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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): September 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”)
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. |
(d)
Exhibits
Exhibit
No. |
|
Description |
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). |
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:
September 27, 2023 |
IMAC
HOLDINGS, INC. |
|
|
|
By: |
/s/
Jeffrey S. Ervin |
|
Name: |
Jeffrey
S. Ervin |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
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.
Forward-Looking
Statements
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:
jeff@imacholdings.com
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