Emerging growth company ☐
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Item 1.01. Entry into a Material Definitive Agreement On September 30, 2026, Adia Med, Inc. (the “Company”), Adia Labs LLC, a Florida limited liability company and subsidiary of the Company (the “Labs Company”), and Live Oak Health LLC, a Florida limited liability company doing business as QCM Biologics (“Buyer”), entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”). David Konn is the sole member and manager of Buyer. Buyer is not, to the Company’s knowledge, an affiliate of the Company.
Under the Purchase Agreement, the Company agreed to sell, and Buyer agreed to purchase, 30 units of membership interest in the Labs Company (the “Purchased Units”), representing 30% of the 100 units issued and outstanding, at $50,000 per unit, or $1,500,000 in the aggregate. The purchase price is payable $1,000,000 in cash by wire transfer of immediately available funds, and $500,000 by delivery of a promissory note (the “Note”). The Purchased Units are to be transferred free and clear of liens other than a first-priority pledge of the Purchased Units securing the Note.
Closing is the date the Company receives the $1,000,000 wire, and was required to occur not later than September 30, 2026, unless the parties agreed in writing to another date.
The Note is in the original principal amount of $500,000, bears interest at 7% per annum on unpaid principal, calculated on a 30/360 basis, and provides for interest-only monthly payments of $2,916.67 for 48 months. The first payment is due 30 days after closing. The entire unpaid principal of $500,000, plus accrued and unpaid interest, is due 48 months after the closing date. The Note may be prepaid in whole or in part at any time without penalty. After notice and a 10-day cure period, the default rate is 12% per annum. A late charge of 5% applies to any payment more than 10 days late.
The Note is secured by a first-priority pledge of the Purchased Units until paid in full. Default under the Note or the pledge is a default under the Purchase Agreement. After the applicable cure period, the Company may accelerate the Note, enforce the pledge, and exercise other lawful remedies.
The Company also granted Buyer an option (the “Option”) to purchase up to 10 additional units at $50,000 per unit, or $500,000 if exercised in full. The Option may be exercised in whole units, in one or more exercises, at any time after closing until 5:00pm Eastern Time on September 30, 2028 (at which point the Option expire). The Option is personal to Buyer and may not be assigned without the Company’s prior written consent, except to an affiliate wholly owned by Mr. Konn. The Option adjusts only for a unit split or recapitalization that does not change relative ownership.
Except for the Purchased Units and the Option Units, the Company is not obligated to sell Buyer any other interest in the Labs Company.
If the Option is exercised in full and no other units are issued or transferred, the Company would own 60 units (60%) and Buyer would own 40 units (40%).
Economic ownership follows units. Voting power does not. Effective at closing, and from the first day Buyer purchases the Purchased Units, the Company and Buyer each have 50% of the voting power on all member matters, even though the Company owns 70% of the units and Buyer owns 30%. Equal voting continues if Buyer later purchases any or all of the Option units. Equal voting applies to member votes, consents, and approvals under the operating agreement and Florida law, including amendment of the operating agreement, issuance or repurchase of units, admission of new members, sale, merger, or dissolution, the annual budget and material debt, appointment or removal of managers, related-party transactions, and distributions other than tax distributions required by the operating agreement. Equal voting does not change distributions, profit and loss allocations, or sale proceeds, which follow units, except for tax distributions required by the operating agreement.
At closing the Labs Company is to have two managers, one appointed by the Company and one appointed by Buyer. Ordinary-course operations may be run by either manager within a written budget approved by both members. The matters subject to equal voting require approval of both members, or of both managers if the operating agreement so provides. If the members or their managers are deadlocked for 15 days after written notice, they must confer in good faith and then mediate in Seminole County, Florida. If mediation fails within 30 days, either member may pursue the remedies in the operating agreement, including a buy-sell. Neither member may dissolve the Labs Company solely because of deadlock without a court order or a written agreement.
Day-to-day clinical and manufacturing operations already in process continue during a deadlock if they stay inside the last approved budget.
The foregoing description of the Purchase Agreement, the Note, and the pledge does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, including the form of Note attached as Exhibit B and the form of pledge agreement attached as Exhibit C, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 2.01. Completion of Acquisition or Disposition of Assets The information in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.01 by reference.
On September 30, 2026, the Company completed the sale of the Purchased Units to Buyer on the terms described in Item 1.01. After closing, the Company owns 70 of the 100 issued units of the Labs Company, representing 70% of the economic interest, and Buyer owns 30 units, representing 30% of the economic interest. Each of the Company and Buyer holds 50% of the voting power. The Company’s common stock will continue to trade on the OTC Markets under the ticker symbol “ADIA.” The sale does not affect outstanding certificates for shares of the Company’s common stock.
Item 9.01. Financial Statements and Exhibits (d) Exhibits Exhibit No.
Description of Exhibit 10.1 Membership Interest Purchase Agreement, dated September 30, 2026, by and among Adia Med, Inc., Adia Labs LLC, and Live Oak Health LLC, d/b/a QCM Biologics, including the form of Promissory Note (Exhibit B) and the form of Pledge Agreement (Exhibit C).