Analyst Summary
- IMAC Holdings issued a promissory note to Jeffrey M. Busch, the Chair of the Board, for $27,500 and promissory notes to other lenders for $101,500.
- The notes are unsecured and mature on the earlier of a securities offering with gross proceeds of at least $1,000,000 or November 14, 2025.
- The company received a notice from Nasdaq because its common stock price was below $1.00 for 30 consecutive trading days.
- IMAC Holdings has until September 9, 2025, to regain compliance with the minimum bid price requirement.
- The company intends to take steps to regain compliance, including a potential reverse stock split, subject to stockholder approval on March 26, 2025.
- The Board of Directors approved an amendment to the company’s bylaws, lowering the required quorum for stockholder meetings from a majority to one-third of the votes.
Potential Implications
Stock Price
- The Nasdaq notice of non-compliance could negatively impact the stock price in the short term.
- The company’s efforts to regain compliance, including a potential reverse stock split, could influence the stock price.