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IMAC Holdings, Inc. (NASDAQ:BACK), a specialty outpatient facilities provider trading at $0.54 per share, has filed a definitive proxy statement with the SEC, as reported on February 11, 2025. The company, which has seen its stock decline by 73% over the past year according to InvestingPro data, is seeking stockholder approval for three key proposals, including the potential issuance of common stock that could exceed 19.99% of the current outstanding shares, in connection with its outstanding Series G Preferred Stock and related warrants, as well as the Committed Equity Financing.
Additionally, IMAC Holdings is proposing an amendment to its Certificate of Incorporation to authorize an increase in the total number of common stock shares available for issuance. The consents of the company’s former independent accounting firms have been included with the Form 8-K filing as Exhibits 23.1 and 23.2.
The proxy statement will be made available to stockholders entitled to vote at the special meeting scheduled for March 26, 2025. The company emphasizes the importance of reviewing the proxy materials carefully before voting.
Separately, IMAC Holdings disclosed its ongoing compliance issue with the Nasdaq Minimum Equity Rule. After receiving a delisting notice from Nasdaq, the company has appealed the decision and will have a hearing on March 4, 2025. During the appeal process, the company’s common stock will continue to trade on Nasdaq.
The company’s recent activities, including the proxy statement and Nasdaq appeal, are part of its broader efforts to align with regulatory requirements and secure shareholder support for its strategic initiatives. The information is based on a press release statement.
In other recent news, IMAC Holdings is dealing with potential delisting from the Nasdaq Capital Market due to an equity shortfall, as reported by Nasdaq’s Listing Qualifications Department. The company has until January 28, 2025, to appeal this decision. However, IMAC Holdings has regained compliance with Nasdaq’s audit committee and periodic reporting requirements, following the appointment of Jeffrey Busch to the audit committee and the timely filing of their Quarterly Report for the quarter ended September 30, 2024.
In financial developments, IMAC Holdings secured $3.74 million through a private investment in public equity (PIPE) financing. The funds raised were partly used to repay outstanding promissory notes, with the remaining balance allocated for general corporate purposes. Additionally, the company has signed a Common Stock Purchase Agreement, granting them the right to sell up to $60 million in common stock shares, contingent upon SEC approval and other conditions.
These recent developments highlight the company’s efforts to meet regulatory obligations and secure financial stability. It’s important to note that these statements are based on current expectations and subject to change. The company’s future developments will continue to be closely monitored.
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