IMAC Holdings (BACK) Announces $3.9 Million Registered Direct and Private Placement

IMAC Holdings, Inc. (Nasdaq: BACK) (“IMAC” or the “Company”), a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic treatments, today announced that it has entered into a securities purchase agreement with institutional investors for the purchase and sale of 5,164,474 shares of common stock at a purchase price of $0.76 per share in a registered direct offering.

In a concurrent private placement, the Company also agreed to issue to the investors Series 1 warrants to purchase 5,164,474 shares of common stock that will become exercisable on the date that is six months following the date of issuance of the shares of common stock in the registered direct offering (the “Exercise Date”) and expire on the five year anniversary of the Exercise Date, at an exercise price of $0.95 per share, and Series 2 warrants to purchase 5,164,474 shares of common stock that will become exercisable on the Exercise Date and expire on the one year anniversary of the Exercise Date, at an exercise price of $0.95 per share. The aggregate gross proceeds to the Company of both transactions are expected to be approximately $3.9 million before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and other general corporate purposes, including financing the costs of implementing the Company’s strategic alternatives activities.

The transactions are expected to close on or about August 16, 2022, subject to the satisfaction of customary closing conditions.

Joseph Gunnar & Co., LLC is acting as the Sole Placement Agent.

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