ATLANTA, GA – Regional Health Properties, Inc. (NYSE American: RHE), a company specializing in leasing real estate properties in the healthcare sector, reported executive transitions and shareholder voting results in a recent SEC filing.
The company's stock, which has seen a 29% gain year-to-date according to InvestingPro data, has recently experienced significant price volatility with shares trading between $1.13 and $6.80 over the past 52 weeks. Heather L. Pittard, the firm's Chief Accounting Officer, has resigned to pursue other opportunities, with her departure effective February 15, 2025. Following Pittard's exit, Paul J. O’Sullivan, currently Senior Vice President, will reassume the role of principal accounting officer.
The company also disclosed outcomes from its 2024 Annual Meeting of Shareholders, held on January 14, 2025. Shareholders elected three directors to the board to serve until the 2025 Annual Meeting. Brent Morrison, Kenneth W. Taylor, and David A. Tenwick were chosen by common stock shareholders, while Steven L. Martin was elected by Series B Preferred Stock shareholders.
Additionally, the appointment of Cherry Bekaert (EBR:BEKB), LLP as the independent registered public accounting firm for the fiscal year ended December 31, 2024, was ratified with notable majority support.
The company enters this merger with $15.75 million in trailing twelve-month revenue and an EBITDA of $1.81 million, operating with what InvestingPro analysts describe as a moderate level of debt.
In other recent news, Regional Health Properties, Inc., generating $15.75 million in annual revenue, has secured forbearance agreements with Cadence Bank, N.A. concerning loan defaults. These agreements, established in November 2024, relate to a $5 million USDA Note and an $800,000 SBA (LON:SBA) Note, both due in July 2036. Under these terms, Regional Health Properties and the borrower are obliged to maintain monthly payments, as outlined in the original loan agreements, with all remaining balances due at the end of the forbearance period.
In addition to these financial developments, the company has also seen changes in its board with the recent resignation of board member Michael J. Fox in September 2024. As per the company's Form 8-K filing with the Securities and Exchange Commission, it was clarified that Mr. Fox's departure was not due to any disagreement with the company's operations, policies, or practices.
The company emphasized that this was a personal decision by Mr. Fox, indicating that the company's strategic direction and operational framework remain stable despite the change in board composition.
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