IMAC Holdings, Inc., a clinical research and commercialization company based in Franklin, Tennessee, has announced the acquisition of Theralink Technologies, Inc.’s assets as part of a Settlement and Release Agreement. 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.
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 the settlement will enable Theralink’s services to be commercialized 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., specializes in medical advancements and care within the oncology, neurological, and orthopedic fields. For more information about the company, visit www.imacholdings.com. For investor inquiries, contact jeff@imacholdings.com
