IMAC Holdings, Inc. Granted Extension by Nasdaq to Regain Compliance with Listing Rule 5250(c)(1)

IMAC Holdings, Inc. (NASDAQ: BACK) recently disclosed that the company has been granted an extension by The Nasdaq Stock Market LLC (“Nasdaq”) to facilitate compliance with Nasdaq Listing Rule 5250(c)(1). The decision came after IMAC Holdings received a delinquency notification letter on August 21, 2024, due to non-compliance with the Listing Rule, resulting from the delayed filing of its Quarterly Report on Form 10-Q for the period ending June 30, 2024.

In a current report filed on November 12, 2024, IMAC Holdings detailed that Nasdaq’s Listing Qualifications Staff has provided an exception. This exception permits IMAC Holdings additional time to regain compliance with the Listing Rule, effectively extending the deadline to file the Form 10-Q to February 17, 2025.

IMAC Holdings emphasized its commitment to meeting this extended deadline, noting that failure to adhere to the terms of the exception might lead to a delisting of the company’s securities. The company does have the option to appeal this decision to a Hearings Panel if necessary.

The IMAC Holdings team is actively working towards the completion and submission of the Form 10-Q well before the February 17, 2025 timeframe. A press release issued by the company on November 14, 2024, announced the receipt of this extension.

In response to challenges faced during the preparation of financial statements for the second quarter of 2024, IMAC Holdings cited various factors, including the acquisition of assets from Theralink Technologies, Inc., stock exchanges, and staffing issues. These complexities have led to the delay in filing the required Form 10-Q.

Importantly, the extension granted by Nasdaq does not immediately impact the trading or listing of IMAC Holdings’ common stock on the Nasdaq Capital Market. The company reiterated its dedication to providing timely and transparent financial information to its shareholders and the investment community.

IMAC Holdings, Inc., based in Franklin, Tennessee, operates its proteomic business through a laboratory in Golden, Colorado, which is CLIA-certified, CAP-accredited, and NY CLEP-certified.

The company’s press release contained forward-looking statements concerning the filing of the Form 10-Q and the efforts to meet Nasdaq’s listing rules. IMAC Holdings noted that risks and uncertainties could affect the actual outcomes. The company committed to updating stakeholders if any developments occur.

Investors seeking additional information are encouraged to contact [email protected].

This article serves as a reflection of the information from the recent 8-K filing submitted by IMAC Holdings, Inc. to the Securities and Exchange Commission.

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.