other material
confidence high
sentiment neutral
materiality 0.65
IMAC Holdings closes $3.74M PIPE, enters $60M equity line, amends preferred stock terms
IMAC Holdings, Inc.
- Raised $3.74M via PIPE of Series G Preferred Stock (convertible at $1.57) and warrants (exercise price $1.44).
- Used $2.24M of proceeds to repay outstanding promissory notes; balance for general corporate purposes.
- Entered $60M equity line of credit; can sell shares at 92.5% of VWAP subject to $0.25 minimum price and other conditions.
- Amended existing preferred stock to waive stockholder approval requirement and eliminate antidilution adjustment rights.