IMAC Holdings Receives Nasdaq Extension for 10-Q Filing
IMAC Holdings Granted Nasdaq Extension for Compliance
IMAC Holdings, Inc. (NASDAQ: BACK), recently announced a significant step forward in its compliance efforts with Nasdaq. The company has received an extension from the Nasdaq Stock Market, allowing it additional time to meet the requirements of Listing Rule 5250(c)(1). This extension provides IMAC until February 17, 2025, to file its Quarterly Report on Form 10-Q for the period ending June 30, 2024.
Understanding the Filing Delay
The delay in submitting the Form 10-Q arises from various intricate challenges that the company faced during the second quarter. Among these noteworthy factors are:
Asset Acquisition
IMAC has been involved in the acquisition of certain critical assets from Theralink Technologies, Inc. This process has introduced complexities that required additional attention and resources.
Securities Exchange Activities
Additionally, the company has undertaken various exchanges and issuances involving its Convertible Preferred Stocks and certain warrants, which have further contributed to the intricacy of its financial statement preparations.
Staffing Obstacles
In light of these operations, IMAC has faced staffing challenges, including the temporary absence of a key team member essential for finalizing the financial data. Despite these hurdles, the team is committed to preparing and filing the report within the newly established timeline.
Commitment to Transparency
While the extension is a temporary adjustment, it does not influence the trading status of IMAC's common stock on the Nasdaq Capital Market. The company reassures its shareholders and the investment community of its dedication to transparency and efficient financial reporting.
About IMAC Holdings, Inc.
IMAC Holdings, Inc. is based in Franklin and operates a cutting-edge proteomic business through its fully accredited laboratory located in Golden. Their commitment to quality service is evidenced by their national CLIA certification, CAP accreditation, and NY CLEP certification, ensuring the highest standards in laboratory practices.
Frequently Asked Questions
What is the significance of the Nasdaq extension for IMAC Holdings?
The extension allows IMAC Holdings additional time to file its required financial report, which helps the company maintain compliance with Nasdaq listing requirements.
What challenges did IMAC face that led to this delay?
IMAC encountered difficulties due to asset acquisitions, securities exchanges, and staff limitations that affected their ability to finalize financial statements on time.
How does this extension affect IMAC's stock trading?
The extension does not impact IMAC's stock trading or listing status on the Nasdaq Capital Market, maintaining market stability for shareholders.
What are IMAC's commitments moving forward?
IMAC Holdings is dedicated to ensuring transparent and timely financial reporting to its shareholders and the broader investment community.
Where is IMAC Holdings located?
IMAC Holdings is headquartered in Franklin, Tennessee, with a nationally recognized laboratory located in Golden, Colorado.
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