Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
As previously reported, on September 21, 2022, the Company received a written
notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC
("Nasdaq") notifying the Company that it was not in compliance with the minimum
bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued
listing on The Nasdaq Capital Market. Specifically, Nasdaq Listing Rule
5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00
per share (the "Minimum Bid Price Requirement"), and Nasdaq Listing Rule
5810(c)(3)(A) provides that a failure to meet the Minimum Bid Price Requirement
exists if the deficiency continues for a period of 30 consecutive business days.
The Company was provided 180 calendar days, or until March 20, 2023, to regain
compliance with the Minimum Bid Price Requirement.
The Company did not regain compliance with the Minimum Bid Price Requirement by
March 20, 2023; however, on March 23, 2023, the Company received a letter from
Nasdaq granting the Company's request for a 180-day extension to regain
compliance with the Minimum Bid Price Requirement (the "Extension Notice"). If
at any time prior to September 18, 2023, the closing bid price of the Company's
common stock is at or above $1.00 for a minimum of 10 consecutive business days,
Nasdaq will notify the Company that it is in compliance with the Minimum Bid
Price Requirement and the matter will be closed.
If compliance with the Minimum Bid Price Requirement cannot be demonstrated by
September 18, 2023, Nasdaq will notify the Company that its common stock will be
delisted from The Nasdaq Capital Market. At that time, the Company may appeal
the relevant delisting determination to a hearings panel pursuant to the
procedures set forth in the applicable Nasdaq Listing Rules. However, there can
be no assurance that, if the Company does appeal the delisting determination by
Nasdaq to the hearings panel, that such appeal would be successful.
The Company intends to actively monitor the closing bid price of its common
stock and may, if appropriate, consider implementing available options,
including, but not limited to, implementing a reverse stock split of its
outstanding securities, to regain compliance with the Minimum Bid Price
Requirement.
The Extension Notice has no immediate effect on the listing or trading of the
Company's common stock, which will continue to trade on The Nasdaq Capital
Market under the symbol "BACK".
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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