Form 8-K - Current report
25 November 2023 - 5:00AM
Edgar (US Regulatory)
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0001729944
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2023-11-22
2023-11-22
0001729944
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2023-11-22
2023-11-22
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2023-11-22
2023-11-22
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 22, 2023
IMAC
Holdings, Inc.
(Exact
Name of Registrant as Specified in Charter)
Delaware |
|
001-38797 |
|
83-0784691 |
(State
or Other Jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
Incorporation) |
|
File
Number) |
|
Identification
No.) |
3401
Mallory Lane, Suite 100, Franklin, Tennessee |
|
37067 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (844) 266-4622
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
|
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class |
|
Trading
Symbol |
|
Name
of Each Exchange on Which Registered |
Common
Stock, par value $0.001 per share |
|
BACK |
|
NASDAQ
Capital Market |
Warrants
to Purchase Common Stock |
|
IMACW |
|
NASDAQ
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
CURRENT
REPORT ON FORM 8-K
IMAC
Holdings, Inc. (the “Company”)
November
22, 2023
Item
3.01. |
Notice
of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
As
previously disclosed, on May 31, 2023, the Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market
LLC (“Nasdaq”) indicating that the Company was not in compliance with the minimum stockholders’ equity requirement
of $2.5 million for continued listing on the Nasdaq Capital Market under Listing Rule 5550(b)(1) (the “Equity Rule”).
On
August 3, 2023, the Company submitted a plan to Nasdaq to regain compliance with the Equity Rule. On August 7, 2023, Nasdaq formally
notified the Company that it had regained compliance with the Equity Rule and Nasdaq noted that it would continue to monitor the Company’s
ongoing compliance with the Equity Rule, and if at the time of the Company’s next periodic report (i.e., for the quarterly period
ending September 30, 2023) the Company does not evidence compliance, it may be subject to delisting.
On
November 22, 2023, the Company received a letter (the “Letter”) from the Listing Qualifications Department of Nasdaq indicating
that the Company was not in compliance with the Equity Rule because the Company’s stockholders’ equity of $1,028,359, as
reported in the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2023, was below the required minimum
of $2.5 million, and because, as of November 21, 2023, the Company did not meet the alternative compliance standards relating to the
market value of listed securities of $35 million or net income from continuing operations of $500,000 in the most recently completed
fiscal year or in two of the last three most recently completed fiscal years. Pursuant to the Letter, the Company is not eligible for
a 180-calendar day compliance period and the Company’s common stock is subject to delisting at the opening of business on December
1, 2023, unless the Company submits an appeal of Nasdaq’s determination to a Nasdaq Hearings Panel (the “Panel”) by
November 29, 2023.
The
Company intends to submit to Nasdaq, within the requisite time period, an appeal of Nasdaq’s determination regarding compliance
with the Equity Rule. An appeal will stay the delisting of the Company’s common stock and the filing of Form 25-NSE pending the
Panel’s decision. There can be no assurance that the Panel will rule in favor of the Company or that the Company will be able to
regain compliance with the Equity Rule or maintain compliance with any other Nasdaq requirement in the future.
The
Company, by filing this Form 8-K, discloses its receipt of the Letter from Nasdaq in accordance with Listing Rule 5810(b).
Item
9.01. |
Financial
Statements and Exhibits. |
Exhibit
No. |
|
Description |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
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:
November 24, 2023 |
IMAC
HOLDINGS, INC. |
|
|
|
By: |
/s/
Jeffrey S. Ervin |
|
Name: |
Jeffrey
S. Ervin |
|
Title: |
Chief
Executive Officer |
v3.23.3
Cover
|
Nov. 22, 2023 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Nov. 22, 2023
|
Entity File Number |
001-38797
|
Entity Registrant Name |
IMAC
Holdings, Inc.
|
Entity Central Index Key |
0001729944
|
Entity Tax Identification Number |
83-0784691
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
3401
Mallory Lane
|
Entity Address, Address Line Two |
Suite 100
|
Entity Address, City or Town |
Franklin
|
Entity Address, State or Province |
TN
|
Entity Address, Postal Zip Code |
37067
|
City Area Code |
(844)
|
Local Phone Number |
266-4622
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Common Stock, par value $0.001 per share |
|
Title of 12(b) Security |
Common
Stock, par value $0.001 per share
|
Trading Symbol |
BACK
|
Security Exchange Name |
NASDAQ
|
Warrants to Purchase Common Stock |
|
Title of 12(b) Security |
Warrants
to Purchase Common Stock
|
Trading Symbol |
IMACW
|
Security Exchange Name |
NASDAQ
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