SCHEDULE 13G/A: Jorge Ruiz Discloses 13.03% Stake in IMAC Holdings, Inc. via Schedule 13G Filing

Jorge Ruiz has reported a beneficial ownership of 13.03% of IMAC Holdings, Inc.'s common stock, holding 148,385 shares with sole voting and dispositive power, as disclosed in a recent Schedule 13G filing.

Summary

• Jorge Ruiz reported beneficial ownership of 148,385 shares of common stock in IMAC Holdings, Inc.
• This represents 13.03% of the company's common stock.
• The filing indicates that Jorge Ruiz has sole voting power and sole dispositive power over all 148,385 shares.
• The acquisition of these securities was not for the purpose of changing or influencing control of the issuer, nor in connection with any transaction having that purpose, except for activities solely related to a nomination under Rule 240.14a-11.
• The event requiring this filing occurred on March 22, 2024.

Sentiment

Score: 5

Explanation: The document is a factual disclosure of beneficial ownership and does not contain information that inherently indicates positive or negative sentiment regarding the company's performance or outlook. The sentiment is neutral as it simply reports a change in ownership structure.

Positives

• A significant individual stake of 13.03% by Jorge Ruiz could signal confidence in IMAC Holdings, Inc.'s future prospects.
• The filing explicitly states the shares were not acquired for the purpose of changing or influencing control, which may suggest a passive investment intent, potentially reducing concerns about immediate activist pressure.

Risks

• The filing mentions the possibility of activities solely in connection with a nomination under Rule 240.14a-11, which could imply potential future engagement in proxy contests or board nominations, even if not for control.

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11."

Corporate Governance

Stakeholder Impact

• Shareholders: The disclosure of a significant individual shareholder holding 13.03% of the common stock provides transparency to other shareholders regarding the ownership structure. The stated intent not to seek control, but potentially to nominate directors, could influence future shareholder engagement and proxy voting.

Next Steps

• The filing indicates the possibility of activities solely in connection with a nomination under Rule 240.14a-11, which could lead to future board nominations or proxy activities by Jorge Ruiz.

Key Dates

Keywords

IMAC Holdings, Jorge Ruiz, Schedule 13G, beneficial ownership, common stock, SEC filing, ownership stake, passive investment, corporate governance