AMS agrees to acquire 60% stake in two RI cancer centers for $2.85M from bankrupt GenesisCare

AMERICAN SHARED HOSPITAL SERVICES

Purchase price of $2.85M for 60% equity in Southern New England Regional Cancer Center and Roger Williams Radiation Therapy.
$285K earnest deposit made; up to 50% may be forfeited if terminated under certain conditions.
Transaction contingent on confirmation of GenesisCare's Chapter 11 plan and Rhode Island Department of Health consent.
Expected closing within 60 days; outside termination date is March 10, 2024.
Acquired centers operate three functional radiation therapy sites in Rhode Island.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMERICAN SHARED HOSPITAL SERVICES entered into Investment Purchase Agreement with GenesisCare USA, Inc. and GenesisCare USA Holdings, Inc. valued at $2,850,000 (effective 2023-11-10).

Action: entry
Agreement: asset purchase
Counterparty: GenesisCare USA, Inc. and GenesisCare USA Holdings, Inc.
Value: $2,850,000
Effective: 2023-11-10

Exact text from the filing

On November 10, 2023, American Shared Hospital Services (the “Company”) entered into an Investment Purchase Agreement (the “IPA”) with GenesisCare USA, Inc. (the “Seller”) and GenesisCare USA Holdings, Inc. (“Topco”), pursuant to which Seller agreed to sell to the Company its entire equity interest in each of Southern New England Regional Cancer Center, LLC and Roger Williams Radiation Therapy, LLC, (collectively, the “Target Companies”) together with the assignment of certain payor contacts for a purchase price of $2,850,000.

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Source: SEC EDGAR

accession 0001437749-23-032371

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