IMAC Holdings, Inc. Issues Promissory Notes to Lenders

IMAC Holdings, Inc. (NASDAQ: IMAC) recently disclosed in a Form 8-K filing with the Securities and Exchange Commission that on October 30, 2024, they issued promissory notes (the “Notes”) to certain lenders. The aggregate principal amount of the Notes was reported to be $140,000, obtained for a total purchase price of $100,000 from the lenders.

These Notes, as indicated in the filing, are unsecured and are set to mature on the earlier of (i) the date of consummation of any offering or offerings of securities with gross proceeds of at least $1,000,000, or (ii) June 18, 2025. IMAC Holdings, Inc. reserves the right to prepay any portion of the outstanding principal at any time without incurring penalties.

Included in the terms of the Notes are standard representations, warranties, and covenants. Additionally, certain events of default have been outlined, under which the outstanding principal may be promptly declared due and payable. These events include specific types of bankruptcy or insolvency events involving the Company.

The company mentioned that the proceeds from a previous private offering of securities, which took place on November 14, 2024, were utilized to repay the Notes in full. For a comprehensive understanding of the Notes, it is advised to refer to the complete text of the Notes, a copy of which is available as Exhibit 4.1 attached to the Form 8-K filing.

As per Item 9.01 of the filing, IMAC Holdings, Inc. provided the following exhibit:

Exhibit 4.1: Form of Promissory Note dated October 30, 2024.

Additionally, a Cover Page Interactive Data File was embedded within the Inline XBRL document as Exhibit 104.

The Form 8-K filing was signed on behalf of IMAC Holdings, Inc. by Faith Zaslavsky, the Chief Executive Officer, on November 22, 2024. The company reported that the private securities offering proceeds were used to settle the Notes as disclosed.

It is recommended that interested parties refer to the complete Form 8-K filed with the Securities and Exchange Commission for a detailed insight into the transaction.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read IMAC’s 8K filing here.

About IMAC

IMAC Holdings, Inc owns, manages, and subleases a chain of innovative medical advancements and care regeneration centers in the United States. The company's outpatient medical clinics provide regenerative, orthopedic, and minimally invasive procedures and therapies to patients with sports injuries, ligament and tendon damage, and other related soft tissue conditions, as well as back, knee, and joint pains.