Heron Therapeutics enters supply agreement with Patheon and Thermo Fisher
Jorge Ruiz, a significant shareholder in IMAC Holdings, Inc. (NASDAQ:BACK), recently engaged in a series of stock transactions amid the stock’s significant decline of over 52% in the past six months. According to InvestingPro analysis, the stock currently trades at $0.57, near its 52-week low of $0.47. On March 22, Ruiz sold 16,487 shares of common stock at an average price of $2.4234 per share, amounting to a total of $39,954. On the same day, Ruiz also acquired 164,872 shares at $3.5797 per share, totaling $590,192. Following these transactions, Ruiz’s direct ownership stands at 148,385 shares. This insider activity aligns with InvestingPro’s observation of management’s aggressive share purchases, with 8 additional exclusive insights available for subscribers tracking insider behavior.
In other recent news, IMAC Holdings, Inc. has been actively addressing several compliance and regulatory challenges. The company has filed a definitive proxy statement with the SEC, seeking stockholder approval for significant proposals, including the potential issuance of common stock exceeding 19.99% of current shares. This move is related to its Series G Preferred Stock and Committed Equity Financing. Additionally, IMAC Holdings is proposing an amendment to its Certificate of Incorporation to increase the number of available common stock shares.
IMAC Holdings is also facing a 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 this decision, and its common stock will continue trading during the appeal process. On a positive note, IMAC Holdings recently regained compliance with Nasdaq’s audit committee requirements by reconstituting its committee with the appointment of Jeffrey Busch.
Despite these challenges, the company has resolved a separate compliance issue regarding periodic reporting by filing overdue financial reports. Nasdaq confirmed that IMAC Holdings regained compliance in this area. The company’s ongoing efforts to align with Nasdaq’s listing standards highlight its commitment to maintaining regulatory compliance and securing shareholder support for its strategic initiatives.
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