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Imac Holdings Inc (NASDAQ:BACK). shares have tumbled to a 52-week low, with the stock price touching just $0.16. According to InvestingPro data, the company’s market capitalization has shrunk to just $0.86 million, with concerning fundamentals including a weak current ratio of 0.08 and negative EBITDA of $3.52 million. This latest price level reflects a significant downturn for the company, which has seen its stock value erode by a staggering 82.4% over the past year. Investors have been cautious as the company navigates through challenging market conditions, with InvestingPro analysis showing concerning metrics including a negative gross profit margin and an overall Financial Health Score rated as WEAK. The 52-week low serves as a critical indicator of the current sentiment surrounding the stock and underscores the pressing need for the company to address the factors contributing to its declining market performance, particularly with earnings results due in just 6 days.
In other recent news, IMAC Holdings, Inc. has been actively addressing compliance issues with Nasdaq’s listing requirements. The company received a notice from Nasdaq’s Listing Qualifications Department indicating a failure to meet the minimum stockholders’ equity requirement of $2.5 million, leading to a potential delisting. IMAC Holdings has filed an appeal against this decision, allowing its common stock to continue trading on Nasdaq during the appeal process. Additionally, the company has filed a definitive proxy statement with the SEC, seeking stockholder approval for proposals related to its outstanding Series G Preferred Stock and an increase in the number of common stock shares available for issuance.
IMAC Holdings also resolved a separate compliance issue by filing its delayed Quarterly Report for the quarter ended September 30, 2024, which brought it back into compliance with Nasdaq’s Periodic Reporting Listing Rule. The company is scheduled for a hearing on its Nasdaq appeal on March 4, 2025, and is emphasizing the importance of stockholders reviewing proxy materials ahead of a special meeting planned for March 26, 2025. These developments are part of IMAC Holdings’ broader efforts to align with regulatory requirements and secure shareholder support for its strategic initiatives.
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