STOCK TITAN

IMAC Holdings (BACK) gives up Ignite assets to satisfy defaulted notes and links $36M ADTX preferred deal

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

IMAC Holdings, Inc. reports that it has entered into a voluntary turnover, retention in satisfaction and release agreement after defaulting on its senior secured notes. The collateral agent may take 100% of the equity of subsidiary Ignite Proteomics LLC and related Ignite assets, and this turnover is deemed full satisfaction of the notes and related obligations.

The agreement acknowledges a proposed sale of the Ignite assets to Aditxt, Inc. (ADTX) for a stated value of at least $35 million. IMAC also entered into a securities purchase agreement under which ADTX and other investors purchased Series A-2 convertible preferred stock for an aggregate of $36,000,000, to be paid and satisfied by transferring Ignite asset rights and title to ADTX, potentially with additional cash. The preferred stock carries piggyback registration rights and the equity issuance relies on private offering exemptions.

Positive

  • Senior secured notes fully satisfied through collateral turnover: The voluntary transfer of all Ignite-related assets to the collateral agent is deemed full satisfaction of the senior secured notes and related obligations, removing that secured debt exposure from IMAC’s balance sheet.

Negative

  • Default and loss of Ignite Proteomics asset base: IMAC acknowledges default under its senior secured notes and agrees to turn over 100% of Ignite Proteomics equity and related assets, indicating a material reduction in its operating asset footprint to resolve the obligation.

Insights

IMAC cures a secured default by surrendering a key asset base.

IMAC Holdings acknowledges default on its senior secured notes and agrees that the collateral agent may take all equity in Ignite Proteomics and related Ignite assets. This voluntary turnover is treated as full satisfaction of the notes, effectively swapping the collateral package for extinguishment of the debt.

The filing also notes a proposed sale of the Ignite assets to ADTX for at least $35 million, and a related $36,000,000 issuance of ADTX Series A-2 preferred stock tied to the transfer of Ignite asset rights. While this retires the secured obligation, IMAC appears to relinquish a significant operating asset base to accomplish it. Future disclosures in company filings may clarify the remaining business profile and capital structure after this transaction.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 11, 2026

 

IMAC Holdings, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   001-38797   83-0784691

(State or other jurisdiction of

incorporation or organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification Number)

 

3401 Mallory Lane, Suite 100

Franklin, Tennessee

  37067
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (844) 266-4622

 

 

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.001 per share   BACK   OTC Markets Group, Inc.

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 1.01 Entry into a Material Agreement

 

On March 11, 2026, IMAC Holdings, Inc., a Delaware corporation (the “Company”) entered into a voluntary turnover, retention in satisfaction and release agreement (the “Turnover and Release Agreement”) with Cavalry Fund I SPV I LP, a Delaware limited partnership, as collateral agent (the “Collateral Agent”) and the holders (the “Noteholders”) of senior secured notes (the “Notes”) issued pursuant to that certain securities purchase agreement entered into on December 19, 2025. Pursuant to the Turnover and Release Agreement, the Company acknowledges that it is in default of its obligations under the Notes and that the Collateral Agent may take possession of 100% of the equity interests of Ignite Proteomics LLC (“Ignite”), a subsidiary of the Company, and all the assets of the Company and/or any of its subsidiaries related to or otherwise used in the business of Ignite (the “Ignite Assets”). Under the Turnover and Release Agreement, the voluntary turnover by the Company of the Ignite Assets and the retention of the Collateral Agent of the Ignite Assets constitute the full satisfaction of the Notes and the obligations owed to the Noteholders thereunder. The Turnover and Release Agreement also includes a provision acknowledging the proposed sale of the Ignite Assets to Aditxt, Inc., a Delaware corporation (“ADTX”) for a stated value of at least $35 million and a provision providing for the mutual release of claims with respect to the satisfaction of the Notes.

 

On March 11, 2026, the Company also entered into a securities purchase agreement (the “Securities Purchase Agreement”) with ADTX and several investors party thereto (the “Investors”) pursuant to which ADTX sold a new series of convertible preferred stock designated as Series A-2 convertible preferred stock, $0.001 par value per share which are convertible to shares of common stock (the “A-2 Preferred Stock”) in an amount of $1,000 per share (for an aggregate of $36,000,000). The A-2 Preferred Stock will be deemed paid and satisfied in full by the transfer to the ADTX of all rights and title of the Ignite Assets owned by the Investors, such payment may be made in conjunction with a cash payment directly to ADTX. ADTX has separately entered into a voting and leak-out agreement with the various shareholders under the Securities Purchase Agreement.

