The Life Sciences Capital Markets team advised the underwriting syndicate in connection with The Pennant Group’s (NASDAQ: PNTG) completed underwritten public offering of 3,500,000 shares of its common stock, including the exercise in full by the underwriters of their 30-day option to purchase an additional 525,000 shares of common stock from the company, at a public offering price of $31.00 per share, for total gross proceeds of $124,775,000 to the company, before deducting underwriting discounts and commissions and offering expenses. The offering closed on October 4, 2024.
The transaction represents Pennant’s inaugural equity offering. Pennant was spun out of The Ensign Group in October 2019.
Pennant is a leading provider of high-quality healthcare services to patients or residents of all ages, including the growing senior population, in the United States. Pennant operates multiple lines of business, including home health, hospice and senior living, throughout Arizona, California, Colorado, Idaho, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and Wyoming.
The Goodwin team was led by Ben Marsh, Adam Johnson, Jen So, and Haylee Brown, and included Roger Cohen and Rebecca Kennedy, Dan Karelitz, and Maggie Wong.
For more information on the offering, please see read the pricing press release.