IMAC Holdings, Inc. (NASDAQ:IMAC), a healthcare company specializing in outpatient facilities, announced on Friday several significant corporate developments following a recent stockholders' meeting. The company, headquartered in Franklin, Tennessee, has amended its 2018 Incentive Compensation Plan, effectively increasing the number of shares authorized for issuance from 66,667 to 566,667 shares.
The move, detailed in an 8-K filing with the Securities and Exchange Commission (SEC), reflects a strategic effort to enhance IMAC Holdings' compensation framework for key personnel. The amendment was one of several items presented to stockholders at the annual meeting held virtually on August 30, 2024.
During the meeting, shareholders also voted on the election of directors, with all five board-nominated directors successfully securing their positions. The elected directors include Peter Beitsch, Maurice E. Evans, Michael D. Pruitt, Matthew Schwartz, and Cary W. Sucoff. They will serve until the 2025 annual meeting of stockholders or until their successors are elected and qualified.
Another critical agenda item was the ratification of Marcum LLP as IMAC Holdings' independent registered public accounting firm for the fiscal year ending December 31, 2024. The appointment was confirmed with an overwhelming majority of the votes cast in favor.
Additionally, the stockholders approved, on an advisory basis, the compensation of the company's named executive officers. This non-binding vote indicates shareholder support for the executive compensation plan.
Lastly, the amendment to the company's 2018 Incentive Compensation Plan was approved, enabling an increase in the number of shares reserved for issuance under the plan.
In other recent news, IMAC Holdings has regained compliance with Nasdaq's minimum stockholders’ equity requirement, following a series of strategic decisions. The company acquired certain assets from Theralink Technologies and entered into a Settlement and Release Agreement with Theralink, resulting in the transfer of additional assets and certain liabilities to IMAC.
Furthermore, IMAC Holdings expanded its Board of Directors, appointing Dr. Peter Beitsch and Dr. Matthew Schwartz, both experts in the oncology field. The company also changed its independent registered public accounting firm, engaging Marcum, LLP in place of Salberg & Company, P.A.
It is important to note that IMAC Holdings will be under a one-year monitoring period by Nasdaq to ensure ongoing compliance with the listing requirements. As part of these developments, IMAC Holdings successfully secured essential licenses from George Mason University and Vanderbilt University, which were critical to operating the acquired proteomics business.
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