By Dean Seal

Imac Holdings Inc. said Tuesday that its board of directors is exploring a potential merger, spin-off, sale or some other strategic transaction for the company's assets and business units.

Chief Executive Jeffrey Ervin said the company was looking to expand into complementary revenue streams and believes the time is right to consider strategic alternatives for its assets.

"We simply see a disconnect between asset values we have developed and the value our assets may have to partners," he said.

The medical services provider, which specializes in treatments for movement-restricting conditions that don't incorporate surgery or opioids, was formed in 2015 to expand on the footprint of the IMAC Regeneration Center in Kentucky.

It has added other business avenues since, including its pilot program for The Back Space retail chiropractic concept, located in some Walmart stores.

Investor Peter Lynch disclosed a 5.2% stake in the company last month, sending the company's shares up more than 20% to $1.04.

Shares were down to 15.8% on the year to close at 96 cents Monday.

Trading in the shares was halted Tuesday morning just before the company's board said it was considering strategic alternatives for one or more of its business lines and assets.

Write to Dean Seal at dean.seal@wsj.com

$(END)$ Dow Jones Newswires

July 26, 2022 09:49 ET (13:49 GMT)

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