FRANKLIN, TN, Nov. 22, 2024 (GLOBE NEWSWIRE) — IMAC Holdings, Inc. (IMAC or the Firm) (NASDAQ: BACK) at the moment introduced that it obtained an anticipated deficiency notification letter from the Itemizing {Qualifications} Workers of The Nasdaq Inventory Market LLC (Nasdaq) on November 22, 2024 (the Discover). The Discover indicated that the Firm was not in compliance with Nasdaq Itemizing Rule 5250(c)(1) (the Itemizing Rule) because of its failure to well timed file its Quarterly Report on Kind 10-Q for the interval ended September 30, 2024 (the Kind 10-Q), as described extra absolutely within the Firm’s Kind 12b-25 Notification of Late Submitting (the Kind 12b-25) filed with the Securities and Alternate Fee (the SEC) on November 15, 2024. The Itemizing Rule requires Nasdaq-listed corporations to well timed file all required periodic experiences with the SEC.
The Firm continues to work diligently to file the Kind 10-Q as quickly as practicable.
The Discover has no fast impact on the itemizing or buying and selling of the Firm’s frequent inventory on the Nasdaq Capital Market.
The Firm has till January 21, 2024, to submit a plan to regain compliance with the Itemizing Rule (the Plan). Pursuant to the Discover, if Nasdaq accepts the Plan, Nasdaq has the discretion to grant the Firm an exception of as much as 180 calendar days from the due date of the Kind 10-Q, or till Might 19, 2025, to regain compliance with the Itemizing Rule. The Firm intends to take the mandatory steps to regain compliance with Nasdaq’s itemizing guidelines as quickly as practicable.
Whereas the Firm can present no assurances as to timing, the Firm intends to take motion to submit a plan to regain compliance inside the 60 calendar day submission interval, and, if Nasdaq accepts the plan to regain compliance, to subsequently regain compliance inside the prolonged time granted by Nasdaq. Whereas the Firm is exercising diligent efforts to take care of the itemizing of its securities on the Nasdaq Capital Market, there might be no assurance that the Firm will be capable of regain compliance inside the relevant time interval. As well as, if the Firm doesn’t regain compliance inside the relevant time interval, Nasdaq may present discover that the Firm’s securities will turn into topic to delisting. If the Firm receives discover that its securities are being delisted, Nasdaq guidelines allow the Firm to enchantment any delisting dedication by Nasdaq employees to a hearings panel.
About IMAC Holdings, Inc.
IMAC Holdings, Inc. is headquartered in Franklin, Tennessee. We function our proteomic enterprise by means of our nationally CLIA-certified, CAP-accredited and NY CLEP licensed laboratory in Golden, Colorado.
Protected Harbor Assertion
This doc and the displays comprise forward-looking statements inside the which means of Part 21E of the Alternate Act of 1934, as amended, that are made pursuant to the protected harbor provisions of the Securities Litigation Reform Act of 1995, together with, however not restricted to, statements concerning the timing and expectations concerning the Firm’s submitting of the Kind 10-Q, statements referring to the Firm’s plan to regain compliance with Nasdaq’s itemizing guidelines, in addition to all statements that aren’t historic information. These forward-looking statements are topic to alter, and precise outcomes might materially differ from these set forth on this Present Report because of sure dangers and uncertainties. Components that might trigger or contribute to adjustments in such forward-looking statements embrace, however will not be restricted to, the danger that the completion and submitting of the Kind 10-Q will take longer than anticipated; uncertainties in regards to the timing of the Firm’s submission of a compliance plan; Nasdaq’s acceptance of any such plan; the length of any extension that could be granted by Nasdaq; and the danger that the Firm can be unable to fulfill Nasdaq’s continued itemizing necessities. The foregoing overview of vital components shouldn’t be construed as exhaustive and ought to be learn along with the opposite cautionary statements set forth in experiences filed with the SEC, together with the Firm’s present experiences on Kind 8-Ok, quarterly experiences on Kind 10-Q and its annual report on Kind 10-Ok/A, akin to statements concerning adjustments in financial situations and the affect of competitors. Undue reliance shouldn’t be positioned on any forward-looking assertion contained herein. These statements mirror the Firm’s place as of the date of this Present Report. The Firm expressly disclaims any enterprise to launch publicly any updates or revisions to any statements to mirror any change within the Firm’s expectations or any change of occasions, situations, or circumstances on which any such assertion relies.
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