The New York Stock Exchange has told Quorum Health executives that the hospital company’s shares are again out of of compliance with the Big Board’s listing standards.
As of March 20, Quorum shares (Ticker: QHC) has traded below $1 for 30 consecutive trading day. The NYSE team has told President and CEO Bob Fish and his team they have six months to remedy that situation. It’s the second time of late that the Brentwood-based faces this situation; the first from last December was remedied at the end of January.
Quorum also faces a bigger NYSE problem: Last spring, the company fell short of the exchange’s rule requiring both its market capitalization and its shareholders’ equity to be at least $50 million. As of Monday morning, its market cap was $22 million; as of last fall, it had a shareholders’ deficit of more than $200 million. The NYSE has given Quorum until late this year to meet its standards.
The leaders of IMAC Holdings have filed papers with the Securities and Exchange Commission that, if approved, will let the owner of outpatient regenerative and orthopedic treatment clinics raise up to $30 million.
Brentwood-based IMAC last week secured $1 million in funding from an investor who specializes in working with small-cap companies. The company is working on a stem cell-based treatment that stimulates the growth of bones, ligaments and tendons and is preparing to file an application wit the Food and Drug Administration. Its shelf filing — view it here — would permit CEO Jeff Ervin and his team to sell common or preferred shares as well as warrants, right and other securities.
Shares of IMAC (Ticker: IMAC) were down 18 percent to $1.61 late Monday morning. They rocketed up 1,000 percent last Tuesday — from 44 cents to nearly $5 — but have since steadily given up a majority of that gain.
This post originally appeared in our sister publication, the Nashville Post.