IMAC Holdings, Inc.: directors' dealings · United States · SEC (Form 4)

About IMAC Holdings, Inc.

IMAC Holdings, Inc. (ticker: BACK) is a U.S.-listed company on the NASDAQ market in the United States, historically positioned in specialized healthcare services with an emphasis on orthopedic therapies, rehabilitation, and minimally invasive procedures. The company originated as IMAC Holdings, LLC, a Kentucky limited liability company, and was converted into IMAC Holdings, Inc., a Delaware corporation, effective June 1, 2018. Its principal executive office is in Franklin, Tennessee. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1729944/000149315223010385/form10-k.htm?utm_source=openai)) From a business-model perspective, the SEC filings show that IMAC has operated as a holding company for several lines of activity: IMAC Regeneration Centers, BackSpace retail/clinic locations, and an Investigational New Drug division. Historically, the company focused on conservative, non-invasive or minimally invasive treatments for back pain, knee pain, joint pain, ligament and tendon damage, and other soft-tissue conditions. Its disclosures also note partnerships with well-known sports figures, reflecting an effort to build brand awareness and credibility in sports medicine and performance-oriented care. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1729944/000149315219005467/form10-k.htm?utm_source=openai)) That said, the recent operating history indicates a major strategic reset. SEC documents state that in 2023 the company decided to discontinue business activities related to underperforming clinic locations and BackSpace retail stores. In other words, IMAC has been shrinking and simplifying its footprint rather than expanding it. For investors, that is an important signal: the story is no longer about rapid clinic rollout, but about restructuring, liquidity management, and preserving optionality. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1729944/000149315224019793/form10-q.htm?utm_source=openai)) Competitive positioning is best viewed in the context of a highly fragmented U.S. healthcare market. IMAC’s historic peers would include independent orthopedic practices, outpatient rehabilitation providers, sports medicine clinics, and ambulatory care groups. The company’s differentiated pitch was a non-opioid, function-focused treatment model. However, its small scale, repeated restructuring, and financial pressure mean it should be viewed more as a speculative microcap than as a stable, scaled healthcare platform. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1729944/000149315222009946/form10-k.htm?utm_source=openai)) Recent developments reinforce this conclusion. In 2025 and 2026, IMAC entered into multiple debt-related transactions, including promissory notes and secured financing arrangements, reflecting ongoing liquidity needs. SEC filings also reference restructuring steps involving secured notes and creditor agreements. For French, Belgian, and Swiss investors, BACK therefore requires a cautious reading: it is a Nasdaq-listed U.S. healthcare name with very limited operating visibility, elevated financial risk, and a heavy dependence on SEC-filed disclosures for any meaningful assessment. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0001729944/000149315225029639/form8-k.htm?utm_source=openai))