IMAC Holdings welcomes Jeffrey Busch to its Board of Directors

IMAC Holdings, Inc. (NASDAQ:IMAC), a specialty outpatient facilities provider, announced the appointment of Jeffrey Busch to its Board of Directors on September 19, 2024. Mr. Busch, who has been serving as the Chairman of Theralink Technologies, Inc. since 2020, joined the board following IMAC’s acquisition of certain assets from Theralink in May 2024.

With a career spanning over three decades, Mr. Busch has been actively involved in various sectors, including medical and pharmaceutical investments. His experience includes roles as a Presidential Appointee, an entrepreneur, and an advisor to publicly traded medical companies. He has also held significant positions in public service, such as a Chief of Staff to a U.S. Congressman and senior roles in two presidential administrations.

Mr. Busch’s extensive background includes representing the United States at the United Nations in Geneva and serving as President of the Safe Blood International Foundation, where he played a pivotal role in establishing medical facilities across 35 developing nations. His academic achievements include a degree from the New York University Stern School of Business, a Master of Public Administration with a specialization in healthcare from New York University, and a Juris Doctor from Emory University.

IMAC Holdings stated that there are no familial ties between Mr. Busch and any current director or officer of the company, and there are no financial transactions involving Mr. Busch that would require disclosure under SEC regulations.

This strategic appointment comes as IMAC Holdings continues to expand its operations in the medical facilities sector. Mr. Busch’s appointment is expected to bring valuable insights and experience to the company, given his background in medical real estate and his tenure as Chairman and CEO of Global Medical REIT (NYSE:), a company that acquires licensed medical facilities.

In other recent news, IMAC Holdings has seen a series of significant developments. The healthcare company has amended its 2018 Incentive Compensation Plan, increasing the number of shares authorized for issuance. This was approved by stockholders, along with the election of five board-nominated directors and the ratification of Marcum LLP as IMAC Holdings’ independent registered public accounting firm for the fiscal year ending December 31, 2024.

IMAC Holdings has regained compliance with Nasdaq’s minimum stockholders’ equity requirement, thanks to strategic measures including the acquisition of assets from Theralink Technologies. However, the company will be under a one-year monitoring period by Nasdaq to ensure ongoing compliance.

The company also expanded its Board of Directors with the appointment of Dr. Peter Beitsch and Dr. Matthew Schwartz, both experts in the oncology field. These changes, along with the switch to Marcum, LLP as their new independent registered public accounting firm, are part of IMAC Holdings’ ongoing efforts to strengthen its governance and financial oversight.

InvestingPro Insights

In light of the recent appointment of Jeffrey Busch to the Board of Directors of IMAC Holdings, Inc., it’s important for investors to consider the company’s current financial health and market performance. According to InvestingPro data, IMAC Holdings has a market capitalization of just 2.08 million USD, reflecting a very small company size within the industry. The firm’s financials show a gross profit in the last twelve months as of Q1 2024 at a negative 0.86 million USD, and an operating income adjusted to a loss of 2.05 million USD, indicating that the company is facing significant challenges in generating profitable operations.

Additionally, the price of IMAC’s stock has experienced a sharp decline, with a 19.42% drop in the last week alone, and a staggering 56.56% fall over the last three months. These figures suggest that investor sentiment has been bearish, which could be due to the financial difficulties highlighted by the negative gross profit margins and the anticipated lack of profitability for the year. Two InvestingPro Tips for IMAC Holdings indicate that the company’s short term obligations exceed its liquid assets and that analysts do not expect the company to be profitable this year, which may further contribute to the stock’s poor performance.

For investors seeking a deeper dive into IMAC Holdings, additional InvestingPro Tips are available, which could provide more nuanced insights into the company’s performance and potential future outlook. For more detailed analysis and tips, visit https://www.investing.com/pro/IMAC.

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