IMAC Holdings Enters Material Definitive Agreement
Ticker: BACK · Form: 8-K · Filed: Oct 23, 2024 · CIK: 1729944
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
IMAC Holdings just signed a big deal, expect financial updates soon.
AI Summary
IMAC Holdings, Inc. entered into a Material Definitive Agreement on October 18, 2024, which involves a direct financial obligation or an off-balance sheet arrangement. The filing also includes financial statements and exhibits related to this agreement.
Why It Matters
This filing indicates a significant new financial commitment or arrangement for IMAC Holdings, Inc., which could impact its financial obligations and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements can introduce new financial risks and obligations that require careful monitoring.
Key Players & Entities
- IMAC Holdings, Inc. (company) — Registrant
- October 18, 2024 (date) — Date of earliest event reported
FAQ
What type of Material Definitive Agreement did IMAC Holdings, Inc. enter into?
The filing states that IMAC Holdings, Inc. entered into a Material Definitive Agreement on October 18, 2024, which involves a direct financial obligation or an off-balance sheet arrangement. Specific details of the agreement are not provided in this summary.
What is the significance of the 'Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement' item?
This item indicates that the agreement entered into by IMAC Holdings, Inc. on October 18, 2024, creates a new financial commitment or liability for the company, which could affect its balance sheet and financial health.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on October 18, 2024.
What is the business address of IMAC Holdings, Inc.?
The business address of IMAC Holdings, Inc. is 3401 Mallory Lane, Suite 100, Franklin, Tennessee 37067.
What is the SEC file number for IMAC Holdings, Inc.?
The SEC file number for IMAC Holdings, Inc. is 001-38797.
Filing Stats: 600 words · 2 min read · ~2 pages · Grade level 11.3 · Accepted 2024-10-23 11:51:44
Key Financial Figures
- $0.001 — ch registered Common Stock, par value $0.001 per share BACK Nasdaq Capital Marke
- $140,000 — ") in the aggregate principal amount of $140,000, for an aggregate purchase price from t
- $100,000 — gate purchase price from the Lenders of $100,000. The Notes are unsecured and mature o
- $1,000,000 — urities with gross proceeds of at least $1,000,000, and (ii) June 18, 2025. The Company ma
Filing Documents
- form8-k.htm (8-K) — 42KB
- ex4-1.htm (EX-4.1) — 94KB
- 0001493152-24-042190.txt ( ) — 332KB
- back-20241018.xsd (EX-101.SCH) — 3KB
- back-20241018_lab.xml (EX-101.LAB) — 33KB
- back-20241018_pre.xml (EX-101.PRE) — 24KB
- form8-k_htm.xml (XML) — 4KB
01
Item 1.01 Entry into a Material Definitive Agreement. The information provided in Item 2.03 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01.
03
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On October 18, 2024, IMAC Holdings, Inc. (the "Company") issued promissory notes (the "Notes") to certain lenders (the "Lenders") in the aggregate principal amount of $140,000, for an aggregate purchase price from the Lenders of $100,000. The Notes are unsecured and mature on the earlier of (i) the date of consummation of any offering or offerings, individually or in the aggregate, of securities with gross proceeds of at least $1,000,000, and (ii) June 18, 2025. The Company may prepay any portion of the outstanding principal at any time without penalty. The Notes include customary representations, warranties and covenants and sets forth certain events of default after which the outstanding principal may be declared immediately due and payable, including certain types of bankruptcy or insolvency events of default involving the Company. The foregoing description of the Notes is not complete and is qualified in its entirety by reference to the full text of the Notes, a copy of the form of which is filed herewith as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Financial Statements
Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 4.1 Form of Promissory Note dated October 18, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 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: October 22, 2024 IMAC HOLDINGS, INC. By: /s/ Faith Zaslavsky Name: Faith Zaslavsky Title: Chief Executive Officer