Gold bars to be exempt from tariffs, White House clarifies
Jorge Ruiz, a ten percent owner of IMAC Holdings, Inc. (NASDAQ:BACK), recently sold 5,000 shares of the company’s common stock. The shares were sold at a price of $3.00 each, resulting in a total transaction value of $15,000. Following this transaction, Ruiz retains ownership of 141,229 shares. The sale comes as BACK shares have declined nearly 70% over the past year, currently trading at $0.41, near their 52-week low of $0.39. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value model. This move comes as part of regular insider trading activities reported to the Securities and Exchange Commission. InvestingPro subscribers have access to 15 additional investment tips for BACK, including detailed insights on the company’s financial health and market position.
In other recent news, IMAC Holdings has made significant strides in addressing compliance issues with Nasdaq. The company has successfully reconstituted its audit committee, regaining compliance with Nasdaq’s audit committee requirements after appointing Jeffrey Busch in December 2024. This move aligns with Nasdaq Listing Rule 5605, which mandates an audit committee of at least three members. Additionally, IMAC Holdings has filed its overdue Form 10-Q for the quarter ended June 30, 2024, and plans to file its next quarterly report promptly, aiming to regain full compliance with periodic reporting requirements.
Despite these efforts, IMAC Holdings faces potential delisting from the Nasdaq Capital Market due to a failure to meet the minimum stockholders’ equity requirement of $2.5 million. The company has appealed the delisting decision, with a hearing scheduled for March 4, 2025. During the appeal, its common stock will continue to trade on Nasdaq. Furthermore, IMAC Holdings has filed a definitive proxy statement seeking stockholder approval for key proposals, including the issuance of common stock that could exceed 19.99% of the current outstanding shares. These developments are part of the company’s broader strategy to align with regulatory requirements and secure shareholder support.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.