Orthopedic clinic operator IMAC Holdings this week sold more than $2.6 million worth of its stock to institutional investors, money its leaders plan to use to retire some debt and fund the growth of the company's clinic network.
Brentwood-based IMAC signed agreements to sell nearly 1.8 million shares at $1.50 each, which was about 12 percent below where the shares were trading at the time of the company's sale. After paying about $275,000 in fees and expenses, IMAC execs will take home nearly $2.4 million.
IMAC CEO Jeff Ervin and his team have been busy raising funds this year. They secured $1 million in March from Iliad Research & Trading to push forward their work on a stem cell-based treatment and a month later landed nearly $1.7 million in Paycheck Protection Program backing via Pinnacle Bank. The company runs 15 treatment centers in four states. On Friday afternoon, their shares (Ticker: IMAC) were changing hands at $1.56.