BACK, a healthcare technology company based in Franklin, Tennessee, has completed the acquisition of Theralink Technologies, Inc.’s assets on May 7, 2024. The agreement was settled due to Theralink’s default on outstanding debt and involved the transfer of assets to BACK, except for certain excluded assets. In addition to the asset transfer, BACK also issued preferred stock to Theralink and debt holders following a valuation.
With the acquisition complete, IMAC Merger Sub, Inc., Theralink terminated its previous Agreement and Plan of Merger on May 6, 2024. This termination eliminates the need for a merger and allows for a more streamlined process going forward. The corresponding Registration Statement on Form S-4 has also been withdrawn in connection with this termination.
IMAC Holdings, Inc.’s CEO, Jeff Ervin, highlighted the benefits of the settlement for both companies. “Theralink’s advancements in breast cancer diagnostics can now move forward under BACK’s ownership,” he stated. The company is focused on stabilizing operations, transitioning key employees and capitalizing on the expertise in proteomic analysis and precision medicine within the team.”
IMAC Holdings is a clinical research and commercialization company specializing in Innovative Medical Advancements and Care in oncology, neurological and orthopedic specialties. For more information about IMAC Holdings visit www.imacholdings.com. Investors can contact jeff@imacholdings
