IMAC Holdings, Inc. announced that it has entered into an an agreement with several investors, including Theralink Technologies Inc. for the sale of its preferred stock and warrants on July 26, 2023. The company sold an aggregate of 2,500 shares of its Series A-1 Convertible Preferred Stock, valued $1,000 per share for the gross proceeds of $2,500,000, 1,800 shares of its Series A-2 Convertible Preferred Stock, stated value $1,000 per share for the gross proceeds of $1,800,000, aggregate gross proceeds of $4,300,000 and Warrants to purchase up to 62,271,063 shares of its common stock. The A1 shares bear a 12% dividend, and are initially convertible into an aggregate of 22,893,773 shares of common stock of the company, A-2 Convertible Preferred Stock are initially convertible into an aggregate of 16,483,517 shares of common stock at a conversion price of $0.1092 per share.

The Warrants have an exercise price of $0.1092 per share, are exercisable immediately, and will expire five years from the date of shareholder approval of this private placement. The securities offered in the private placement are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act") and/or Rule 506(b) of Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws.