secwatch.observer — SEC 8-K summary
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Issuer:     IMAC Holdings, Inc. (BACK)
CIK:        0001729944
Form:       8-K
Filed at:   2024-04-16T23:59:59+00:00
Accession:  0001493152-24-014882
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1729944/000149315224014882/0001493152-24-014882-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1729944/000149315224014882/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-014882

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer