Orthopedic treatments company IMAC Holdings has closed a successful stock offering after giving its investment banks the nod to add 1.6 million shares to the roughly 10 million it had already marketed to investors.
Exercising its over-allotment option, also called a greenshoe, pushed to $18.9 million the gross proceeds for Brentwood-based IMAC. CEO Jeff Ervin and his team plan to spend that money to buy or build out clinics — it has struck two deals in recent months — develop new treatments and buy back debt, among other things.
IMAC sold its shares for $1.60 apiece. On Tuesday afternoon, those shares (Ticker: IMAC) were changing hands at $1.67, up more than 2 percent on the day. Over the past six months, they have risen about 70 percent.