Sonida Senior Living, Inc. (SNDA) has released an update to notify the public and investors about an entry into a material definitive agreement.
Sonida Senior Living, Inc. struck a deal with a group of investors for a private placement sale of over 5 million shares at $9.50 each, raising funds in two phases. The first phase concluded with the sale of approximately 3.35 million shares, resulting in $31.8 million in proceeds used for various corporate purposes including a loan purchase and potential acquisitions. The second phase, pending shareholder approval to increase authorized shares, is expected to yield an additional $15.9 million. The investors, which include the company’s two largest stockholders, have also committed to supporting the shareholder vote.
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For a comprehensive understanding of the announcement, you can read the full document here.