Latham & Watkins Advises PACS Group and Selling Stockholders on Upsized Public Offering

PACS Group, Inc. (NYSE: PACS) (PACS or the Company) has announced the pricing of its upsized underwritten public offering of 16,551,724 shares of its common stock, which includes 2,777,778 shares of common stock sold by the Company and 13,773,946 shares of common stock sold by certain selling stockholders, at a public offering price of US$36.25 per share, for total gross proceeds of approximately US$101 million to the Company and approximately US$499 million to the selling stockholders. In addition, the selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 2,482,758 shares of the Company’s common stock at the public offering price, less underwriting discounts and commissions. PACS will not receive any proceeds from any sale of shares by the selling stockholders. The offering is expected to close on September 9, 2024, subject to customary closing conditions.

Latham & Watkins represents PACS Group, Inc. in the offering with a corporate team led by Orange County/Bay Area partners Shayne Kennedy and Ross McAloon, with associates Jacob Walsh, Kennedy Holmes, and Lexi Zintel. Advice was also provided on FDA regulatory matters by Washington, D.C. partner Jason Caron and counsel Nicole Liffrig Molife, with associates Maria Malas and Margaret Rote; on tax matters by Century City/Los Angeles partner Pardis Zomorodi, with associate Derek Gumm; on data privacy matters by Bay Area partner Heather Deixler, with associate Mitch Bennett; and on compensation and benefits matters by Los Angeles/Orange County partner Michelle Carpenter and Orange County counsel Sara Schlau.