Sonida Senior Living enters $47.75M equity private placement issued at $9.50/shr

Sonida Senior Living “announced the execution of a $47.75M equity private placement, including an investment from Conversant Capital, the Company’s largest shareholder. The Company plans to use this new capital for the completion of its balance sheet repositioning, continued investments in value-enhancing community improvements, broader community programming and identified bolt-on acquisition opportunities from its robust pipeline. The shares were issued at $9.50 per share, a 5% premium to the 30-day volume weighted average price prior to closing. The equity private placement will close in two tranches. The first tranche of $32M closed on February 1, 2024, and the second tranche of $16M will close on or around March 31, 2024, subject to shareholder approval of an increase to the Company’s authorized shares of common stock. The holders of a majority of the Company’s voting securities have agreed to vote in favor of such an increase.”