IMAC Holdings, Inc. Announces 1-For-30 Reverse Stock Split
Portfolio Pulse from Happy Mohamed
IMAC Holdings, Inc. (NASDAQ:BACK) has announced a 1-for-30 reverse stock split of its outstanding shares of common stock, effective after the market closes on September 7, 2023. The move is aimed at enabling the company to meet the Nasdaq Listing Rule that requires a minimum closing bid price of $1.00 per share. The reverse split will reduce the number of shares of common stock from approximately 33 million to approximately 1.1 million.
September 07, 2023 | 4:46 pm
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NEUTRAL IMPACT
IMAC Holdings' reverse stock split is expected to help the company meet the Nasdaq's minimum closing bid price requirement. This could potentially stabilize the company's stock price in the short term.
The reverse stock split is a strategy used by companies to increase the market price of their stock and meet the minimum bid price requirements of stock exchanges. In the short term, this could stabilize the stock price as it shows the company's efforts to remain listed on the Nasdaq. However, it does not change the underlying fundamentals of the company.
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