FRANKLIN, TN, Nov. 22, 2024 (GLOBE NEWSWIRE) — IMAC Holdings, Inc. (IMAC or the Company) (NASDAQ: BACK ) announced today that it received an expected deficiency notice letter from the Stock Listing Qualification Staff of Nasdaq Market LLC (Nasdaq) dated November 22, 2024 (Notice). The notice indicates that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the Listing Rule) by failing to file its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (Form 10-Q), as further described in Form 12b-25 Company Notice of Late Filing (Form 12b-25) filed with the Securities and Exchange Commission (SEC) on November 15, 2024. The Listing Rules require companies listed on Nasdaq to timely file all required periodic reports with the SEC.
The Company continues to work diligently to file a Form 10-Q as soon as possible.
The notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market.
Companies have until January 21, 2024, to submit a plan to re-implement the Listing Rules (Plan). Pursuant to the Notice, if Nasdaq accepts the Plan, Nasdaq has the discretion to grant the Company an exemption for up to 180 calendar days from the date of the Form 10-Q, or until May 19, 2025, to regain compliance with the Listing Rules. The Company intends to take the necessary steps to regain compliance with the Nasdaq listing rules as soon as possible.
While the Company cannot guarantee the timing, the Company intends to take action to submit a plan to regain compliance within the 60 calendar day submission period, and, if Nasdaq accepts a plan to regain compliance, to regain compliance in a longer period. time provided by Nasdaq. While the Company exercises diligent efforts to maintain the listing of its securities on the Nasdaq Capital Market, there can be no assurance that the Company will be able to regain compliance within the applicable time period. In addition, if the Company is no longer in compliance within the applicable time period, Nasdaq may provide notice that the Company’s securities will be subject to delisting. If the Company receives notice that its securities are being delisted, Nasdaq rules allow the Company to appeal the delisting by Nasdaq staff to a hearing panel.
Information about the company IMAC Holdings, Inc.
IMAC Holdings, Inc. headquarters in Franklin, Tennessee. We operate our proteomics business through a nationally certified CLIA-certified, CAP-accredited and NY CLEP-certified laboratory in Golden, Colorado.
Safe Harbor Statement
This document and the exhibits contain forward-looking statements within the meaning of Section 21E of the Exchange Act of 1934, as amended, made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding timing and expectations in connection with the Company’s Form 10-Q filing, a statement relating to the Company’s plan to repurchase. in accordance with the Nasdaq listing rules, as well as all statements that are not historical facts. These forward-looking statements are subject to change, and actual results may differ from those stated in the Current Report due to risks and uncertainties. Factors that may cause or contribute to changes in such forward-looking statements include, but are not limited to, the risk that the completion and filing of Form 10-Q will take longer than expected; uncertainty regarding the timing of the company’s submission of a compliance plan; Nasdaq accepted the plan; any extension period that Nasdaq may grant; and the risk that the Company is unable to meet Nasdaq’s continued listing requirements. The foregoing review of important factors should not be considered exhaustive and should be read in conjunction with other cautionary statements contained in reports filed with the SEC, including the Company’s current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports in Form 10-K/A, such as statements about changes in economic conditions and the impact of competition. Unwanted dependencies should not be included in the front statement contained here. These statements reflect the Company’s position as of the date of this Current Report. The Company expressly disclaims any promise to publicly release any updates or revisions to any statement to reflect changes in the Company’s expectations or changes in events, conditions, or circumstances on which such statements are based.
For additional information, please contact:
Investors@imaholdings.com
