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IMAC Holdings (NASDAQ: BACK) has received a deficiency notification from Nasdaq due to the delayed filing of its Q2 2024 Form 10-Q. This non-compliance with Nasdaq Listing Rule 5250(c)(1) does not immediately affect the company’s listing on the Nasdaq Capital Market. IMAC has until October 20, 2024, to submit a compliance plan and could potentially receive an extension until February 17, 2025, to regain compliance if Nasdaq accepts the plan. The company is working to file the Form 10-Q and take necessary steps to maintain its Nasdaq listing. However, there is no guarantee of success, and IMAC could face delisting if it fails to meet the requirements within the given timeframe.
IMAC Holdings (NASDAQ: BACK) ha ricevuto una notifica di carenza da Nasdaq a causa del ritardo nella presentazione del suo modulo 10-Q per il secondo trimestre del 2024. Questa non conformità alla Regola di Quotazione 5250(c)(1) di Nasdaq non influisce immediatamente sulla quotazione dell’azienda nel Nasdaq Capital Market. IMAC ha tempo fino al 20 ottobre 2024 per presentare un piano di conformità e potrebbe ricevere un’estensione fino al 17 febbraio 2025 per recuperare la conformità se Nasdaq accetta il piano. L’azienda sta lavorando per presentare il modulo 10-Q e adottare le misure necessarie per mantenere la sua quotazione su Nasdaq. Tuttavia, non vi è alcuna garanzia di successo e IMAC potrebbe affrontare il de-listing se non soddisfa i requisiti entro i termini stabiliti.
IMAC Holdings (NASDAQ: BACK) ha recibido una notificación de deficiencia de Nasdaq debido a la presentación tardía de su formulario 10-Q del segundo trimestre de 2024. Este incumplimiento de la Regla de Cotización 5250(c)(1) de Nasdaq no afecta de inmediato la cotización de la empresa en el Nasdaq Capital Market. IMAC tiene hasta el 20 de octubre de 2024 para presentar un plan de cumplimiento y podría recibir una extensión hasta el 17 de febrero de 2025 para recuperar el cumplimiento si Nasdaq acepta el plan. La empresa está trabajando para presentar el formulario 10-Q y tomar las medidas necesarias para mantener su cotización en Nasdaq. Sin embargo, no hay garantía de éxito, y IMAC podría enfrentar la exclusión si no cumple con los requisitos dentro del plazo establecido.
IMAC Holdings (NASDAQ: BACK)는 2024년 2분기 10-Q 양식 제출 지연으로 인해 Nasdaq으로부터 결격 통지를 받았습니다. 이 Nasdaq 상장 규정 5250(c)(1)에 대한 불이행은 Nasdaq 자본 시장에서 회사의 상장에 즉각적인 영향을 미치지 않습니다. IMAC은 2024년 10월 20일 까지 준수 계획을 제출해야 하며, Nasdaq이 계획을 수용할 경우 2025년 2월 17일 까지 준수를 회복하기 위해 연장을 받을 수 있습니다. 회사는 10-Q 양식을 제출하고 Nasdaq 상장을 유지하기 위한 필요한 조치를 취하고 있습니다. 그러나 성공할 보장은 없으며, IMAC은 정해진 시간 내에 요건을 충족하지 못할 경우 상장 폐지에 직면할 수 있습니다.
IMAC Holdings (NASDAQ: BACK) a reçu une notification de non-conformité de la part de Nasdaq en raison du retard dans le dépôt de son formulaire 10-Q pour le deuxième trimestre de 2024. Cette non-conformité avec la règle de cotation 5250(c)(1) de Nasdaq n’affecte pas immédiatement la cotation de l’entreprise sur le Nasdaq Capital Market. IMAC a jusqu’au 20 octobre 2024 pour soumettre un plan de conformité et pourrait potentiellement obtenir une extension jusqu’au 17 février 2025 pour retrouver la conformité si Nasdaq accepte le plan. L’entreprise travaille à soumettre le formulaire 10-Q et à prendre les mesures nécessaires pour maintenir sa cotation sur Nasdaq. Cependant, il n’y a aucune garantie de succès, et IMAC pourrait faire face à une radiation si elle ne respecte pas les exigences dans le délai imparti.
IMAC Holdings (NASDAQ: BACK) hat von Nasdaq eine Mangelbenachrichtigung erhalten, da die Einreichung des Formblatts 10-Q für das 2. Quartal 2024 verspätet ist. Diese Nichtkonformität mit der Nasdaq-Listingregel 5250(c)(1) hat keine sofortigen Auswirkungen auf die Listung des Unternehmens am Nasdaq Capital Market. IMAC hat bis zum 20. Oktober 2024 Zeit, einen Compliance-Plan einzureichen und könnte möglicherweise eine Verlängerung bis zum 17. Februar 2025 erhalten, um die Konformität wiederherzustellen, wenn Nasdaq den Plan annimmt. Das Unternehmen arbeitet daran, das Formular 10-Q einzureichen und die erforderlichen Schritte zu unternehmen, um seine Nasdaq-Listung aufrechtzuerhalten. Es gibt jedoch keine Erfolgsgarantie, und IMAC könnte mit einer Delisting konfrontiert werden, wenn es die Anforderungen nicht innerhalb des vorgegebenen Zeitrahmens erfüllt.
Negative
- Delayed filing of Q2 2024 Form 10-Q
- Non-compliance with Nasdaq Listing Rule 5250(c)(1)
- Risk of potential delisting from Nasdaq Capital Market
IMAC Holdings’ failure to file its Q2 2024 10-Q report on time is a significant red flag for investors. This delay suggests potential internal control issues or financial irregularities that require further investigation. The $2.5 million cash balance reported in Q1 2024 raises concerns about the company’s liquidity and ability to continue operations. The Nasdaq non-compliance notice adds another layer of risk, as continued listing is important for maintaining investor confidence and access to capital markets. While IMAC has until October 20, 2024, to submit a compliance plan, the uncertainty surrounding the delayed filing could lead to increased volatility in the stock price. Investors should closely monitor the situation and be prepared for potential negative outcomes, including possible delisting if compliance isn’t achieved.
The Nasdaq notification puts IMAC Holdings in a precarious legal position. The company now faces a tight timeline to regain compliance, with potential consequences including delisting if unsuccessful. This situation exposes IMAC to increased regulatory scrutiny and potential shareholder litigation. The delay in filing the 10-Q could indicate underlying issues such as material weaknesses in internal controls or accounting irregularities, which may require extensive remediation efforts. IMAC’s disclosure obligations are now heightened and any misleading statements during this period could lead to SEC enforcement actions. The company must navigate this complex situation carefully, balancing transparency with the need to address any underlying issues promptly to mitigate legal and regulatory risks.
IMAC Holdings’ delayed 10-Q filing and subsequent Nasdaq notification could have ripple effects across the healthcare services sector. This event may trigger increased scrutiny of financial reporting practices among similar small-cap healthcare companies. Investors might become more cautious, potentially leading to a sector-wide reevaluation of risk premiums. IMAC’s situation highlights the challenges faced by smaller healthcare firms in maintaining compliance while managing growth and operational complexities. The market’s reaction to IMAC’s resolution of this issue could set a precedent for how investors view similar situations in the future. This event underscores the importance of robust financial reporting systems and transparent communication with shareholders in maintaining market confidence, especially for companies in highly regulated industries like healthcare.
FRANKLIN, TN, Aug. 23, 2024 (GLOBE NEWSWIRE) — IMAC Holdings, Inc. (“IMAC” or the “Company”) (NASDAQ: BACK) today announced that it received an expected deficiency notification letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) on August 21, 2024 (the “Notice”). The Notice indicated that the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of its failure to timely file its Quarterly Report on Form 10-Q for the period ended June 30, 2024 (the “Form 10-Q”), as described more fully in the Company’s Form 12b-25 Notification of Late Filing (the “Form 12b-25”) filed with the Securities and Exchange Commission (the “SEC”) on August 15, 2024. The Listing Rule requires Nasdaq-listed companies to timely file all required periodic reports with the SEC.
The Company continues to work diligently to file the Form 10-Q as soon as practicable.
The Notice has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market.
The Company has until October 20, 2024, to submit a plan to regain compliance with the Listing Rule (the “Plan”). Pursuant to the Notice, if Nasdaq accepts the Plan, Nasdaq has the discretion to grant the Company an exception of up to 180 calendar days from the due date of the Form 10-Q, or until February 17, 2025, to regain compliance with the Listing Rule. The Company intends to take the necessary steps to regain compliance with Nasdaq’s listing rules as soon as practicable.
While the Company can provide no assurances as to 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 the plan to regain compliance, to subsequently regain compliance within the extended time granted by Nasdaq. While the Company is exercising 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 does not regain compliance within the applicable time period, Nasdaq could provide notice that the Company’s securities will become subject to delisting. If the Company receives notice that its securities are being delisted, Nasdaq rules permit the Company to appeal any delisting determination by Nasdaq staff to a hearings panel.
About IMAC Holdings, Inc.
IMAC Holdings, Inc. is headquartered in Franklin, Tennessee. We operate our proteomic business through our nationally 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, which are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding the timing and expectations regarding the Company’s filing of the Form 10-Q, statements relating to the Company’s plan to regain compliance with Nasdaq’s listing rules, as well as all statements that are not historical facts. These forward-looking statements are subject to change, and actual results may materially differ from those set forth in this Current Report due to certain risks and uncertainties. Factors that could cause or contribute to changes in such forward-looking statements include, but are not limited to, the risk that the completion and filing of the Form 10-Q will take longer than expected; uncertainties about the timing of the Company’s submission of a compliance plan; Nasdaq’s acceptance of any such plan; the duration of any extension that may be granted by Nasdaq; and the risk that the Company will be unable to meet Nasdaq’s continued listing requirements. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements set forth in reports filed with the SEC, including the Company’s current reports on Form 8-K, quarterly reports on Form 10-Q and its annual report on Form 10-K/A, such as statements regarding changes in economic conditions and the impact of competition. Undue reliance should not be placed on any forward-looking statement contained herein. These statements reflect the Company’s position as of the date of this Current Report. The Company expressly disclaims any undertaking to release publicly any updates or revisions to any statements to reflect any change in the Company’s expectations or any change of events, conditions, or circumstances on which any such statement is based.
For additional information, please contact:
Investors@imacholdings.com
FAQ
Why did IMAC Holdings (BACK) receive a deficiency notification from Nasdaq?
IMAC Holdings received a deficiency notification from Nasdaq due to the delayed filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2024, which violates Nasdaq Listing Rule 5250(c)(1).
What is the deadline for IMAC Holdings (BACK) to submit a compliance plan to Nasdaq?
IMAC Holdings has until October 20, 2024, to submit a plan to regain compliance with Nasdaq’s listing rules.
How long does IMAC Holdings (BACK) have to regain compliance with Nasdaq’s listing rules?
If Nasdaq accepts IMAC’s compliance plan, the company could receive an extension of up to 180 calendar days from the Form 10-Q due date, or until February 17, 2025, to regain compliance.
What are the potential consequences if IMAC Holdings (BACK) fails to regain compliance with Nasdaq?
If IMAC Holdings fails to regain compliance within the given timeframe, it could face delisting from the Nasdaq Capital Market. However, the company would have the right to appeal any delisting determination to a hearings panel.
