---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-004548"
form_type: "8-K"
ticker: null
cik: "0001136174"
company_name: "Ontrak, Inc."
filed_at: "2023-02-22T23:59:59+00:00"
generated_at: "2026-06-19T04:13:13.777994+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Ontrak stockholders approve reverse split and Keep Well deal; Acuitas Capital gains ~83% control

## Summary
- Stockholders approved reverse stock split (4:1 to 6:1) and Keep Well Proposal for $10M additional funding from Acuitas Capital.
- Acuitas Capital's beneficial ownership rises to ~83% after issuance of 2,038,133 shares, exchange warrants, and convertible notes.
- New Keep Well Notes convertible at $0.40/share; warrants exercisable at $0.45; potential issuance of up to 200M+ shares if fully converted/exercised.
- Company entered into Stockholders Agreement requiring at least three independent directors and approval of related-party transactions by independent directors.
- Charter amendment filed to remove Article EIGHTH (tax loss carryover restrictions) effective Feb 21, 2023.

## SEC filing metadata
- accession: 0001628280-23-004548
- form_type: 8-K
- cik: 0001136174
- company_name: Ontrak, Inc.
- filed_at: 2023-02-22T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 3.02, 5.07, 5.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1136174/000162828023004548/0001628280-23-004548-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1136174/000162828023004548/cats-20230220.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-004548
- JSON: https://secwatch.observer/filing/0001628280-23-004548.json
- Plain text: https://secwatch.observer/filing/0001628280-23-004548.txt

## Key facts
- M&A Transactions
  Ontrak, Inc. underwent a change of control involving Acuitas Capital.
  - Action: change of control
  - Counterparty: Acuitas Capital
  source text: Immediately following the issuance of the Additional Commitment Shares, the Exchange Warrants, and the Exchange Notes, Acuitas Capital’s beneficial ownership of the Company’s capital stock was approximately 83%.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1136174/000162828023004548/0001628280-23-004548-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.