IMAC Holdings Faces Delisting Concerns

TL;DR

IMAC Holdings might get delisted - big trouble ahead.

AI Summary

IMAC Holdings, Inc. filed an 8-K on August 23, 2024, reporting a notice of delisting or failure to satisfy continued listing rules. The filing indicates potential issues with the company's continued listing on the stock exchange, though specific details regarding the exact rule violated or the timeline for compliance are not immediately clear from this summary.

Why It Matters

This filing signals potential financial distress or non-compliance with exchange rules, which could lead to the stock being delisted, impacting liquidity and investor confidence.

Risk Assessment

Risk Level: high — A notice of delisting directly threatens the company's ability to remain publicly traded, posing a significant risk to its operations and investors.

Key Players & Entities

• IMAC Holdings, Inc. (company) — Registrant
• August 21, 2024 (date) — Earliest event reported
• August 23, 2024 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation
• 3401 Mallory Lane, Suite 100 Franklin, Tennessee 37067 (address) — Principal executive address

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share BACK Nasdaq Capital Mark

Filing Documents

• form8-k.htm (8-K) — 44KB
• ex99-1.htm (EX-99.1) — 14KB
• ex99-1_001.jpg (GRAPHIC) — 3KB
• 0001493152-24-033776.txt ( ) — 240KB
• back-20240821.xsd (EX-101.SCH) — 3KB
• back-20240821_lab.xml (EX-101.LAB) — 33KB
• back-20240821_pre.xml (EX-101.PRE) — 22KB
• form8-k_htm.xml (XML) — 4KB

01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. On August 21, 2024, IMAC Holdings, Inc. (the "Company"), received written notice (the "Notice") from The Nasdaq Stock Market ("Nasdaq") indicating that the Company no longer complies with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule"), which requires companies with securities listed on the Nasdaq Capital Market to timely file all required periodic reports with the U.S. Securities and Exchange Commission (the "SEC"). As previously disclosed in a Form 12b-25 Notification of Late Fling filed by the Company on August 15, 2024 (the "Form 12b-25"), the Company is delayed in filing its Quarterly Report on Form 10-Q for the period ended June 30, 2024 (the "Form 10-Q") with the SEC. The filing of the Form 10-Q was delayed due to the matters described in the Form 12b-25. The Company continues to work diligently to file the Form 10-Q as soon as practicable. The Notice has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market. The Company has until October 20, 2024, to submit a plan to regain compliance with the Listing Rule (the "Plan"). Pursuant to the Notice, if Nasdaq accepts the Plan, Nasdaq has the discretion to grant the Company an exception of up to 180 calendar days from the due date of the Form 10-Q, or until February 17, 2025, to regain compliance with the Listing Rule. The Company intends to take the necessary steps to regain compliance with Nasdaq's listing rules as soon as practicable. While the Company can provide no assurances as to timing, the Company intends to take action to submit a plan to regain compliance within the 60 calendar day submission period, and, if Nasdaq accepts the plan to regain compliance, to subsequently regain compliance within the extended time granted by Nasdaq. While the Company is exercising diligent efforts to maintain the listing of its securities on the Nasdaq

01. Regulation FD Disclosure

Item 7.01. Regulation FD Disclosure. On August 23, 2024, the Company issued a press release disclosing the receipt of the Notice. A copy of the press release is being furnished herewith as Exhibit 99.1. The information furnished in this Item 7.01 and Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing. Forward-Looking This document and the exhibits contain forward-looking statements within the meaning of Section 21E of the Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, including, but not limited to, plan to regain compliance with Nasdaq's listing rules, as well as all statements that are not historical facts. These forward-looking risks and uncertainties. Factors that could cause or contribute to changes in such forward-looking statements include, but are not limited to, the risk that the completion and filing of the Form 10-Q will take longer than expected; uncertainties about the timing of the Company's submission of a compliance plan; Nasdaq's acceptance of any such plan; the duration of any extension that may be granted by Nasdaq; and the risk that the Company will be unable to meet Nasdaq's continued listing requirements. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibit No. Description 99.1 Press Release dated August 23, 2024. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: August 23, 2024 IMAC HOLDINGS, INC. By: /s/ Faith Zaslavsky Name: Faith Zaslavsky Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR