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<HTML><HEAD><TITLE>UNITED STATES</TITLE>
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<META name=date content=05/04/2012>
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<P style="MARGIN: 0px; FONT-SIZE: 12pt" align=center><B>UNITED STATES</B></P>
<P style="MARGIN: 0px; FONT-SIZE: 12pt" align=center><B>SECURITIES AND EXCHANGE
COMMISSION</B></P>
<P style="MARGIN: 0px; FONT-SIZE: 12pt" align=center>Washington, D.C. 20549</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-SIZE: 14pt" align=center><B>FORM 8-K</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center><B>CURRENT REPORT</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center><B>Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center>Date of Report (Date of earliest event
reported): <B>May 2, 2012</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
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    <TD></TD>
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    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px; FONT-SIZE: 16pt" align=center><B>ACCELPATH,
      INC</B></P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px" align=center>(Exact name of registrant as specified
      in its charter)</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<TABLE style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellSpacing=0 cellPadding=0
width="100%">

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    <TD>
    <TD width=41>
    <TD width=212>
    <TD width=40>
    <TD width=212></TD>
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    <TD style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px" align=center><B>Delaware</B></P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=41>
      <P style="MARGIN: 0px"><B></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" vAlign=top
    width=212>
      <P style="MARGIN: 0px" align=center><B>000-27023</B></P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=40>
      <P style="MARGIN: 0px"><B></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" vAlign=top
    width=212>
      <P style="MARGIN: 0px" align=center><B>45-5151193</B></P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px" align=center>(State or other jurisdiction<BR>of
      incorporation)</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=41>
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=212>
      <P style="MARGIN: 0px" align=center>(Commission File Number)</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=40>
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=212>
      <P style="MARGIN: 0px" align=center>(IRS Employer<BR>Identifica&shy;tion
      No.)</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellSpacing=0 cellPadding=0
width="100%">

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    <TD width=240>
    <TD>
    <TD width=239></TD>
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    <TD style="MARGIN-TOP: 0px" width=240>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px">
      <P style="MARGIN: 0px" align=center><B>352A Christopher Avenue, </B></P>
      <P style="MARGIN: 0px" align=center><B>Gaithersburg, Maryland
    20879</B></P></TD>
    <TD style="MARGIN-TOP: 0px" width=239>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" width=240>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px">
      <P style="MARGIN: 0px" align=center>(Address of Principal
      Executive<BR>Offices)</P></TD>
    <TD style="MARGIN-TOP: 0px" width=239>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=center><BR><B>(301) 767-2810</B></P>
<P style="MARGIN: 0px" align=center>Registrant's telephone number, including
area code<BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=justify>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:</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Wingdings" align=justify>"<FONT
style="FONT-FAMILY: Times New Roman">&nbsp;Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Wingdings" align=justify>"<FONT
style="FONT-FAMILY: Times New Roman">&nbsp;Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Wingdings" align=justify>"<FONT
style="FONT-FAMILY: Times New Roman">&nbsp;Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</FONT></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Wingdings" align=justify>"<FONT
style="FONT-FAMILY: Times New Roman">&nbsp;Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</FONT></P><A name=pgbrk></A><A name=ftr></A><A name=glftr></A>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-SIZE: 8pt" align=center>1<A name=pn></A></P>
<P style="MARGIN: 0px" align=center><BR></P><A name=hdr></A><A name=glhdr></A>
<P style="MARGIN: 0px"><BR><BR><BR><BR><BR><BR><BR><BR><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Item&nbsp;1.01 Entry into Material Definitive
Agreement.</B></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>Pursuant to the Agreement and Plan of
Merger ("Merger Agreement") dated as of May 1, 2012, by and between, Technest
Holdings, Inc, a Nevada corporation ("Technest"), and AccelPath, Inc., a
Delaware corporation and wholly-owned subsidiary of Technest ("AccelPath" or the
"Surviving Corporation"), effective as of May 2, 2012, Technest merged with and
into AccelPath, with AccelPath being the surviving entity (the "Reincorporation
Merger").</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The Reincorporation Merger was consummated
to move our domicile from Nevada to Delaware, as described in Technest's
Definitive Information Statement on Schedule&nbsp;14C, filed with the Securities
and Exchange Commission on March&nbsp;16, 2012, which description is
incorporated by reference herein (the "Information Statement"). As described in
the Information Statement, the Merger Agreement and Reincorporation Merger were
duly approved by the written consent of stockholders of Technest owning at least
a majority of the outstanding shares of Technest's common stock, par value
$0.0001 per share (the "Technest Common Stock"), dated February 17, 2012. A copy
of the Merger Agreement is attached to this report as Exhibit&nbsp;2.1 and is
incorporated herein by reference.</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Pursuant to the terms of the Merger Agreement,</P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><BR></P>
<TABLE style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellSpacing=0 cellPadding=0
width="100%">

  <TR style="FONT-SIZE: 0px">
    <TD width=14>
    <TD width=22>
    <TD width=7>
    <TD></TD>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=22>
      <P style="MARGIN: 0px">(i)</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=7>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px">our corporate name was changed from Technest
      Holdings, Inc. to AccelPath, Inc.;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 6pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=22>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=7>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px">
      <P style="MARGIN: 0px; FONT-SIZE: 8pt">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=22>
      <P style="MARGIN: 0px">(ii)</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=7>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px">our domicile changed from the State of Nevada to
      the State of Delaware;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 6pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=22>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=7>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px">
      <P style="MARGIN: 0px; FONT-SIZE: 8pt">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=22>
      <P style="MARGIN: 0px">(iii)</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=7>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px">we are now governed by the laws of the State of
      Delaware and by AccelPaths's Certificate of Incorporation and
    Bylaws;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 6pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=22>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=7>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px">
      <P style="MARGIN: 0px; FONT-SIZE: 8pt">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=22>
      <P style="MARGIN: 0px">(iv)</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=7>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px">each certificate theretofore representing issued
      and outstanding shares of Technest Common Stock will thereafter be deemed
      to represent the same number of shares of the Surviving Corporation. The
      holders of outstanding certificates theretofore representing Technest
      Common Stock will not be required to surrender such certificate to
      Technest or the Surviving Corporation</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 6pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=22>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=7>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px">
      <P style="MARGIN: 0px; FONT-SIZE: 8pt">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=22>
      <P style="MARGIN: 0px">(v)</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=7>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px">Technest's existing executive officers and
      directors became the executive officers and directors of AccelPath, Inc;
      and</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 6pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=22>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=7>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px">
      <P style="MARGIN: 0px; FONT-SIZE: 8pt">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=22>
      <P style="MARGIN: 0px">(vi)</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=7>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px">AccelPath succeeded to the ownership of all of
      Technest's assets and has the rights, power and privileges and assumed all
      of Technest's obligations.</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>A description of the provisions of the
Certificate of incorporation and Bylaws of AccelPath is included in the
Information Statement. Copies of the Certificate of Incorporation and Bylaws of
AccelPath are attached hereto as Exhibits 3.1 and Exhibit&nbsp;3.2,
respectively.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The Reincorporation Merger did not result
in any change in headquarters, business, jobs, management, location of any
offices or facilities, number of employees, assets, liabilities or net worth
(other than as a result of the costs incident to the Reincorporation Merger,
which are not material). Management, including all directors and officers,
remain the same immediately after the Reincorporation Merger. There were no
changes in any direct or indirect interests of the current directors or
executive officers as a result of the Reincorporation Merger. Following the
Reincorporation Merger, the common stock of the Surviving Corporation will be
registered under Section 12(g) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act") by virtue of Rule&nbsp;12g-3 of the Exchange Act.
The CUSIP number for the common stock of the Surviving Corporation is
00433U100.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>At the effective time of the
Reincorporation Merger, each outstanding share of Technest Common Stock
automatically was converted into one share of AccelPath Common Stock.
Stockholders are not required to exchange their existing stock certificates,
which now represent an equal number of shares of AccelPath Common Stock.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The common stock of the Surviving
Corporation will trade on the OTCBB under the trading symbol ACLP (instead of
TCNH.OB).</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The foregoing description of the Merger
Agreement is intended to be a summary and is qualified in its entirety by
reference to such agreement, which is attached as Exhibit&nbsp;2.1 and
incorporated by reference as if fully set forth herein.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=center>2</P>
<P style="MARGIN: 0px" align=center><BR></P><A name=gmnh001></A><A
name=part_1_2_2></A><A name=item_1_37_1></A>
<P style="MARGIN: 0px" align=justify><BR><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"
align=justify><B>Item&nbsp;3.03 Material Modification to Rights of Security
Holders.</B></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>As a result of the Reincorporation Merger
disclosed under Item&nbsp;1.01 above, each outstanding share of Technest Common
Stock has been automatically converted into one share of AccelPath Common Stock.
Each outstanding certificate representing Technest Common Stock is now deemed,
without any action by the stockholder, to represent the same number of shares of
AccelPath Common Stock. Stockholders do not need to exchange their stock
certificates as a result of the Reincorporation Merger.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>In accordance with Rule&nbsp;12g-3 under
the Exchange Act, the common stock of the Surviving Corporation will be
registered under Section 12(g) of the Exchange Act. The CUSIP number for the
common stock of the Surviving Corporation is 00433U100. The Surviving
Corporation's common stock will trade on the OTCBB under the trading symbol
ACLP.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>Prior to the effective time of the
Reincorporation Merger, our corporate affairs were governed by the corporate
laws of Nevada. The rights of our stockholders were subject to Technest's
Articles of incorporation and its Bylaws. As a result of the Reincorporation
Merger, holders of Technest Common Stock are now holders of AccelPath Common
Stock, and their rights as holders are governed by the General Corporation Law
of Delaware and the AccelPath Certificate of Incorporation and Bylaws, which are
filed as Exhibit&nbsp;3.1 and Exhibit&nbsp;3.2, respectively, to this Current
Report on Form 8-K and incorporated herein by reference.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>Delaware corporate law will now be
applicable in the determination of the rights of our stockholders. Please see
the discussion entitled<I> &nbsp;Changes from Nevada to Delaware Law </I>in the
Information Statement for a summary of all of the material terms of the charter
documents and laws of the two States as they pertain to stockholder rights.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify>The foregoing description of the
Reincorporation Merger is intended to be a summary and is qualified in its
entirety by reference to the information disclosed under Item&nbsp;1.01 above
and the exhibits filed herewith, all of which are incorporated herein by
reference.<A name=gmnh002></A><A name=part_1_2_3></A><A
name=item_1_41_1></A></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px"><B>Item&nbsp;9.01 Financial Statements and
Exhibits</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">(d)&nbsp;Exhibits</P>
<TABLE style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellSpacing=0 cellPadding=0
width="100%">

  <TR style="FONT-SIZE: 0px">
    <TD width=72>
    <TD width=14>
    <TD></TD>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=bottom width=72>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=bottom width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=bottom>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" vAlign=bottom
    width=72>
      <P style="MARGIN: 0px; FONT-SIZE: 8pt"><B>Exhibit No.</B></P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=bottom width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; FONT-SIZE: 8pt; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px"
      vAlign=bottom><P
    style="MARGIN: 0px; FONT-SIZE: 8pt"><B>Description</B></P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=bottom width=72>
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=bottom width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=bottom>
      <P style="MARGIN: 0px">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=72>
      <P style="MARGIN: 0px">2.1</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=bottom width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px">Agreement and Plan of Merger, dated as of May 1,
      2012, by and between, Technest Holdings Inc., a Nevada corporation, and
      AccelPath, Inc., a Delaware corporation and wholly-owned subsidiary of
      Technest</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=72>
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=bottom width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=72>
      <P style="MARGIN: 0px">3.1</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=bottom width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px">Certificate of Incorporation of AccelPath,
    Inc.</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=72>
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=bottom width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=72>
      <P style="MARGIN: 0px">3.2</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=bottom width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px">Bylaws of AccelPath, Inc.</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=72>
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=bottom width=14>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px">&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><B>[SIGNATURE PAGE FOLLOWS]</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center>3</P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="MARGIN: 0px" align=center><BR><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"
align=center><B>SIGNATURES</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.</P>
<TABLE style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellSpacing=0 cellPadding=0
width="100%">

  <TR style="FONT-SIZE: 0px">
    <TD>
    <TD width=27>
    <TD width=43>
    <TD width=232>
    <TD width=97></TD>
  <TR>
    <TD style="MARGIN-TOP: 0px">
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=27>
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=43>
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=232>
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=97>
      <P style="MARGIN: 0px">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=303 colSpan=3>
      <P style="MARGIN: 0px"><B>ACCELPATH, INC.</B></P></TD>
    <TD style="MARGIN-TOP: 0px" width=97>
      <P style="MARGIN: 0px">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px" vAlign=top>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=303 colSpan=3>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=97>
      <P
      style="PADDING-BOTTOM: 0px; MARGIN: 0px; PADDING-LEFT: 0px; PADDING-RIGHT: 0px; PADDING-TOP: 0px">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px">
      <P style="MARGIN: 0px">Date: May 8, 2012</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=27>
      <P style="MARGIN: 0px">By:</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" width=275
    colSpan=2>
      <P style="MARGIN: 0px">/s/ Shekhar Wadekar</P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px" width=97>
      <P style="MARGIN: 0px">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px">
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=27>
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=43>
      <P style="MARGIN: 0px">Name:</P></TD>
    <TD style="MARGIN-TOP: 0px" width=232>
      <P style="MARGIN: 0px">Shekhar Wadekar&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=97>
      <P style="MARGIN: 0px">&nbsp;</P></TD></TR>
  <TR>
    <TD style="MARGIN-TOP: 0px">
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=27>
      <P style="MARGIN: 0px">&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" vAlign=top width=43>
      <P style="MARGIN: 0px">Title:</P></TD>
    <TD style="MARGIN-TOP: 0px" width=232>
      <P style="MARGIN: 0px">Chief Executive Officer&nbsp;</P></TD>
    <TD style="MARGIN-TOP: 0px" width=97>
      <P style="MARGIN: 0px">&nbsp;</P></TD></TR></TABLE>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px" align=center>4</P>
<P style="MARGIN: 0px" align=center><BR><BR></P></DIV><!-- EDGAR Validation Code: 6E0359E5 --></BODY></HTML>
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UNITED STATES
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):
May 2, 2012
ACCELPATH,
      INC
(Exact name of registrant as specified
      in its charter)
Delaware
000-27023
45-5151193
(State or other jurisdiction
of
      incorporation)
(Commission File Number)
(IRS Employer
Identifica­tion
      No.)
352A Christopher Avenue,
Gaithersburg, Maryland
    20879
(Address of Principal
      Executive
Offices)
(301) 767-2810
Registrant's telephone number, including
area code
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:
"
Written communications pursuant to
Rule 425 under the Securities Act (17 CFR 230.425)
"
Soliciting material pursuant to Rule
14a-12 under the Exchange Act (17 CFR 240.14a-12)
"
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
"
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
1
Item 1.01 Entry into Material Definitive
Agreement.
Pursuant to the Agreement and Plan of
Merger ("Merger Agreement") dated as of May 1, 2012, by and between, Technest
Holdings, Inc, a Nevada corporation ("Technest"), and AccelPath, Inc., a
Delaware corporation and wholly-owned subsidiary of Technest ("AccelPath" or the
"Surviving Corporation"), effective as of May 2, 2012, Technest merged with and
into AccelPath, with AccelPath being the surviving entity (the "Reincorporation
Merger").
The Reincorporation Merger was consummated
to move our domicile from Nevada to Delaware, as described in Technest's
Definitive Information Statement on Schedule 14C, filed with the Securities
and Exchange Commission on March 16, 2012, which description is
incorporated by reference herein (the "Information Statement"). As described in
the Information Statement, the Merger Agreement and Reincorporation Merger were
duly approved by the written consent of stockholders of Technest owning at least
a majority of the outstanding shares of Technest's common stock, par value
$0.0001 per share (the "Technest Common Stock"), dated February 17, 2012. A copy
of the Merger Agreement is attached to this report as Exhibit 2.1 and is
incorporated herein by reference.
Pursuant to the terms of the Merger Agreement,
(i)
our corporate name was changed from Technest
      Holdings, Inc. to AccelPath, Inc.;
(ii)
our domicile changed from the State of Nevada to
      the State of Delaware;
(iii)
we are now governed by the laws of the State of
      Delaware and by AccelPaths's Certificate of Incorporation and
    Bylaws;
(iv)
each certificate theretofore representing issued
      and outstanding shares of Technest Common Stock will thereafter be deemed
      to represent the same number of shares of the Surviving Corporation. The
      holders of outstanding certificates theretofore representing Technest
      Common Stock will not be required to surrender such certificate to
      Technest or the Surviving Corporation
(v)
Technest's existing executive officers and
      directors became the executive officers and directors of AccelPath, Inc;
      and
(vi)
AccelPath succeeded to the ownership of all of
      Technest's assets and has the rights, power and privileges and assumed all
      of Technest's obligations.
A description of the provisions of the
Certificate of incorporation and Bylaws of AccelPath is included in the
Information Statement. Copies of the Certificate of Incorporation and Bylaws of
AccelPath are attached hereto as Exhibits 3.1 and Exhibit 3.2,
respectively.
The Reincorporation Merger did not result
in any change in headquarters, business, jobs, management, location of any
offices or facilities, number of employees, assets, liabilities or net worth
(other than as a result of the costs incident to the Reincorporation Merger,
which are not material). Management, including all directors and officers,
remain the same immediately after the Reincorporation Merger. There were no
changes in any direct or indirect interests of the current directors or
executive officers as a result of the Reincorporation Merger. Following the
Reincorporation Merger, the common stock of the Surviving Corporation will be
registered under Section 12(g) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act") by virtue of Rule 12g-3 of the Exchange Act.
The CUSIP number for the common stock of the Surviving Corporation is
00433U100.
At the effective time of the
Reincorporation Merger, each outstanding share of Technest Common Stock
automatically was converted into one share of AccelPath Common Stock.
Stockholders are not required to exchange their existing stock certificates,
which now represent an equal number of shares of AccelPath Common Stock.
The common stock of the Surviving
Corporation will trade on the OTCBB under the trading symbol ACLP (instead of
TCNH.OB).
The foregoing description of the Merger
Agreement is intended to be a summary and is qualified in its entirety by
reference to such agreement, which is attached as Exhibit 2.1 and
incorporated by reference as if fully set forth herein.
2
Item 3.03 Material Modification to Rights of Security
Holders.
As a result of the Reincorporation Merger
disclosed under Item 1.01 above, each outstanding share of Technest Common
Stock has been automatically converted into one share of AccelPath Common Stock.
Each outstanding certificate representing Technest Common Stock is now deemed,
without any action by the stockholder, to represent the same number of shares of
AccelPath Common Stock. Stockholders do not need to exchange their stock
certificates as a result of the Reincorporation Merger.
In accordance with Rule 12g-3 under
the Exchange Act, the common stock of the Surviving Corporation will be
registered under Section 12(g) of the Exchange Act. The CUSIP number for the
common stock of the Surviving Corporation is 00433U100. The Surviving
Corporation's common stock will trade on the OTCBB under the trading symbol
ACLP.
Prior to the effective time of the
Reincorporation Merger, our corporate affairs were governed by the corporate
laws of Nevada. The rights of our stockholders were subject to Technest's
Articles of incorporation and its Bylaws. As a result of the Reincorporation
Merger, holders of Technest Common Stock are now holders of AccelPath Common
Stock, and their rights as holders are governed by the General Corporation Law
of Delaware and the AccelPath Certificate of Incorporation and Bylaws, which are
filed as Exhibit 3.1 and Exhibit 3.2, respectively, to this Current
Report on Form 8-K and incorporated herein by reference.
Delaware corporate law will now be
applicable in the determination of the rights of our stockholders. Please see
the discussion entitled
Changes from Nevada to Delaware Law
in the
Information Statement for a summary of all of the material terms of the charter
documents and laws of the two States as they pertain to stockholder rights.
The foregoing description of the
Reincorporation Merger is intended to be a summary and is qualified in its
entirety by reference to the information disclosed under Item 1.01 above
and the exhibits filed herewith, all of which are incorporated herein by
reference.
Item 9.01 Financial Statements and
Exhibits
(d) Exhibits
Exhibit No.
Description
2.1
Agreement and Plan of Merger, dated as of May 1,
      2012, by and between, Technest Holdings Inc., a Nevada corporation, and
      AccelPath, Inc., a Delaware corporation and wholly-owned subsidiary of
      Technest
3.1
Certificate of Incorporation of AccelPath,
    Inc.
3.2
Bylaws of AccelPath, Inc.
[SIGNATURE PAGE FOLLOWS]
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
ACCELPATH, INC.
Date: May 8, 2012
By:
/s/ Shekhar Wadekar
Name:
Shekhar Wadekar
Title:
Chief Executive Officer
4