PACS Group, Inc.
12.44+0.02 (+0.16%)
Oct 29, 4:00:02 PM EDT · NYSE · PACS · USD
Key Stats
Market Cap
1.93BP/E (TTM)
20.39Basic EPS (TTM)
0.61Dividend Yield
0.05%Recent Filings
8-K
NYSE extension amid restatement
PACS Group secured a NYSE listing extension through November 19, 2025, to restate financials for Q1 and H1 2024 and catch up on SEC filings amid an ongoing Audit Committee investigation. The company added 96 facilities since Q2 2024, operating 316 sites with 88.9% occupancy—beating the 78.0% industry average—and $294.2 million in cash as of June 30, 2025. It expects record revenue and Adjusted EBITDA for H1 2025. Momentum persists.
8-K
NYSE grants filing extension
PACS Group snagged a NYSE extension on September 9, 2025, granting until November 19 to file its delinquent 10-Qs and 10-K amid an audit committee probe into prior financials. The company must restate statements from March and June 2024, which are now unreliable, while NYSE watches closely. Compliance hangs in the balance. Forward-looking plans to file soon carry risks from investigations and litigation.
8-K
CFO resigns over ethics breach
PACS Group ousted CFO Derick Apt on September 2, 2025, after an Audit Committee probe uncovered his acceptance of high-value gifts from business associates, breaching company policies. Co-founder Mark Hancock stepped in as interim CFO the next day, leveraging his prior decade-long stint in the role. This shakeup accelerates 82,116 of Apt's RSUs while forfeiting the rest, but spares him a non-compete clause. Leadership continuity holds, yet the ethics lapse raises compliance flags.
8-K
Forbearance on defaults; exec resigns
PACS Group secured a forbearance agreement on August 13, 2025, from lenders under its credit facility, temporarily halting remedies for representation and warranty defaults tied to compliance certificates from March 2024 through March 2025, which also triggered issues under its Omega Master Lease. The forbearance lasts until October 31, 2025, with possible extension to November 30, requiring $100 million minimum liquidity and curbing investments. Meanwhile, President P.J. Sanford resigned August 15, 2025, but stays on as a consultant for 12 months at $16,666 monthly while equity vests. Lenders demand loan repayments and fees to activate relief.
8-K
Financial restatement announced
PACS Group disclosed on June 12, 2025, that its Q1 and Q2 2024 financial statements can't be relied upon due to overstated revenue from Medicare Part B respiratory and therapy services, totaling $15-17 million for March and $46-48 million for June, stemming from ASC 606 misapplications amid regulatory uncertainties. The Audit Committee found no executive misconduct but is wrapping up its probe, while management appointed an interim Chief Compliance Officer to bolster controls. Restatements loom, with expected material weaknesses in internal controls. Delays persist on later filings, but NYSE granted until September 2, 2025, for compliance.
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