Black Pearl Equities has given Selectis Health’s shareholders a May 11 deadline to sell their stocks under last week’s tender offer.

The Selectis board has not made a recommendation related to the offer, and shareholders are not required to tender their shares, said information agent D.F. King & Co. 

Black Pearl encouraged Selectis shareholders to review the Schedule TO and related offer materials that it filed with the Securities and Exchange Commission or to contact D.F. King & Co., at (800) 769-4414 or [email protected]. 

The private investment firm, which focuses on skilled nursing and other healthcare real estate investments, is offering to purchase shares for $5.05 per share in cash.

“This offer represents a 45% premium to today’s trading price. We believe this is in the best interest of shareholders and welcome the opportunity to work constructively with the Board toward a successful outcome,” Black Pearl CEO Abe Schwartz said in a press release issued last week when it first announced the formal offer.

Black Pearl is offering to purchase up to 100% of the outstanding shares, subject to a minimum tender condition of 51% of the outstanding shares. If fewer than 51% of the shares are tendered, then it will withdraw its offer.

The offer follows Selectis’ November announcement that its ability to continue as a going concern is contingent on successful execution of management’s plan over the next 12 months to improve the company’s liquidity and profitability.

Since that time, Selectis sold two SNFs in Georgia for $13.2 million. Those sales were finalized Jan. 15.

As of Jan, 23, according to a Selectis press release with that date, the firm had 10 properties — skilled nursing facilities and senior living communities — across four states: Arkansas (one), Georgia (two), Ohio (one) and Oklahoma (six).

Since Black Pearl announced its intention to make a tender offer in February, Selectis subsidiaries sold two SNFs in Georgia for $15.7 million.