secwatch.observer — SEC 8-K summary
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Issuer:     IMAC Holdings, Inc. (BACK)
CIK:        0001729944
Form:       8-K
Filed at:   2024-05-01T23:59:59+00:00
Accession:  0001493152-24-017373
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

IMAC acquires $16.22M in Theralink notes for Series D preferred; to take Theralink assets in settlement
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- IMAC issued Series D Convertible Preferred Stock in exchange for $16,221,873.89 principal of Theralink senior secured convertible notes; IMAC will hold 74.01% of outstanding Notes.
- Settlement & Release: IMAC forgives Theralink debt and transfers assets (excluding certain excluded assets) to IMAC in exchange for issuance of Series E Convertible Preferred Stock to Theralink.
- Termination of prior merger agreement between IMAC and Theralink; Form S-4 registration statement to be withdrawn.
- Appraisal of Theralink assets by The Mentor Group will determine exact number of Series D and Series E preferred shares; transactions expected to close in May 2024.
- IMAC assumes certain Theralink liabilities and agrees to hire some Theralink employees; no cash paid by IMAC in the transactions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1729944/000149315224017373/0001493152-24-017373-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1729944/000149315224017373/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-017373

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