IMAC Holdings, Inc. Announces 1-for-30 Reverse Stock Split

Franklin, TN, Sept. 07, 2023 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (Nasdaq: BACK) (“IMAC” or the “Company”) today announced a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-30 (the “Reverse Split”) and that it had filed a Certificate of Amendment to the Company’s Certificate of Incorporation in order to effect the Reverse Split. The Reverse Split will be effective after the market closes on September 7, 2023. Beginning with the opening of trading on September 8, 2023, the Company’s common stock will continue to trade on The Nasdaq Capital Market under the symbol “BACK,” but will trade on a split-adjusted basis under a new CUSIP number, 44967K302.

The stockholders of the Company approved the Reverse Split at the Company’s 2023 annual meeting of stockholders held on July 5, 2023. In connection with approving the Reverse Split, the Company’s stockholders granted authority to the Company’s Board of Directors (the “Board”) to determine, at its discretion, a ratio within the range of 1-for-15 to 1-for-30, at which to effectuate the Reverse Split. The Reverse Split was approved by the Board on August 30, 2023. The Reverse Split is expected to enable the Company to meet the Nasdaq Listing Rule that requires a minimum closing bid price of $1.00 per share of the Company’s common stock in order to continue the listing of the common stock on the Nasdaq Capital Market.

As a result of the Reverse Split, every 30 pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the holders and with no change in the par value per share of $0.001. The Reverse Split will proportionately reduce the number of shares of common stock available for issuance under the Company’s incentive compensation plan and proportionately reduce the number of shares of common stock issuable upon the exercise or conversion of stock options, warrants, restricted stock units and other convertible preferred stock outstanding immediately prior to the effectiveness of the Reverse Split.

The Reverse Split reduces the number of shares of the Company’s outstanding common stock from approximately 33 million pre-Reverse Split shares to approximately 1.1 million post-Reverse Split shares. No fractional shares will be issued as a result of the Reverse Split. Fractional shares that would have resulted from the Reverse Split will be rounded up to the next whole number.