Imac Holdings Executes Highly Secured Senior Notes Financing

Imac Holdings ( (BACK) ) has shared an update.

On December 19, 2025, IMAC Holdings, Inc. entered into a Securities Purchase Agreement with funds affiliated with Cavalry and C/M Capital, agreeing to issue senior secured notes with an aggregate original principal amount of about $7.53 million, sold at an original issue discount for total consideration of roughly $6.33 million, funded via a mix of cash and repayment and cancellation of existing indebtedness. The notes, which rank senior to all current and future company and subsidiary debt, mature on January 31, 2026, carry no interest unless an event of default triggers a 14% rate, are freely prepayable without penalty, and are secured under a comprehensive first‑priority Security and Pledge Agreement covering substantially all assets of IMAC and its subsidiaries, backed further by joint and several guarantees from multiple operating subsidiaries, collectively tightening creditor protections and reshaping the company’s capital structure through a privately placed, exempt offering to accredited investors.

In establishing this financing structure on December 19, 2025, IMAC and its subsidiaries granted the collateral agent a sweeping lien over accounts, equipment, intellectual property, equity interests and related proceeds, while the listed subsidiaries delivered unconditional guarantees of all obligations under the purchase agreement and notes, with customary events of default—such as nonpayment, insolvency, failure of security documents and material damage to collateral—potentially triggering the high default interest rate and enhanced creditor remedies, underscoring a highly secured and creditor‑friendly transaction that elevates the senior lenders’ position in the company’s capital stack.

Spark’s Take on BACK Stock

According to Spark, TipRanks’ AI Analyst, BACK is a Underperform.

IMAC Holdings has a low overall stock score due to significant financial challenges, negative valuation metrics, and technical indicators suggesting weak momentum. The risk of Nasdaq delisting further exacerbates the company’s precarious position. The lack of earnings call data limits further insights into potential strategic actions or improvements.

To see Spark’s full report on BACK stock, click here.

More about Imac Holdings

IMAC Holdings, Inc. operates through a network of subsidiaries that provide musculoskeletal, orthopedic and rehabilitation services, including regeneration centers, hand therapy, orthopedic rehabilitation and sports rehab, with operations spanning multiple U.S. states through various management and franchise entities.

Average Trading Volume: 40,157

Technical Sentiment Signal: Sell

Current Market Cap: $529.8K

For an in-depth examination of BACK stock, go to TipRanks’ Overview page.