PACS Group, Inc. Announces Closing of Its Upsized Public Offering and Full Exercise of the Underwriters' Option to Purchase Additional Shares from the Selling Stockholders

PACS Group, Inc. (NYSE:PACS) ("PACS" or the "Company") today announced the closing of its upsized underwritten public offering of 19,034,482 shares of its common stock, which includes (i) 2,777,778 shares of its common stock sold by the Company and (ii) 16,256,704 shares of common stock sold by certain selling stockholders, which includes the exercise in full by the underwriters of their 30-day option to purchase an additional 2,482,758 shares of common stock from the selling stockholders, at a public offering price of $36.25 per share, for total gross proceeds of approximately $101 million to the Company and approximately $589 million to the selling stockholders, before deducting underwriting discounts and commissions and offering expenses. PACS did not receive any proceeds from any sale of shares by the selling stockholders.

Citigroup, J.P. Morgan and Truist Securities acted as lead book-running managers for the offering. RBC Capital Markets, Goldman Sachs & Co. LLC and UBS Investment Bank acted as joint book-running managers. Stephens Inc. and Oppenheimer & Co. acted as co-managers.

A registration statement on Form S-1 relating to the securities being sold in this offering (including the accompanying prospectus) has been filed with and was declared effective by the U.S. Securities and Exchange Commission (the "SEC"), and is available on the SEC's website located at www.sec.gov. This offering was made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: Citigroup Global Markets Inc. at 388 Greenwich Street, New York, New York 10013, Attention: General Counsel, facsimile number: +1 (646) 291-1469; J.P. Morgan Securities LLC at 383 Madison Avenue, New York, New York 10179, Attention: Equity Syndicate Desk, facsimile number: +1 (212) 622-8358; and Truist Securities, Inc. at 3333 Peachtree Road NE, 11th Floor, Atlanta, GA 30326, Attention: Equity Capital Markets, facsimile number: (404) 816-8535.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About PACS Group, Inc.

PACS is a holding company investing in post-acute healthcare facilities, professionals, and ancillary services. Founded in 2013, PACS is one of the largest post-acute platforms in the United States. Its independent subsidiaries operate 276 post-acute care facilities across 15 states serving up to 29,000 patients daily.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240909867156/en/