The Joint Corp. (NASDAQ: JYNT), a national operator, manager, and
franchisor of chiropractic clinics, announced it received a
delinquency notification letter from the Listing Qualifications
Staff (the “Staff”) of the Nasdaq Stock Market LLC (“Nasdaq”) on
August 22, 2023 due to the Company’s non-compliance with Nasdaq
Listing Rule 5250(c)(1) (the “Listing Rule”) as a result of the
Company’s failure to timely file its Quarterly Report on Form 10-Q
for the quarterly period ended June 30, 2023 (the “Form 10-Q”). The
Listing Rule requires listed companies to timely file all required
periodic financial reports with the Securities and Exchange
Commission (the “SEC”).
The Company timely filed a Form 12b-25 Notification
of Late Filing related to the Form 10-Q, which resulted in an
extended filing deadline for the Form 10-Q of August 21, 2023. The
Form 10-Q was not filed with the SEC on August 21, 2023, as the
Company continues the evaluation of its accounting treatment
related to the Company’s regional developer arrangements and the
related impact to its current and previously issued financial
statements, which is necessary for the Company’s independent
registered accounting firm to complete its quarterly review
procedures related to Form 10-Q. Nasdaq has informed the Company
that the Company must submit a plan of compliance (the “Plan”) by
October 23, 2023 addressing how it intends to regain compliance
with Nasdaq’s listing rules. The Company will continue to work with
its auditors with the objective of filing its Form 10-Q as soon as
practicable and will work diligently to submit the Plan promptly
and take the necessary steps to regain compliance as soon as
practicable.
Forward-Looking StatementsThis
press release contains statements about future events and
expectations that constitute forward-looking statements.
Forward-looking statements, including expectations about the timing
of the completion and filing of the Form 10-Q and statements
regarding our submission of the Plan to regain compliance with the
Listing Rule, are based on our beliefs, assumptions and
expectations of industry trends, our future financial and operating
performance and our growth plans, taking into account the
information currently available to us. These statements are not
statements of historical fact. Forward-looking statements involve
risks and uncertainties that may cause our actual results to differ
materially from the expectations of future results we express or
imply in any forward-looking statements, and you should not place
undue reliance on such statements. Factors that could contribute to
these differences include, but are not limited to, our inability to
complete our evaluation of the accounting treatment related to our
regional developer arrangements, which is necessary for our
independent public accounting firm to finalize the quarterly review
procedures related to the Form 10-Q, our inability to identify and
recruit enough qualified chiropractors and other personnel to staff
our clinics, due in part to the nationwide labor shortage, an
increase in operating expenses due to measures we may need to take
to address such shortage, inflation, exacerbated by COVID-19 and
the current war in Ukraine, which has increased our costs and which
could otherwise negatively impact our business, the potential for
further disruption to our operations and the unpredictable impact
on our business of the COVID-19 outbreak and outbreaks of other
contagious diseases, our failure to develop or acquire
company-owned or managed clinics as rapidly as we intend, our
failure to profitably operate company-owned or managed clinics,
short-selling strategies and negative opinions posted on the
internet which could drive down the market price of our common
stock and result in class action lawsuits, our failure to remediate
any future material weaknesses in our internal control over
financial reporting, which could negatively impact our ability to
accurately report our financial results, prevent fraud, or maintain
investor confidence, and other factors described in our filings
with the SEC, including in the section entitled “Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31, 2022
filed with the SEC on March 10, 2023 and subsequently-filed current
and quarterly reports. Words such as, "anticipates," "believes,"
"continues," "estimates," "expects," "goal," "objectives,"
"intends," "may," "opportunity," "plans," "potential," "near-term,"
"long-term," "projections," "assumptions," "projects," "guidance,"
"forecasts," "outlook," "target," "trends," "should," "could,"
"would," "will," and similar expressions are intended to identify
such forward-looking statements. We qualify any forward-looking
statements entirely by these cautionary factors. We assume no
obligation to update or revise any forward-looking statements for
any reason or to update the reasons actual results could differ
materially from those anticipated in these forward-looking
statements, even if new information becomes available in the
future. Comparisons of results for current and any prior periods
are not intended to express any future trends or indications of
future performance, unless expressed as such, and should only be
viewed as historical data.
About The Joint Corp. (NASDAQ:
JYNT) The Joint Corp. (NASDAQ: JYNT) revolutionized access
to chiropractic care when it introduced its retail healthcare
business model in 2010. Today, it is the nation's largest operator,
manager and franchisor of chiropractic clinics through The Joint
Chiropractic network. The company is making quality care convenient
and affordable, while eliminating the need for insurance, for
millions of patients seeking pain relief and ongoing wellness. With
more than 900 locations nationwide and over 12 million patient
visits annually, The Joint Chiropractic is a key leader in the
chiropractic industry. Consistently named to Franchise Times “Top
500+ Franchises” and Entrepreneur’s “Franchise 500” lists and
recognized by FRANdata with the TopFUND award, as well as Franchise
Business Review’s “Top Franchise for 2023,” “Most Profitable
Franchises” and “Top Franchises for Veterans” ranking, The Joint
Chiropractic is an innovative force, where healthcare meets
retail.
For more information, visit www.thejoint.com. To
learn about franchise opportunities, visit
www.thejointfranchise.com.
Business StructureThe Joint Corp.
is a franchisor of clinics and an operator of clinics in certain
states. In Arkansas, California, Colorado, District of Columbia,
Florida, Illinois, Kansas, Kentucky, Maryland, Michigan, Minnesota,
New Jersey, New York, North Carolina, Oregon, Pennsylvania, Rhode
Island, South Dakota, Tennessee, Washington, West Virginia and
Wyoming, The Joint Corp. and its franchisees provide management
services to affiliated professional chiropractic practices.
Media Contact: Margie
Wojciechowski, The Joint Corp.,
margie.wojciechowski@thejoint.comInvestor Contact:
Kirsten Chapman, LHA Investor Relations, 415-433-3777,
thejoint@lhai.com
Joint (NASDAQ:JYNT)
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