On May 1, 2024, IMAC Holdings, Inc., based in Franklin, Tennessee announced that it had acquired the assets of Theralink Technologies, Inc. as part of a Settlement and Release Agreement between the two companies. The acquisition was made in settlement of Theralink’s default on certain outstanding debt. The agreement also included the issuance of shares of preferred stock of IMAC Holdings to Theralink and/or certain holders of Theralink’s debt following a third party valuation of Theralink’s business.
With IMAC Holdings now in possession of Theralink’s assets, the previously planned merger between the two companies is no longer necessary. A Termination Agreement was signed on May 6, 2024, between IMAC Holdings, IMAC Merger Sub, Inc., and Theralink, terminating the Agreement and Plan of Merger that was previously in place.
In light of these developments, IMAC Holdings has decided to formally withdraw the Registration Statement on Form S-4 that was related to the now-terminated Merger Agreement. The company believes that this new settlement arrangement will allow Theralink’s advancements in breast cancer diagnostics to continue to progress under the IMAC Holdings umbrella.
Jeff Ervin, the Chief Executive Officer of IMAC Holdings stated that “We are excited about this new settlement arrangement as it will enable us to commercialize Theralink’s services more efficiently and effectively.” The company is now focusing on stabilizing operations and transitioning key employees to further capitalize on the success of Theralink’s proteomic analysis and precision medicine expertise.
IMAC Holdings, Inc. is a clinical research and commercialization company that specializes in medical advancements and care within the oncology, neurological, and orthopedic fields. For more information about the company visit www.imacholdings.com or contact jeff@imacholdings
