IMAC Holdings Announces Full Exercise of Over-Allotment Option of its Public Offering
April 07 2021 - 11:30AM
IMAC Holdings, Inc. (the “Company” or “IMAC”) (Nasdaq: IMAC,
IMACW), a provider of innovative medical advancements and care
specializing in regenerative and rehabilitation orthopedic
treatments without the use of surgery or opioids, announced today
that it closed the sale of an additional 1,593,750 shares of common
stock at the recent public offering price of $1.60 per share,
pursuant to the 15% over-allotment option exercised in full by the
underwriters in connection with its public offering that closed on
March 26, 2021.
The full exercise of the over-allotment option
brings the total number of shares sold by IMAC in its underwritten
public offering to 11,818,750 shares and the aggregate gross
proceeds received by IMAC to $18,910,000 prior to deducting the
underwriting discount and other offering expenses and after
deducting the proceeds from the sale of 400,000 shares by IMAC’s
co-founder and chief operating officer in the over-allotment
closing.
IMAC intends to use the net proceeds from the
offering to finance acquisitions of medical clinics, repay
outstanding promissory notes, fund the launch of retail healthcare
clinics and further develop potential new treatments, and for
working capital and general corporate purposes.
Kingswood Capital Markets, division of Benchmark
Investments, Inc. acted as sole bookrunning manager for the
offering.
A final prospectus relating to the offering was
filed with the Securities and Exchange Commission on March 24,
2021, and is available on the SEC’s website at www.sec.gov or from
Kingswood Capital Markets, division of Benchmark Investments Inc.,
Attention: Syndicate Department, 17 Battery Place, Suite 625, New
York, New York 10004, by telephone at (212) 404-7002, by fax at
(646) 861-4697, or by email at syndicate@kingswoodcm.com.
This press release does not constitute an offer
to sell or solicitation of an offer to buy any securities in the
offering. Nor shall there be any sale of these securities in any
state or jurisdiction in which such offering, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of any such state or jurisdiction.
About IMAC Holdings, Inc.
IMAC was created in March 2015 to expand on the
footprint of the original IMAC Regeneration Center, which opened in
Kentucky in August 2000. IMAC Regeneration Centers combine
life-science advancements with traditional medical care for
movement restricting diseases and conditions. IMAC owns or manages
more than 15 outpatient clinics that provide regenerative,
orthopedic and minimally invasive procedures and therapies. It has
partnered with several active and former professional athletes
including Ozzie Smith, David Price, Mike Ditka and Tony Delk.
IMAC’s outpatient medical clinics emphasize treating sports and
orthopedic injuries and movement-restricting diseases without
surgery or opioids. More information about IMAC Holdings, Inc. is
available at www.imacregeneration.com.
# # #
Safe Harbor Statement
This press release contains forward-looking
statements. These forward-looking statements, and terms such as
“anticipate,” “expect,” “believe,” “may,” “will,” “should” or other
comparable terms, are based largely on IMAC’s expectations and are
subject to a number of risks and uncertainties, certain of which
are beyond IMAC’s control. Actual results could differ materially
from these forward-looking statements as a result of, among other
factors, risks and uncertainties associated with its ability to
grow its business nationwide, its ability to enhance its brand to
consumers, its development and introduction of new healthcare
products and services, its successful integration of acquired
chiropractic and other companies, technologies and assets, its
ongoing marketing and other business development initiatives,
competition in the rehabilitation and regenerative industry, new
and changing healthcare government regulation, its ability to
protect its intellectual property, and its ability to attract, hire
and retain personnel who possess the skills and experience
necessary to meet customers’ requirements. IMAC encourages you to
review other factors that may affect its future results in the
public filings that it makes with the Securities and Exchange
Commission. In light of these risks and uncertainties, there can be
no assurance that the forward-looking information contained in this
press release will in fact occur.
IMAC Press Contact: Laura Fristoelfristoe@imacrc.com
Investor Relations: Bret Shapiro(516)
222-2560brets@coreir.com
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