IMAC Holdings Receives Notification from Nasdaq Regarding Compliance
IMAC Holdings, Inc. (NASDAQ: BACK) has announced that it has received a notification from the Listing Qualifications Staff of The Nasdaq Stock Market LLC concerning its quarterly report filings. This notice pointed out that the Company did not submit its Quarterly Report on Form 10-Q for the period ending June 30, 2024, by the deadline, as required by Nasdaq Listing Rule 5250(c)(1).
What the Deficiency Notification Means
The notification received by IMAC indicates that the Company is currently not in compliance with Nasdaq’s listing requirements. This situation specifically relates to the failure to file the necessary report, as detailed in the Company's Form 12b-25 Notification of Late Filing. This form was submitted to the Securities and Exchange Commission (SEC) to explain the reasons behind the delay in filing the 10-Q.
How the Company Plans to Address the Notification
In light of this notification, IMAC Holdings is actively working to finalize the Form 10-Q and plans to submit it as soon as possible. The Company is dedicated to adhering to Nasdaq's regulations, which, for now, do not directly impact the trading status of its common stock on the Nasdaq Capital Market.
Steps to Regain Compliance
IMAC Holdings has a set deadline to develop and submit a compliance plan to Nasdaq. If this plan is approved, the Company may be granted an extension of up to 180 days to achieve compliance. The final deadline for meeting compliance under this extension could extend as far as February 2025.
Next Steps and Assurances from the Company
While IMAC cannot promise a specific timeline for compliance, the Company aims to act swiftly within the 60-day period to present its compliance plan. They intend to make the most of the extended compliance period, if granted, to meet Nasdaq's requirements. However, if they do not achieve compliance within the necessary timeframe, there is a risk of being delisted from Nasdaq.
Consequences of Non-Compliance
If IMAC Holdings receives a delisting notification, Nasdaq rules allow the Company to appeal such decisions to a hearing panel, providing an additional option for recourse. These provisions emphasize the critical nature of adhering to the established regulations to maintain a stable presence in the market.
About IMAC Holdings, Inc.
IMAC Holdings, Inc. is committed to advancing health care through its innovative proteomic services. The Company operates a CLIA-certified and CAP-accredited laboratory, showcasing its dedication to delivering high-quality results and ensuring patient care.
Dedication to Quality and Compliance
IMAC Holdings is focused on enhancing its operational processes to ensure that all reports and compliance measures are consistently met in the future. This commitment to stringent compliance not only supports its position on the Nasdaq but also fosters trust among 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 are required to file with the SEC, detailing their financial performance and any significant business changes.
What steps is IMAC taking in response to the Nasdaq notification?
IMAC is working diligently to file its overdue Form 10-Q and is preparing a compliance plan to address the deficiency notification it received from Nasdaq.
What happens if IMAC fails to regain compliance with Nasdaq?
If IMAC does not regain compliance within the specified timeframe, it risks being delisted from the Nasdaq Stock Market, but it has the option to appeal any such decision.
How long does IMAC have to submit its compliance plan?
IMAC has until October 20, 2024, to submit its compliance plan to meet Nasdaq's listing rules.
What is the significance of being listed on Nasdaq?
Being listed on Nasdaq increases a company's visibility, credibility, and access to capital, which are essential for growth and maintaining strong investor relations.
