Joint Corp. to sell 45 corporate managed clinics to Elite Chiro for $2.3M

Joint Corp. (JYNT) announced that it has signed an asset purchase agreement effective on April 20 for the sale of 45 corporate managed clinics in Southern California to Elite Chiro Group for approximately $2.3M. Pursuant to the APA, Elite Chiro Group will assume business operations of 32 of those clinics April 27 through a management service agreement until lease assignments are completed to permit the clinics’ ownership transfer, and will assume ownership of the remaining 13 corporate-managed clinics. Upon completion, this transaction, together with two previously announced refranchising agreements pending closing, will reduce the company’s corporate managed clinics to just three out of 960 locations in its total clinic portfolio.