IMAC Holdings, Inc. 8-K

What Happened

• IMAC Holdings, Inc. (BACK) filed an 8-K on March 19, 2026 disclosing that on March 11, 2026 it entered a Voluntary Turnover, Retention in Satisfaction and Release Agreement with Cavalry Fund I SPV I LP (the collateral agent) and the holders of certain senior secured notes. IMAC acknowledged a default under the notes and agreed the collateral agent may take 100% of the equity of Ignite Proteomics LLC and related Ignite assets. The turnover and retention by the collateral agent is treated as full satisfaction of the notes and related obligations.
• On the same date IMAC also entered a Securities Purchase Agreement with Aditxt, Inc. (ADTX) and other investors under which ADTX issued a new Series A-2 convertible preferred stock (A-2 Preferred) at $1,000 per share for an aggregate stated amount of $36,000,000. The A-2 Preferred is to be deemed paid in full by transferring to ADTX the investors’ rights and title in the Ignite assets (and possibly a cash payment). The agreements acknowledge a proposed sale of the Ignite assets to ADTX for a stated value of at least $35 million.

Key Details

• Date of agreements: March 11, 2026 (reported in 8-K filed March 19, 2026).
• Collateral agent / Noteholders: Cavalry Fund I SPV I LP and holders of senior secured notes issued under a Dec 19, 2025 securities purchase agreement.
• Ignite consideration: Proposed sale to ADTX for at least $35 million; ADTX issued A-2 Preferred stock totaling $36,000,000 (priced $1,000 per share).
• Effect on debt: Voluntary turnover and retention of Ignite assets by the collateral agent constitutes full satisfaction and mutual release of the related notes and obligations.

Why It Matters

• This transaction removes Ignite Proteomics and its related assets from IMAC’s control as the collateral agent takes possession, and treats that transfer as full repayment of the specified secured notes—material to IMAC’s asset base and outstanding secured debt.
• The proposed transfer/sale to Aditxt and issuance of convertible preferred stock could change the makeup of assets and capital structure; the A-2 Preferred is convertible into common stock and includes customary representations and piggyback registration rights (and ADTX has voted/leak‑out agreements with investors).
• For investors, the key facts are that IMAC has acknowledged a default, surrendered the Ignite business to satisfy a secured financing, and that the transaction involves a multi‑million dollar arrangement (stated at $35M–$36M) that will affect company assets and obligations.