IMAC Holdings, Inc. Faces Nasdaq Compliance Challenges

IMAC Holdings, Inc. (NASDAQ: BACK) recently received notices from The Nasdaq Stock Market pertaining to deficiencies impacting its compliance with Nasdaq Listing Rules. The company, headquartered in Franklin, Tennessee, disclosed the notifications in its 8-K filing with the Securities and Exchange Commission dated November 22, 2024.

According to the document, IMAC Holdings, Inc. fell out of compliance with Nasdaq Listing Rule 5605, which mandates companies to maintain an audit committee consisting of a minimum of three members. The deviation resulted from a vacancy caused by Cary Sucoff’s resignation from the Board of Directors, as previously reported in a Form 8-K filing on September 12, 2024. Despite this non-compliance issue, the Audit Committee Notice does not have an immediate impact on the company’s common stock listing or trading on the Nasdaq Capital Market.

IMAC Holdings, Inc. also received a notification related to non-compliance with Nasdaq Listing Rule 5250(c)(1), triggered by a delay in filing its Quarterly Report on Form 10-Q for the period ending September 30, 2024. The company filed a Form 12b-25 Notification of Late Filing on November 15, 2024, detailing the delay in the submission of the report. The Periodic Report Notice, similar to the Audit Committee Notice, currently does not affect the company’s listing or trading on the exchange.

In response to these compliance challenges, IMAC Holdings, Inc. has been granted specific timeframes to rectify the deficiencies. The company has until its next annual shareholders’ meeting or September 9, 2025, whichever is earlier, to regain compliance with the Audit Committee Listing Rule. Likewise, for regaining compliance with the Periodic Report Listing Rule, IMAC Holdings, Inc. must submit a plan by January 21, 2024, for Nasdaq’s approval, granting a potential extension until May 19, 2025.

IMAC Holdings, Inc. expressed its commitment to taking necessary measures to comply with Nasdaq’s listing rules within the defined timeframes. However, the company cautioned that there are uncertainties in meeting these compliance deadlines. Failure to regain compliance within the stipulated periods could lead to the delisting of IMAC Holdings, Inc.’s securities from the Nasdaq Capital Market.

As per the report’s Regulation FD Disclosure section, IMAC Holdings, Inc. issued a press release on November 22, 2024, informing stakeholders about the Periodic Report Notice. The company affirmed that the details provided in the press release shall not be deemed as filed for SEC purposes, except as explicitly referenced in future filings.

The current situation underscores the challenges faced by IMAC Holdings, Inc. in meeting Nasdaq’s compliance requirements. The company continues to strive towards regulatory adherence while maintaining transparency with stakeholders during this period of non-compliance.

Please note that forward-looking statements made in the filings and press release are subject to risks and uncertainties, and actual results may vary materially. It is advised to exercise caution and not place undue reliance on these statements due to potential changes in circumstances and events affecting IMAC Holdings, Inc.’s operations.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read IMAC’s 8K filing here.

IMAC Company Profile

IMAC Holdings, Inc owns, manages, and subleases a chain of innovative medical advancements and care regeneration centers in the United States. The company's outpatient medical clinics provide regenerative, orthopedic, and minimally invasive procedures and therapies to patients with sports injuries, ligament and tendon damage, and other related soft tissue conditions, as well as back, knee, and joint pains.