The Joint Corp. Welcomes Jeff Gramm to the Board of Directors and Signs Standstill Agreement with Bandera Partners LLC
08 Novembre 2023 - 1:05PM
The Joint Corp. (NASDAQ: JYNT), the nation’s largest provider of
chiropractic care through The Joint Chiropractic® network, will
appoint Jeff Gramm to the board of directors, effective January 2,
2024 and nominate him for election to the board at the company’s
2024 Annual Meeting of shareholders. Gramm fills a vacated seat,
and the current board size remains at seven.
The Joint’s lead director Matthew E. Rubel said, “We warmly
welcome Jeff to the board. His fund has been a long-time investor
in The Joint, and he fully understands the company’s opportunities.
We believe Jeff will have valuable insights as the board oversees
the continuing development of The Joint’s strategic plan and seeks
to drive value for our shareholders.”
Gramm said, “The Joint has built a strong franchise network
revolutionizing access to chiropractic care. I am excited to work
with the board to implement initiatives to augment marketing,
increase patient acquisition, improve profitability, and create
value for all shareholders.”
Gramm’s appointment to the Board occurs in conjunction with a
Nominating and Standstill Agreement with Bandera Partners, LLC and
certain of its affiliates, which in aggregate own 3,937,296 shares
of the company’s common stock, representing approximately 26.69% of
the shares outstanding. Under the terms of that Agreement, Bandera
has agreed to limit its beneficial ownership of the Company’s
securities to its current ownership position and to abide by
certain other customary standstill provisions, effective as of the
date of the Agreement through the earlier of January 2, 2025 or the
date which is thirty (30) days prior to the nomination deadline for
the Company’s 2025 annual meeting of stockholders. Additional
details about the Agreement are contained in a Form 8-K filed by
the Company with the U.S. Securities and Exchange Commission on
November 8, 2023.
Jeff Gramm Jeff Gramm is a portfolio manager of
Bandera Partners, a value-oriented investment partnership that he
co-founded in 2006. He has served on several public company boards
of directors, including Tandy Leather Factory, Rubicon Technology,
Innovative Food Holdings, Ambassadors Group, Morgan’s Foods, and
Peerless Systems. Gramm earned his MBA at Columbia Business School
and his BA at University of Chicago.
About The Joint Corp. (NASDAQ: JYNT)The Joint
Corp. (NASDAQ: JYNT) revolutionized access to chiropractic care
when it introduced its retail healthcare business model in 2010.
Today, it is the nation's largest operator, manager and franchisor
of chiropractic clinics through The Joint Chiropractic network. The
company is making quality care convenient and affordable, while
eliminating the need for insurance, for millions of patients
seeking pain relief and ongoing wellness. With more than 900
locations nationwide and over 12 million patient visits
annually, The Joint Chiropractic is a key leader in the
chiropractic industry. Consistently named to Franchise
Times “Top 500+ Franchises”
and Entrepreneur’s “Franchise 500” lists and recognized
by FRANdata with the TopFUND award, as well as Franchise
Business Review’s “Top Franchise for 2023,” “Most Profitable
Franchises” and “Top Franchises for Veterans” ranking, The Joint
Chiropractic is an innovative force, where healthcare meets
retail.For more information, visit www.thejoint.com. To learn
about franchise opportunities,
visit www.thejointfranchise.com.
Business StructureThe Joint Corp. is a
franchisor of clinics and an operator of clinics in certain states.
In Arkansas, California, Colorado, District of Columbia, Florida,
Illinois, Kansas, Kentucky, Maryland, Michigan, Minnesota, New
Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode
Island, South Dakota, Tennessee, Washington, West Virginia and
Wyoming, The Joint Corp. and its franchisees provide management
services to affiliated professional chiropractic practices.
Media Contact: Margie Wojciechowski, The
Joint Corp., margie.wojciechowski@thejoint.comInvestor
Contact: Kirsten Chapman, LHA Investor
Relations, 415-433-3777, thejoint@lhai.com
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