Capital Senior Living Affirms Special Meeting Vote Results Approving Conversant Capital Investment, Expiration of Rights Offering

Capital Senior Living Corporation (“Capital Senior Living” or the “Company”) (NYSE: CSU), a leading owner-operator of senior living communities across the United States, today announced that the independent Inspector of Election has certified final vote results from the Special Meeting confirming that all proposals, including the plan to raise up to $154.8 million through a series of financing transactions with Conversant Capital (“Conversant”) (collectively, the “Amended Transactions”), have been approved.

Additionally, the Company announced the results of its common stock rights offering (the “Rights Offering”) that expired at 5:00 p.m., New York City time, on October 27, 2021 (the “Expiration Date”). As of the Expiration Date, subscription rights to purchase 1,133,941 shares were exercised. The Rights Offering gave existing stockholders the right to purchase 1.1 shares of common stock for each share of common stock they held as of the record date of September 10, 2021, at $30 per share.

Capital Senior Living will receive aggregate gross proceeds of approximately $34 million from the Rights Offering and will use the proceeds to address upcoming debt maturities and immediate working capital needs.

Conversant and Arbiter Partners will backstop the rights offering through additional purchases of common stock at the subscription price.