SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT ON FORM 8-K
IMAC Holdings, Inc. (the “Company”)
September 22, 2023
|Item 3.01.||Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.|
On September 22, 2023, The Nasdaq Stock Market LLC (“Nasdaq”) notified the Company that the Company’s bid price deficiency had been cured and that the Company is in compliance with all applicable listing standards. As previously disclosed, on September 6, 2023, the Company received a letter from Nasdaq notifying the Company that, because the bid price of the Company’s voting common stock and warrants had closed at $0.10 or less for the preceding ten consecutive trading days, in contravention of Nasdaq Listing Rule 5810(c)(3)(A)(iii), the Company’s securities were subject to delisting unless the Company timely requested a hearing before the Nasdaq Hearings Panel (the “Panel”) to appeal the Listing Qualifications Department (the “Staff”) of Nasdaq’s decision. On September 12, 2023, the Company submitted a request for a hearing before the Panel to appeal the Staff’s delisting determination, which was granted and the hearing (the “Hearing”) was scheduled to occur on November 2, 2023.
As further previously disclosed, on September 7, 2023, the Company effected a 1-for-30 reverse stock split (the “Reverse Stock Split”) in order to regain compliance with the minimum bid price requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(a)(2). Since the effective date of the Reverse Stock Split, and through the date of this Current Report on Form 8-K, the closing bid price of the Company’s common stock has been above $1.00.
On September 18, 2023, the Company requested an expedited review process by submitting a Bid Price Compliance Plan to Nasdaq to evidence the Company’s compliance with the Nasdaq Listing Rules. Then, on September 22, 2023, Nasdaq notified the Company that the Company’s bid price deficiency had been cured and that the Company is in compliance with all applicable listing standards. As a result, Nasdaq cancelled the Hearing, reversed its delisting determination and confirmed that the Company’s common stock and warrants will continue to be listed and traded on The Nasdaq Capital Market under the symbols “BACK” and “IMACW,” respectively.
|Item 7.01.||Regulation FD Disclosure.|
On September 27, 2023, the Company issued a press release announcing that the Company regained compliance with the Nasdaq Listing Rules. A copy of such press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information under this item, Exhibit 99.1 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. This report will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
The Securities and Exchange Commission encourages registrants to disclose forward-looking information so that investors can better understand the future prospects of a registrant and make informed investment decisions. This Current Report on Form 8-K and exhibits may contain these types of statements, which are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and which involve risks, uncertainties and reflect the Registrant’s judgment as of the date of this Current Report on Form 8-K. Forward-looking statements may relate to, among other things, operating results and are indicated by words or phrases such as “expects,” “should,” “will,” and similar words or phrases. These statements are subject to inherent uncertainties and risks that could cause actual results to differ materially from those anticipated at the date of this Current Report on Form 8-K. Investors are cautioned not to rely unduly on forward-looking statements when evaluating the information presented within.
|Item 9.01.||Financial Statements and Exhibits.|
|99.1||Press Release, dated September 27, 2023.|
|101||Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document).|
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: September 27, 2023||IMAC HOLDINGS, INC.|
/s/ Jeffrey S. Ervin
|Name:||Jeffrey S. Ervin|
|Title:||Chief Executive Officer|
IMAC Holdings, Inc. Regains Compliance with Nasdaq Listing Requirements
Franklin, TN – September 27, 2023 (Globe Newswire) – IMAC Holdings, Inc. (Nasdaq: BACK) (“IMAC” or the “Company”) today announced that it has received notice from The Nasdaq Stock Market LLC informing the Company that it has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market and that it is in compliance with all applicable listing standards.
The Company’s common stock and warrants will continue to be listed and traded on The Nasdaq Capital Market under the symbols “BACK” and “IMACW,” respectively.
About IMAC Holdings, Inc.
IMAC owns and manages health and wellness centers that deliver sports medicine, orthopedic care, and restorative joint and tissue therapies for movement restricting pain and neurodegenerative diseases. IMAC is comprised of two business segments: outpatient medical centers and a clinical research division. With treatments to address both young and aging populations, IMAC owns or manages outpatient medical clinics that deliver regenerative rehabilitation services as a minimally invasive approach to acute and chronic musculoskeletal and neurological health problems. IMAC’s research division is currently conducting a Phase I clinical trial evaluating a mesenchymal stem cell therapy candidate for bradykinesia due to Parkinson’s disease. For more information visit www.imacregeneration.com.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.imacregeneration.com.
IMAC Investor Contact: