IMAC Holdings Announces Closing of Public Offering

BRENTWOOD, Tenn. (March 31, 202)—IMAC Holdings, Inc., a provider of medical advancements and care specializing in regenerative and rehabilitation orthopedic treatments without the use of surgery or opioids, closed its previously announced underwritten public offering of 10,625,000 shares of common stock at a public offering price of $1.60 per share, for total gross proceeds of $17.0 million. The net proceeds, after underwriting discounts, but before estimated expenses of the offering payable by IMAC, were approximately $16.0 million. All shares of common stock sold in the offering were sold by the company, except that the company, together with its co-founder and chief operating officer as a selling stockholder, granted the underwriter for the offering a 45-day option to purchase up to 15% of the shares of common stock in the offering.

IMAC intends to use the net proceeds from the offering to finance acquisitions of medical clinics, repay outstanding promissory notes, fund the launch of retail healthcare clinics and further develop potential new treatments, and for working capital and general corporate purposes.

Kingswood Capital Markets, division of Benchmark Investments, Inc. acted as the sole bookrunning manager for the public offering.

A final prospectus relating to the offering was filed with the Securities and Exchange Commission on March 24, 2021, and is available on the SEC’s website at www.sec.gov or from Kingswood Capital Markets, division of Benchmark Investments Inc., Attention: Syndicate Department, 17 Battery Place, Suite 625, New York, New York 10004, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at [email protected].