Olshan Frome Wolosky advised IMAC Holdings, Inc. on the deal
IMAC Holdings, Inc. (Nasdaq: IMAC), a provider of innovative medical advancements and care, specializing in regenerative rehabilitation orthopedic treatments without the use of surgery or opioids, signed a merger agreement to acquire ISDI Holdings, Inc. (“ISDI”), a practice management group that manages three clinics in the Chicago area.
The three managed clinics had consolidated net revenue of $5.0 million and net income of $0.8 million for the 12 months ended December 31, 2018. Under the terms of the merger agreement, IMAC will issue 1,002,306 shares of common stock at closing, which is expected to occur in the second quarter of 2019 following the satisfaction of certain conditions included in the merger agreement. Pursuant to the merger agreement, ISDI Holdings, Inc., the parent company of the Chicago clinics’ management, will merge with and into IMAC’s wholly-owned subsidiary IMAC Management of Illinois, LLC. IMAC expects to identify approximately $50,000 of annual cost synergies in connection with the merger.
As previously announced, Mike Ditka, a three-time Super Bowl champion and 11-year coach of the Chicago Bears, will serve as brand ambassador to drive awareness to the facilities, each of which will be rebranded as a Mike Ditka IMAC Regeneration Center.
The Olshan team was led by corporate counsel Jason Cabico (Picture) and included corporate partner Spencer Feldman
Law Firms: Olshan Frome Wolosky LLP;
Clients: IMAC Regeneration Centers;