IMAC Holdings Addresses Nasdaq Compliance Notification

IMAC Holdings Faces Nasdaq Compliance Notification

IMAC Holdings, Inc. (NASDAQ: BACK) has announced it received a deficiency notification from the Listing Qualifications Staff of The Nasdaq Stock Market LLC related to its quarterly report filings. The notice highlighted the Company's failure to submit its Quarterly Report on Form 10-Q for the period ended June 30, 2024, on time, which is a requirement under Nasdaq Listing Rule 5250(c)(1).

Understanding the Deficiency Notification

The notification, which was received by IMAC, indicates a non-compliance status with Nasdaq’s listing rules. Specifically, it pertains to the failure to file the necessary report as outlined in the Company's Form 12b-25 Notification of Late Filing. This form was submitted to the Securities and Exchange Commission (SEC), explaining the reasons for the delay in filing the 10-Q.

Company's Response to the Notification

In response, IMAC Holdings is actively working on finalizing the Form 10-Q and submitting it as soon as is practical. The Company is committed to ensuring compliance with Nasdaq's regulations, which currently have no direct effect on the trading status of its common stock on the Nasdaq Capital Market.

Plan for Regaining Compliance

IMAC Holdings has until the designated deadline to formulate and submit a compliance plan to Nasdaq. Should the plan be accepted, the Company may receive an extension of up to 180 days to regain compliance. The final date to achieve compliance under this extension could be as far out as February 2025.

Future Steps and Assurances

While IMAC cannot guarantee exact timing regarding compliance, the Company intends to act promptly within the stipulated 60-day timeframe to present its plan. They aim to utilize the extended compliance period efficiently, should it be granted, to align with Nasdaq's requirements. However, if compliance is not achieved within the necessary timeframe, the Company faces the risk of being delisted from Nasdaq.

Potential Implications of Non-Compliance

In the event that IMAC Holdings is notified of a delisting, Nasdaq rules grant it the opportunity to appeal such decisions to a hearing panel, providing an additional layer of recourse for the Company. These measures underline the importance of complying with the outlined regulations to maintain a stable market presence.

About IMAC Holdings, Inc.

IMAC Holdings, Inc. is dedicated to advancing health care through its innovative proteomic services. The Company operates a CLIA-certified and CAP-accredited laboratory, demonstrating its commitment to high-quality results and patient care.

Commitment to Quality and Compliance

IMAC Holdings is dedicated to improving its operational processes to ensure that all reports and compliance measures are adhered to moving forward. This commitment to maintaining stringent compliance not only supports its standing on the Nasdaq but also builds trust with its investors and stakeholders.

Frequently Asked Questions

What is the purpose of the Form 10-Q?

The Form 10-Q is a quarterly financial report that publicly traded companies must file with the SEC to disclose their financial performance and any significant changes in their business.

What steps is IMAC taking in response to the Nasdaq notification?

IMAC is actively working on filing its overdue Form 10-Q and preparing a compliance plan to address the deficiency notification received from Nasdaq.

What happens if IMAC fails to regain compliance with Nasdaq?

If IMAC fails to regain compliance within the required timeframe, it risks being delisted from the Nasdaq Stock Market, but it may appeal any such decision.

How long does IMAC have to submit its compliance plan?

IMAC has until October 20, 2024, to submit its plan for regaining compliance with Nasdaq's listing rules.

What is the significance of being listed on Nasdaq?

Being listed on Nasdaq enhances a company's visibility, credibility, and access to capital, which are crucial for growth and investor relations.

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