<SEC-DOCUMENT>0000950103-15-007504.txt : 20150921
<SEC-HEADER>0000950103-15-007504.hdr.sgml : 20150921
<ACCEPTANCE-DATETIME>20150918175536
ACCESSION NUMBER:		0000950103-15-007504
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150921
DATE AS OF CHANGE:		20150918

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN SHARED HOSPITAL SERVICES
		CENTRAL INDEX KEY:			0000744825
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MEDICAL LABORATORIES [8071]
		IRS NUMBER:				942918118
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-204593
		FILM NUMBER:		151116154

	BUSINESS ADDRESS:	
		STREET 1:		FOUR EMBARCADERO CENTER
		STREET 2:		SUITE 3700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111-4107
		BUSINESS PHONE:		415-788-5300

	MAIL ADDRESS:	
		STREET 1:		FOUR EMBARCADERO CENTER
		STREET 2:		SUITE 3700
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111-4107
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>dp59784_424b3.htm
<DESCRIPTION>FORM 424B3
<TEXT>
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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <TD STYLE="width: 68%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>PROSPECTUS
    SUPPLEMENT NO. 1 </B></FONT></TD>
    <TD STYLE="width: 32%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Filed
    Pursuant to Rule 424(b)(3)&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">(to
    Prospectus dated June 12, 2015)</FONT></TD>
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">File
    No. 333-204593</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">890,000
Shares<BR>
<BR>
AMERICAN SHARED HOSPITAL SERVICES<BR>
<BR>
Common Shares</FONT></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus supplement amends our prospectus dated June 12, 2015 (the &ldquo;<B>Prospectus</B>&rdquo;). You should read this prospectus
supplement together with the Prospectus since the information contained herein supplements the information contained in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the caption &ldquo;Selling Shareholders&rdquo; of the Prospectus, the table of selling shareholders should include the following
selling shareholders in place of Raymond C. Stachowiak to reflect a scrivener&rsquo;s error and a subsequent transfer of shares
from RCS Investments Inc. to Stachowiak Equity Fund, LLC in connection with Mr. Stachowiak&rsquo;s personal financial planning.
The table of selling shareholders is hereby updated through the date of this prospectus supplement to reflect the foregoing.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
amount and information set forth in the table below are based upon information provided to us by the selling shareholder or his
representative as of September 1, 2015. The percentage of beneficial ownership for the following table is based on 5,364,147 common
shares outstanding as of August 1, 2015.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="2" CELLPADDING="2" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name
of Beneficial Owner</FONT></P></TD>
    <TD COLSPAN="2"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shares&nbsp;Beneficially&nbsp;
Owned&nbsp;</FONT><BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">Prior to the Offering</FONT>&nbsp;</P></TD>
    <TD STYLE="text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number&nbsp;of&nbsp;<BR>
    Shares&nbsp;Offered Including Common Shares Underlying the Warrant</FONT></TD>
    <TD COLSPAN="2"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Shares
Beneficially Owned After the Offering</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 45%; text-align: center; font-size: 8pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number</FONT></P></TD>
    <TD STYLE="width: 11%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Percent</FONT>&nbsp;</P></TD>
    <TD STYLE="width: 13%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Agreements</FONT></P></TD>
    <TD STYLE="width: 9%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Number</FONT></P></TD>
    <TD STYLE="width: 11%"><P STYLE="font: bold 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Percent&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C6D9F1">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Stachowiak Equity
    Fund, LLC<SUP>(1)</SUP>&#9;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">400,000</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.5%</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">400,000</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">0%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">RCS Investments
    Inc.<SUP>(2)</SUP>&#9;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">255,500<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.7%</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">200,000<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">55,500</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.0%</FONT></TD></TR>
</TABLE>
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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr.
Raymond C. Stachowiak is a director of our company and has voting and investment control over the common shares through certain
family trusts for which he or his spouse serve as sole trustees.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Mr.
Stachowiak is the sole officer and director of RCS Investments Inc.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(3)</SUP></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Includes
100,000 common shares underlying certain warrants that become exercisable on October 22, 2015.</FONT></TD>
</TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
date of this prospectus supplement is September 18, 2015.</FONT></P>

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