SEC Company Response from American Caresource Holdings, Inc. (CIK 0001316645) — Nov 18, 2005
American Caresource Holdings, Inc. (CIK 0001316645)
Date: Nov. 18, 2005 · CIK: 0001316645 · Accession: 0001193805-05-002312
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File numbers found in text: 333-122820
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Jeffrey A. Baumel
973.639.5904
Fax 973.297.3814
jbaumel@mccarter.com
November 18, 2005
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, DC 20549
Attn: Owen Pinkerton, Senior Counsel
Re: American Caresource Holdings, Inc. (the "Company" or the "Registrant")
Amendment No. 8 to Registration Statement on Form SB-2
Filed on November 18, 2005
File No. 333-122820
Dear Mr. Pinkerton:
Filed today is Amendment No. 8 to the above referenced registration
statement (the "Registration Statement") marked to show changes from the
registration statement filed with the Commission on September 30, 2005. This
letter responds to the Commission's letters to the Company, dated October 11,
2005 (the "October SEC Letter") and November 10, 2005 (the "November SEC
Letter"), regarding the Registration Statement. Set forth below is the text of
comments 1 and 2 contained in the October SEC Letter, the text of the comment
contained in the November SEC Letter and the Company's response thereto. The
heading and numbered paragraphs below correspond to the headings and paragraph
numbers in the October SEC Letter and the November SEC Letter. Page references
in the Company's responses to the SEC comments correspond to the page numbers in
the enclosed marked copy of the amended Registration Statement.
General
1. We note that, according to the Form 8-K filed by Patient Infosystems
("PATY") related to its merger with CCS, PATY will issue up to 13 million
shares of ACS common stock to its stockholders and that "it may retain up
to 1 million shares which it may sell into the market." The SB-2 currently
registers only 11 million shares and specifically identifies PATY as a
selling stockholder holding 1 million shares. Please revise the
registration statements, as necessary, to register additional shares to be
issued or to remove PATY as a selling stockholder should it choose not to
retain shares of ACS.
In response to the Staff's comment above, the Registration Statement has
been updated throughout to reflect that Patient Infosystems will
distribute by dividend approximately 12,071,309 shares of the Registrant's
common stock, of which 10,365,553 shares of common stock will be
distributed pursuant to the Registration Statement. Further, approximately
300,000 shares will be retained by Patient Infosystems, of which 146,482
will be registered for resale under the Registration Statement.
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Securities and Exchange Commission
November 18, 2005
Page 2
Recent Developments, page 2
2. In light of the definitive agreement for merger between Patient
Infosystems and CCS Consolidated, Inc. ("Careguide") and the intention of
Patient Infosystems to sell its holdings in American Caresource Holdings,
Inc. prior to December 31, 2005, please update your interim financial
statements to disclose these recent developments within your subsequent
events footnote.
In response to the Staff's comment above, the financial pages have been
updated at page F-23 to disclose the proposed merger between Patient
Infosystems and CCS Consolidated, Inc.
3. We have reviewed your response letter, dated November 3, 2005. It appears
that shares of ACS common stock were offered and sold as part of the
Patient Infosystems' private placement using a non-conforming prospectus
under Section 10 of the Securities Act. Since those purchasers have
already made an investment decision regarding the ACS shares, they may not
receive shares as part of the registered offering. As a result, the ACS
shares sold in the private placement are restricted securities that may be
resold only through registration or an applicable exemption from
registration. If you choose to register these shares for resale, please
revise the SB-2 to include the information required by Items 507 of
Regulation S-B. Finally, please revise the SB-2 to include risk factor
disclosure regarding any material potential contingent liability the
company may face with respect to the sale of such shares.
The ACS shares sold in the private placement will be registered for resale
in a subsequent registration statement. In addition, in response to the
Staff's comment above, a risk factor has been added at page 10 of the
Registration Statement.
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Securities and Exchange Commission
November 18, 2005
Page 3
We appreciate your prompt response to our filing. If you have any questions, or
if we may be of any assistance, please contact the undersigned at (973)
622-4444.
Very truly yours,
Jeffrey A. Baumel
JAB:an
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