IMAC Holdings Granted Extension by Nasdaq to Regain Compliance with Listing Rule 5250(c)(1)
IMAC Holdings (NASDAQ: BACK) has received an extension from Nasdaq until February 17, 2025 to regain compliance with Listing Rule 5250(c)(1) by filing its Q2 2024 Form 10-Q. The delay in filing is attributed to three main factors: the acquisition of assets from Theralink Technologies, the exchange of Convertible Preferred Stocks and warrants, and staffing challenges including the temporary loss of a key financial staff member. The extension does not immediately affect the company's listing or trading status on the Nasdaq Capital Market.
IMAC Holdings (NASDAQ: BACK) ha ricevuto un'estensione da Nasdaq fino al 17 febbraio 2025 per ripristinare la conformità con la Regola di Listing 5250(c)(1) presentando il suo Modulo 10-Q del secondo trimestre 2024. Il ritardo nella presentazione è attribuito a tre fattori principali: l'acquisizione di beni da Theralink Technologies, lo scambio di azioni privilegiate convertibili e warrant, e le sfide di personale, inclusa la perdita temporanea di un membro chiave del personale finanziario. L'estensione non influisce immediatamente sullo stato di quotazione o di negoziazione dell'azienda sul Nasdaq Capital Market.
IMAC Holdings (NASDAQ: BACK) ha recibido una extensión de Nasdaq hasta el 17 de febrero de 2025 para recuperar el cumplimiento de la Regulación de Cotización 5250(c)(1) presentando su formulario 10-Q del segundo trimestre de 2024. El retraso en la presentación se atribuye a tres factores principales: la adquisición de activos de Theralink Technologies, el intercambio de acciones preferentes convertibles y warrants, y los desafíos de personal, incluida la pérdida temporal de un miembro clave del personal financiero. La extensión no afecta inmediatamente el estado de cotización o negociación de la empresa en el Nasdaq Capital Market.
IMAC Holdings (NASDAQ: BACK)는 2025년 2월 17일까지 Q2 2024 10-Q 양식을 제출하여 상장 규칙 5250(c)(1) 준수를 회복하도록 Nasdaq에서 연장을 받았습니다. 제출 지연은 세 가지 주요 요인으로 설명됩니다: Theralink Technologies의 자산 인수, 전환우선주 및 워런트의 교환, 그리고 주요 재무 직원의 일시적 손실을 포함한 인력 문제. 이 연장은 Nasdaq 자본 시장에서 회사의 상장 또는 거래 상태에 즉각적인 영향을 미치지 않습니다.
IMAC Holdings (NASDAQ: BACK) a reçu une prolongation de Nasdaq jusqu'au 17 février 2025 pour rétablir sa conformité avec la Règle de Cotation 5250(c)(1) en soumettant son formulaire 10-Q du deuxième trimestre 2024. Le retard dans la soumission est attribué à trois facteurs principaux : l'acquisition d'actifs de Theralink Technologies, l'échange d'actions privilégiées convertibles et de bons de souscription, ainsi que des difficultés de personnel, y compris la perte temporaire d'un membre clé de l'équipe financière. Cette prolongation n'affecte pas immédiatement le statut de cotation ou de négociation de l'entreprise sur le Nasdaq Capital Market.
IMAC Holdings (NASDAQ: BACK) hat eine Fristverlängerung von Nasdaq bis zum 17. Februar 2025 erhalten, um die Einhaltung der Listungsregel 5250(c)(1) durch die Einreichung des Formulars 10-Q für das zweite Quartal 2024 wiederherzustellen. Die Verzögerung bei der Einreichung ist auf drei Hauptfaktoren zurückzuführen: die Akquisition von Vermögenswerten von Theralink Technologies, den Austausch von wandelbaren Vorzugsaktien und Warrants sowie Personalprobleme, einschließlich des vorübergehenden Verlusts eines wichtigen Mitglieds des Finanzteams. Die Verlängerung hat keinen sofortigen Einfluss auf den Listungs- oder Handelsstatus des Unternehmens an der Nasdaq Capital Market.
- Received extension from Nasdaq until February 17, 2025 to maintain listing compliance
- Completed acquisition of assets from Theralink Technologies
- Failure to file Q2 2024 Form 10-Q on time
- Experiencing staffing challenges affecting financial reporting
- Risk of potential delisting if compliance not achieved by deadline
Insights
The Nasdaq extension for IMAC Holdings represents a critical regulatory development for the company's listing status. The delay in filing Q2 2024 financials, stemming from significant corporate actions including asset acquisition and securities restructuring, raises concerns about financial reporting capabilities. The extended deadline until February 17, 2025 provides temporary relief, but the staffing challenges and complexity in financial statement preparation indicate potential operational weaknesses.
The mentioned acquisition of Theralink Technologies assets and the restructuring of convertible preferred stocks and warrants suggest substantial changes in the company's capital structure and business model. However, without detailed financial information, investors face increased uncertainty regarding the company's current financial position and performance. The staffing issues, particularly the loss of key financial personnel, present additional risk factors for timely compliance and accurate reporting.
FRANKLIN, TN, Nov. 14, 2024 (GLOBE NEWSWIRE) -- IMAC Holdings, Inc. (“IMAC” or the “Company”) (NASDAQ: BACK) today announced that it has received an exception from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) to regain compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”). This exception extends the deadline for the Company to file its Quarterly Report on Form 10-Q for the period ended June 30, 2024 (the “Form 10-Q”) until February 17, 2025.
The delay in filing is primarily due to complexities in preparing our financial statements for the second quarter as a result of events occurring during the period ended June 30, 2024 and certain staffing challenges, including, among other things:
- Acquisition of Assets: The acquisition of certain assets and rights from Theralink Technologies, Inc.
- Securities Exchange: The exchange and issuances of the Company’s outstanding Convertible Preferred Stocks and certain warrants.
- Staff Challenges: Limited staffing and the temporary loss of a key staff member crucial to finalizing our financial statements.
We are diligently working to complete and file the Form 10-Q as soon as possible, and in any event by the extended deadline.
Importantly, this extension has no immediate effect on the listing or trading of the Company’s common stock on the Nasdaq Capital Market. IMAC Holdings remains committed to providing transparent and timely financial information to our shareholders and the investment community.
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.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Exchange Act of 1934, as amended, including, but not limited to, statements regarding the anticipated timing of the filing of the Form 10-Q and our ability to regain compliance with Nasdaq's listing rules. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Factors that could cause such differences include, but are not limited to, potential delays in completing the Form 10-Q, challenges in resolving accounting complexities, Nasdaq's acceptance of our compliance plan, and other risks detailed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K/A and quarterly reports on Form 10-Q. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
For additional information, please contact:
Investors@imacholdings.com
FAQ
When is IMAC Holdings (BACK) new deadline to file its Q2 2024 Form 10-Q?
Why is IMAC Holdings (BACK) delayed in filing its Q2 2024 financial report?
Will IMAC Holdings (BACK) continue trading on Nasdaq during the extension period?
