Item 2.01 Completion of Acquisition or Disposition of Assets.
On January 1, 2020,
AdaptHealth LLC (“Buyer”), a Delaware limited liability company and wholly-owned indirect subsidiary of AdaptHealth
Corp., a Delaware corporation (the “Company”), completed its previously announced acquisition of NRE Holding Corporation,
a Delaware corporation (“NRE”) and subsidiary of McKesson Medical-Surgical, Inc., a Virginia corporation (“Seller”),
pursuant to the Securities Purchase Agreement, dated as of November 21, 2019 (the “Agreement”), by and among Buyer,
Seller, NRE and McKesson Patient Care Solutions, Inc., a Pennsylvania corporation and wholly-owned subsidiary of NRE (“PCS”).
On the terms and subject to the conditions set forth in the Agreement, at the closing of the Transaction (the “Closing”),
Buyer purchased from Seller all of the issued and outstanding equity interests of NRE (the “Transaction”).
Pursuant to the
Agreement, the base purchase price was $14 million, subject to customary adjustments for cash, indebtedness, transaction
expenses and net working capital (as compared to an agreed target net working capital amount). The total cash paid at the
Closing by Buyer was $15 million. In addition, Buyer may be required to make an additional payment of $1.5 million to Seller
following the Closing pursuant to the terms and conditions of a Transition Services Agreement executed into in connection
with the Closing. The total amount of Buyer’s investment in NRE, including restructuring costs relating to the
integration of NRE’s business into the Company’s platform, is expected to be approximately $30 million.
This Current
Report on Form 8-K/A amends the Current Report on Form 8-K filed by the Company on January 7, 2020 in order to include the
financial statements of PCS and the unaudited pro forma financial information required by Item 9.01 of Form 8-K. The
unaudited pro forma financial information included in this Current Report on Form 8-K/A has been presented for informational
purposes only, as required by Form 8-K. It does not purport to represent the actual results of operations that AdaptHealth
Holdings LLC (“AdaptHealth Holdings”) and PCS would have achieved had the companies been combined during the
periods presented in the pro forma financial information and is not intended to project the future results of operations that
the combined company may achieve after the acquisition. Except as described above, all other information in the
Company’s Current Report on Form 8-K filed on January 7, 2020 remains unchanged.
Forward-looking Statements
Certain statements
in this Current Report on Form 8-K/A may constitute “forward-looking statements” for purposes of the federal securities
laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations,
hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts
or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.
The words “anticipate,” “believe,” “continue,” “could,” “estimate,”
“expect,” “intends,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “would” and similar expressions
may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
These forward-looking
statements are based on information available as of the date of this Current Report on Form 8-K/A, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not
be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking
statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events
or otherwise, except as may be required under applicable securities laws.
As a result of a number
of known and unknown risks and uncertainties, our actual results or performance may be materially different from those expressed
or implied by these forward-looking statements. A further description of such risks and uncertainties can be found in the Company’s
filings with the Securities and Exchange Commission, including the Company’s definitive proxy statement in connection with
the solicitation of proxies from its stockholders filed with the Securities and Exchange Commission on October 23, 2019.