Beamr video compression achieves up to 50% improvement for AVs
Jorge Ruiz, a significant shareholder of IMAC Holdings, Inc. (NASDAQ:BACK), recently sold a portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Ruiz disposed of shares totaling $5,273. The transaction comes as InvestingPro data shows the stock has declined over 52% in the past six months, with shares currently trading at $0.57. The sales occurred on March 25, 2024, with prices per share ranging from $2.415 to $2.45. Following these transactions, Ruiz retains ownership of 146,229 shares of IMAC Holdings. These transactions provide insight into the trading activities of a major shareholder in the company. Notably, InvestingPro analysis reveals management has been actively buying back shares, despite the company’s current weak financial health rating. For deeper insights into insider trading patterns and 10+ additional ProTips, consider exploring InvestingPro’s comprehensive analysis tools.
In other recent news, IMAC Holdings, Inc. has been actively addressing compliance issues with Nasdaq. The company recently filed a definitive proxy statement with the SEC, seeking stockholder approval for several proposals, including the potential issuance of common stock exceeding 19.99% of the current outstanding shares. This move is part of IMAC Holdings’ strategy to align with regulatory requirements and secure shareholder support. The company is also dealing with a delisting notice from Nasdaq due to failing to meet the minimum stockholders’ equity requirement of $2.5 million. While an appeal has been filed, trading of its common stock will continue during the appeal process.
Furthermore, IMAC Holdings has regained compliance with Nasdaq’s audit committee requirements after appointing Jeffrey Busch to its audit committee. This follows a period of non-compliance with Nasdaq Listing Rule 5605, which mandates a minimum of three members on the audit committee. Additionally, the company resolved a compliance issue related to periodic reporting by filing its overdue Form 10-Q, with plans to file its next quarterly report promptly. These developments underscore IMAC Holdings’ ongoing efforts to meet Nasdaq’s listing standards and maintain its market presence.
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