# EDGAR Filing Document

**Accession Number:** 0001004724
**File Stem:** 0000000000-25-007829
**Filing Date:** 2025-7
**Character Count:** 6066
**Document Hash:** 324964fd0dfaf01732c800c8918cbe6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-007829.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0000000000-25-007829

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250724

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REGIONAL HEALTH PROPERTIES, INC
- **CENTRAL INDEX KEY:** 0001004724
- **STANDARD INDUSTRIAL CLASSIFICATION:** LESSORS OF REAL PROPERTY, NEC [6519]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 815166048
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 005-83967

**BUSINESS ADDRESS:**
- **STREET 1:** 1050 CROWN POINTE PARKWAY
- **STREET 2:** SUITE 720
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30338
- **BUSINESS PHONE:** 678-869-5116

**MAIL ADDRESS:**
- **STREET 1:** 1050 CROWN POINTE PARKWAY
- **STREET 2:** SUITE 720
- **CITY:** ATLANTA
- **STATE:** GA
- **ZIP:** 30338

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADCARE HEALTH SYSTEMS, INC
- **DATE OF NAME CHANGE:** 20130530

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADCARE HEALTH SYSTEMS INC
- **DATE OF NAME CHANGE:** 19951208
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001213900-25-065348

## Text-Extract

```

                                                            July 24, 2025

Abraham Schwartz
President
Black Pearl Equities, LLC
901 Myrtle Avenue
Brooklyn, NY 11206

       Re: Black Pearl Equities, LLC
           Regional Health Properties, Inc.
           Schedule TO-T filed July 18, 2025, by Black Pearl Equities, LLC
           File No. 005-83967
Dear Abraham Schwartz:

       We have reviewed your filing and have the following comments. In some of
our
comments, we may ask you to provide us with information so we may better
understand your
disclosure.

        Please respond to these comments by providing the requested information
or advise us
as soon as possible when you will respond. If you do not believe our comments
apply to your
facts and circumstances, please tell us why in your response.

       After reviewing your response to these comments, we may have additional
comments.

Schedule TO-T filed July 18, 2025
Item 1. Summary Term Sheet, page 1

1.     We note your statement that the term of the Tender Offer begins on
August 1, 2025.
       Since you have "published, sent or given the means to tender to security
holders" by
       filing the Letter of Transmittal as Exhibit 1, please explain your
conclusion that the
       Tender Offer has not already commenced. Refer to Rule 14d-2(a).
2.     Note that the summary term sheet must provide "sufficient information to
understand
       the essential features and significance of the proposed transaction."
Refer to Item
       1001 of Regulation M-A. Consider whether additional features, such as
the conditions
       to the transaction and your purpose for engaging in the transaction,
should be
       summarized in this section.
Item 4. Terms of the Transaction, page 2

3.     Under Section 14(d)(5) of the Exchange Act, tendered shares may be
withdrawn if not
 July 24, 2025
Page 2

       accepted for payment at any time after 60 days from commencement of the
offer.
       Please revise to note the existence of such "back end" withdrawal rights
in this offer.
       Refer to Item 4 of Schedule TO and Item 1004(a)(1)(vi) of Regulation
M-A.
4.     Provide additional information with respect to the conditions specified
in paragraph 7
       of this section, including a description of the relevant sections of the
related
       agreements and governing documents and the steps you have taken or plan
to take
       with respect to obtaining the specified waivers.
5.     We note your statement in paragraph 9 of this section that no material
differences in
       security holders' rights will result from the Tender Offer. Please
consider whether this
       is correct given your offer contemplates a significant (45-49.9%)
concentration of
       ownership upon completion of the transaction and is conditioned upon
changes to the
       Company's governing documents and shareholder rights plans.
Item 5. Past Contacts, Transactions, Negotiations and Agreements, page 4

6.     Disclose any negotiations or material contacts over the past two years
between you
       and the Company regarding the matters specified in Item 1005(b) of
Regulation M-A.
       Alternatively, state that no such negotiations or contact occurred.
Item 7. Source and Amount of Funds or Other Consideration, page 4

7.     Item 1007(a) of Regulation M-A requires a statement of "the specific
sources . . . of
       funds to be used in the transaction" (emphasis added). Please revise
this section to
       disclose each entity that will provide funding and specify the funding
source (e.g.,
       cash on hand) for each such entity.
8.     Provide the information called for by Item 1007(d) of Regulation M-A or
state that
       there will be no borrowed funds used in the transaction. Refer to
General Instruction E
       and Item 7 of Schedule TO.
Item 10. Financial Statements, page 5

9.     Please explain your conclusion that your financial statements are not
material. In this
       respect we note that Instruction 2 to Item 10 of Schedule TO does not
appear to apply
       in this instance because you are not a public reporting company and the
offer is not for
       all outstanding securities of the subject class.
        We remind you that the filing persons are responsible for the accuracy
and adequacy
of their disclosures, notwithstanding any review, comments, action or absence
of action by
the staff.

       Please direct any questions to Laura McKenzie at 202-551-4568.

                                                             Sincerely,

                                                             Division of
Corporation Finance
                                                             Office of Mergers
& Acquisitions

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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