The IMAC Holdings Inc (NASDAQ: BACK) stock price surged 67.27% despite the lack of news from the company as investor interest in the company skyrocketed. Over 20.2 million BACK shares had changed hands at writing as investors flocked to the stock.
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The last significant announcement from IMAC Holdings was the delisting notice from the Nasdaq Capital Markets listing qualifications department on May 31, 2023, about the company’s failure to comply with the rules for continued listing on the exchange.
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The operator of health and wellness centres that deliver sports medicine, orthopaedic care, and restorative joint and tissue therapies for movement-restricting pain and neurodegenerative diseases had until July 17, 2023, to submit a plan to the Nasdaq regarding how it plans to regain compliance.
The company promised to file its plan with the Nasdaq Exchange, although it warned investors there was no guarantee that the listings department would accept the plan. The company plans to appeal if Nassdaq rejects its plan. It is unclear when the company shall file the plan.
Another significant announcement from IMAC Holdings was the acquisition via a reverse stock merger of Theralink Technologies, Inc., in which Theralink will survive as a wholly-owned subsidiary of IMAC.
The two companies are partnering to focus on end-to-end proteomics testing, one of medicine’s most vital and growing areas. The Theralink® Test for Advanced Breast Cancer measures the abundance and activation of 32 clinically actionable biomarkers.
The test reports which of the 32 biomarkers are highly expressed or activated and the FDA-approved therapeutics that target them. This test is a novel tool that supports oncologists in selecting the most effective treatment plans for their cancer patients.
Therefore, despite the lack of recent releases, investors could be reacting to the previous news releases from IMAC Holdings, which explains the renewed interest in BACK shares witnessed today.
*This is not investment advice.
IMAC Holdings (BACK) stock price.
The IMAC Holdings (BACK) stock price surged 67.27% to trade at $0.18, rising from Friday’s closing price of $0.11.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.