IMAC Holdings receives notification of deficiency from Nasdaq related to delayed filing of quarterly report on Form 10-Q
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FRANKLIN, TN, Nov. 22, 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 November 22, 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 September 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 November 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 January 21, 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 May 19, 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.