 

The Securities Purchase Agreement contains customary representations, warranties, indemnification provisions and closing conditions. The representations, warranties and covenants contained in the Securities Purchase Agreement were made only for purposes of the Securities Purchase Agreement and as of specific dates, were solely for the benefit of the parties to such agreement and are subject to certain important limitations.

 

The Securities Purchase Agreement contains piggyback registration rights pursuant to which if at any time after the 150th calendar day after the closing date: (1) there is not an effective registration statement covering the Preferred Stock (and the shares of common stock issuable upon conversion of the Preferred Stock) or the prospectus contained therein is not available for use and (2) the Company is preparing to file with the SEC on a registration statement relating to an offering for its own account or for others, then the Company must provide the Investors with notice of such an intent. The Investors may then, within fifteen days after the date of notice, choose to have their securities included in the registration statement to be registered, however, the Company shall not be required to register any securities that are eligible for resale pursuant to Rule 144 without restriction or any securities that are already the subject of a then effective registration statement.

 

The foregoing description of the Securities Purchase Agreement and the Turnover and Release Agreement do not purport to be complete and are qualified in its entirety by the full text of the Securities Purchase Agreement and the Turnover and Release Agreement by the terms and conditions of the documents themselves, copies of which are attached hereto as Exhibit 10.1 and Exhibit 10.2 respectively and are incorporated herein by reference.

 

Item 3.02 Unregistered Sales of Equity Securities

 

The information set forth in “Item 1.01 Entry into a Material Definitive Agreement” relating to the potential issuance of equity is incorporated by reference herein in its entirety. The offer and sale of equity to the Investor is and will be made in reliance upon the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and/or Rule 506(b) of Regulation D promulgated thereunder. This Current Report on Form 8-K shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from the registration requirements and certificates evidencing such shares contain a legend stating the same.

 

Item 9.01. Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.   Description
104   Cover Page Interactive Data File (embedded within the Inline XBRL document).
10.1   Securities Purchase Agreement by and among Aditxt, Inc., IMAC Holdings, Inc. and Cavalry Fund I SPV I LP, dated March 11, 2026.
10.2   Voluntary Turnover, Retention In Satisfaction and Release Agreement, by and between IMAC Holdings, Inc. and Cavalry Fund I SPV I LP, dated March 11, 2026.

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: March 19, 2026

 

  IMAC HOLDINGS, INC.
     
  By: /s/ Faith Zaslavsky
  Name: Faith Zaslavsky
  Title: Chief Executive Officer

 

 

 

FAQ

What did IMAC Holdings (BACK) disclose about its senior secured notes?

IMAC Holdings disclosed it is in default under its senior secured notes. It agreed that the collateral agent may take all equity in Ignite Proteomics and related assets, and this turnover will constitute full satisfaction of the notes and related obligations.

How are the Ignite Proteomics assets being treated in IMAC Holdings’ new agreements?

IMAC agreed to voluntarily turn over all equity and assets related to Ignite Proteomics to the collateral agent in full satisfaction of the notes. The filing also acknowledges a proposed sale of these Ignite assets to Aditxt, Inc. for a stated value of at least $35 million.

What is the Aditxt (ADTX) securities purchase involving IMAC Holdings about?

Aditxt and several investors agreed to purchase Series A-2 convertible preferred stock for an aggregate of $36,000,000. This preferred stock will be deemed paid and satisfied by transferring all rights and title of Ignite assets owned by the investors to Aditxt, potentially with additional cash.

What registration and resale rights are tied to the new A-2 preferred stock?

The securities purchase agreement grants piggyback registration rights. If after the 150th day there is no effective registration and the company prepares a new registration statement, investors can request inclusion of their preferred stock and related common shares, subject to customary eligibility limitations.

How is IMAC Holdings (BACK) issuing equity in this transaction?

IMAC’s equity-related transaction with investors is structured as an unregistered sale relying on Section 4(a)(2) of the Securities Act and/or Rule 506(b) of Regulation D. The securities will carry restrictive legends and cannot be sold without registration or a valid exemption.

What legal protections are included in IMAC’s new agreements with Aditxt and noteholders?

The securities purchase agreement includes customary representations, warranties, indemnification provisions and closing conditions. The turnover and release agreement also provides for mutual releases of claims related to satisfaction of the notes, limiting future disputes among the parties regarding these obligations.

Filing Exhibits & Attachments

9 documents
Imac Hldgs Inc

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Medical Care Facilities
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