Form 8-K - Current report
September 05 2023 - 4:36PM
Edgar (US Regulatory)
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2023-08-29
2023-08-29
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of report (Date of earliest event reported): August 29, 2023
Assure Holdings Corp.
(Exact name of registrant as specified in its charter)
Nevada |
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001-40785 |
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82-2726719 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
7887 East Belleview Avenue, Suite 500
Denver, CO |
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80111 |
(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including
area code: 720-287-3093
_____________________________________________
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
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IONM |
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NASDAQ Capital Market |
Indicate by check mark
whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter)
or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.01 Completion of Acquisition of Disposition Agreement
On August 29, 2023, Assure Networks Texas Holdings
II, LLC (the “Purchaser”), a wholly owned subsidiary of Assure Networks, LLC, a wholly owned subsidiary of Assure Holdings
Corp. (the “Company”), closed on its previously announced asset purchase agreement (the “Purchase Agreement”)
with Innovation Neuromonitoring LLC (the “Seller”) and each of Anthony Casarez and Jason Ehrhardt (each a “Principal”
and collectively, the “Principals”) (the “Closing”). Pursuant to the Purchase Agreement, the Purchaser agreed
to purchase certain assets of the Seller related to the Seller’s operating businesses that provide intraoperative neuromonitoring
and related services. The acquired assets include, but are not limited to, tangible personal property, inventory, records, contracts,
licenses, warranties, intellectual property, goodwill, software, (collectively, the “Assets”).
The consideration amount under the Purchase Agreement
was $1,200,000 (the “Purchase Price”). As previously reported, the Purchase Price was payable as set forth below.
| (1) | $800,000 in cash installment payments,
in accordance with the following payment schedule: |
|
a. |
$100,000 paid in cash in conjunction with the signing of the Letter of Intent; |
|
b. |
$34,578 paid in cash, which equal to $200,000 payable at closing minus (i) $131,422.00, the amount that has been pre-paid to Seller, and (ii) $34,000 which will be paid to Rhythmlink International, LLC, for amounts owed to Rhythmlink International, LLC, by Seller; |
|
c. |
$500,000 shall be paid in cash in twenty-four equal monthly installments, with the first installment being due on or before September 1, 2023, and the remaining installments being due on the first business day of each month thereafter, with the monthly installment subject to adjustment based on the performance of the Assets as set forth in the Purchase Agreement; and |
| (2) | $400,000 paid in common stock
of the Company, which is subject a six-month lock-up (the “Shares”). |
The Company issued to
the Seller 547,946 Shares pursuant to Rule 506(b) of Regulation D and Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities
Act”) and applicable state securities law exemptions based on the representations of the Sellers in the Purchase Agreement. The
Shares will be “restricted securities” as defined in Rule 144 of the Securities Act. Pursuant to the Purchase Agreement, the
Company agreed to register the Shares under the Securities Act on a registration statement on Form S-1 with the Securities and Exchange
Commission within 15 days of the Closing for resale by the Seller or the Principals.
Outside of the purchase of the Assets under the Purchase Agreement,
the Company and its officers, directors and affiliates and the Seller have no material existing relationships.
The above is a description
of the material terms of the Purchase Agreement and is qualified in its entirety by the more complete terms and conditions set forth in
the Purchase Agreement and Nominee Agreement, which is filed with this Current Report on Form 8-K as exhibit 10.1 and is incorporated
herein by reference. Pursuant to the Purchase Agreement, each of the Company, the Purchaser, the Seller, and the Principals made customary
representations, warranties and covenants. The representations, warranties, and covenants were made by the parties to, and solely for
the benefit of, each other and any expressly intended third party beneficiaries in the context of all of the terms and conditions of the
Purchase Agreement and in the context of the specific relationship between the parties. Accordingly, investors and shareholders should
not rely on such representations, warranties and covenants.
Item 3.02 Unregistered
Sales of Equity Securities.
The information set forth under Item 2.01 of this Current Report is
hereby incorporated by reference into this Item 3.02.
Item 9.01 Financial
Statements and Exhibits
(a) Financial Statements.
The Company intends to file the financial statements required by Item
9.01(a) as part of an amendment to this Current Report on Form 8-K no later than 71 days after the required filing date for this Current
Report on Form 8-K.
(b) Pro Forma Financial Information.
The Company intends to file the pro forma financial information required
by Item 9.01(b) as an amendment to this Current Report on Form 8-K no later than 71 days after the required filing date for this Current
Report on Form 8-K.
(d) Exhibits.
* - Certain schedules have been omitted from the Exhibit pursuant to
Item 601(a)(5).
SIGNATURE
Pursuant to the requirement of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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ASSURE HOLDINGS CORP. |
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Date: September 5, 2023 |
By: |
/s/ John Price |
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Name: |
John Price |
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Title: |
Chief Financial Officer |
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