IMAC Holdings exchanges Series B preferred for Series C, raises $900k in PIPE

IMAC Holdings, Inc.

Exchanged 4,550 Series B shares for 4,750 Series C-1 shares at $2.561 conversion price; old warrants exchanged for new.
PIPE sale of 1,276 Series C-2 shares and PIPE warrants netted ~$900k cash after settlement payments.
New warrants (Exchange, PIPE, Placement Agent) exercisable for ~2.62M shares at $2.561, expiring Oct 2029.
Company loans Theralink up to $1M (initial $350k at 9% cash/11% PIK), due Oct 12, 2024.
Company must seek shareholder approval by July 31, 2024 to avoid full-ratchet anti-dilution on preferred and warrants.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

IMAC Holdings, Inc. entered into Securities Purchase Agreement with accredited investors valued at aggregate cash proceeds ... of $900,000 (effective 2024-04-10).

Action: entry
Agreement: equity purchase
Counterparty: accredited investors
Value: aggregate cash proceeds ... of $900,000
Effective: 2024-04-10

Exact text from the filing

the Company entered into a securities purchase agreement (the “Securities Purchase Agreement”) with accredited investors (the “Investors”), pursuant to which the Company agreed to issue and sell, and the Investors agreed to purchase, 1,276 shares of Series C-2 convertible preferred stock

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419 material agreements filed in the last 30 days. Browse all material agreements →

IMAC Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-24-014882

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