IMAC Holdings, Inc. (IMAC) is an orthopedic treatment provider in medical advancements and care regeneration centers in the U.S. IMAC stock saw a downtrend of 5.78% today to drop at $1.63 a share as of this writing. IMAC Holdings recently announced the pricing of the public offering of its common stock. Let’s deep dive to explore more of it.
IMAC has announced a public offering price of $1.60 per share for 10,625,000 shares of its common stock for gross proceeds of $17.0 million. The net proceeds are estimated to be approximately $16.0 million after deducting underwriting discounts. The IMAC holdings along with its co-founder and chief operating officer have the grant of 45-day option to buy up to 15% shares of its common stock under this offering. The offering will close probably on March 26, 2021.
IMAC stock is planning to use the net proceeds to meet the expenses related to the acquisition of medical clinics and in the launching of its healthcare clinics, to finance outstanding promissory notes, to meet expenses related to the development of new potential treatments in the future, and for general corporate purposes.
A Financial look at IMAC stock
In the first week of March 2021, IMAC stock reported its 2020 financial results in which IMAC recorded total net patient revenue of $12.8 million in the fourth quarter which was 15% less than the $15.1 million of prior year.Net loss was decreased to $5.0 million or $0.45 per share of IMAC as compared to a net loss of $6.5 million or $0.84 per share of IMAC in the same quarter of the previous year.IMAC Holdings had $2.6 million cash at the end of the fourth quarter while it was $0.4 million in 2019.
The penny IMAC stock is still gloomy today in the stock market. Companies like Pfizer and Johnson & Johnson have greatly attracted investors due to the development of the COVID-19 vaccine and the companies working on other ailments have suffered to some extent. In a nutshell, individuals eyeing IMAC stock have to research its balance sheet, fundamentals, and growth prospects before taking any step.