing (909) 915-4983 blett@adapthealth.com The
Equity Group Inc. Devin Sullivan Senior Vice President (212)
836-9608 dsullivan@equityny.com Kalle Ahl, CFA Vice President (212)
836-9614 kahl@equityny.com
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