SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): December 4, 2020
|IMAC Holdings, Inc.|
|(Exact name of registrant as specified in its charter)|
or Other Jurisdiction
|1605 Westgate Circle, Brentwood, Tennessee||37027|
|(Address of Principal Executive Offices)||(Zip Code)|
Registrant’s Telephone Number, Including Area Code: (844) 266-4622
|(Former Name or Former Address, If Changed Since Last Report)|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
|[ ]||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|[ ]||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|[ ]||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|[ ]||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
Securities registered pursuant to Section 12(b) of the Act:
|Title of Each Class||Trading Symbol||Name of Each Exchange on Which Registered|
|Common Stock, par value $0.001 per share||IMAC||NASDAQ Capital Market|
|Warrants to Purchase Common Stock||IMACW||NASDAQ Capital Market|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company [X]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
|Item 8.01||Other Events.|
On December 4, 2020, IMAC Holdings, Inc., a Delaware corporation (the “Company”), issued a press release (the “Press Release”) announcing the United States Small Business Administration confirmed the complete waiver of repayment of a $1.69 million Payroll Protection Plan promissory note issued by the Company in April 2020. A copy of the Press Release dated December 4, 2020 is attached as Exhibit 99.1 to this Current Report on Form 8-K.
|Item 9.01||Financial Statements and Exhibits.|
|99.1||Press Release, dated December 4, 2020.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|December 4, 2020||IMAC HOLDINGS, INC.|
|By:||/s/ Jeffrey S. Ervin|
|Name:||Jeffrey S. Ervin|
|Title:||Chief Executive Officer|
IMAC Holdings Receives Forgiveness of $1.69 Million PPP Loan
BRENTWOOD, Tenn., Dec. 04, 2020 (GLOBE NEWSWIRE) — IMAC Holdings, Inc. (Nasdaq: IMAC) (“IMAC” or the “Company”), a provider of innovative medical advancements and care specializing in regenerative rehabilitation orthopedic treatments without the use of surgery or opioids, today announces the United States Small Business Administration (the “SBA”) has confirmed a complete waiver of a $1.69 million Payroll Protection Plan (“PPP”) promissory note issued by IMAC earlier this year. In the spring of 2020, as a result of the COVID-19 pandemic IMAC was forced to temporarily close three clinics under governor’s orders and furlough or terminate 27% of its workforce. With the assistance of the PPP loan, as of September 30, 2020, 98% of IMAC’s full and part-time workforce returned to work for IMAC.
As stipulated by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, the Company complied with using the PPP funds for payroll costs, costs used to continue group health care benefits, mortgage payments, rent utilities, and interest on other debt obligations. As a result, IMAC submitted a loan forgiveness application, which the SBA approved.
“IMAC judiciously applied the capital granted by the CARES Act according to its terms and conditions and our operations have continued with our experienced team of medical professionals in place,” said Jeffrey Ervin, Chief Executive Officer of IMAC. “The PPP forgiveness will result in a $1.69 million decrease of debt from the September 30 balance sheet, with $1 million of that balance classified as a current liability.”
About IMAC Holdings, Inc.
IMAC Holdings was created in March 2015 to expand on the footprint of the original IMAC Regeneration Center, which opened in Kentucky in August 2000. IMAC Regeneration Centers combine life science advancements with traditional medical care for movement restricting diseases and conditions. IMAC owns or manages 15 outpatient clinics that provide regenerative, orthopedic and minimally invasive procedures and therapies. It has partnered with several active and former professional athletes, opening six Ozzie Smith IMAC Regeneration Centers, two David Price IMAC Regeneration Centers, as well as Mike Ditka IMAC Regeneration Centers and a Tony Delk IMAC Regeneration Center. IMAC’s outpatient medical clinics emphasize its focus around treating sports and orthopedic injuries and movement-restricting diseases without surgery or opioids. More information about IMAC Holdings, Inc. is available at www.imacregeneration.com.
Safe Harbor Statement
This press release contains forward-looking statements. These forward-looking statements, and terms such as “anticipate,” “expect,” “believe,” “may,” “will,” “should” or other comparable terms, are based largely on IMAC’s expectations and are subject to a number of risks and uncertainties, certain of which are beyond IMAC’s control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, risks and uncertainties associated with its ability to raise additional funding, its ability to maintain and grow its business, variability of operating results, its ability to maintain and enhance its brand, its development and introduction of new products and services, the successful integration of acquired companies, technologies and assets, marketing and other business development initiatives, competition in the industry, general government regulation, economic conditions, dependence on key personnel, the ability to attract, hire and retain personnel who possess the skills and experience necessary to meet customers’ requirements, and its ability to protect its intellectual property. IMAC encourages you to review other factors that may affect its future results in its registration statement and in its other filings with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this press release will in fact occur.
IMAC Press Contact: