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): April 9, 2019 (April 3, 2019)
AAC HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
Nevada | 001-36643 | 35-2496142 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) | ||
200 Powell Place Brentwood, Tennessee |
37027 | |||
(Address of Principal Executive Offices) | (Zip Code) |
(615) 732-1231
(Registrants telephone number, including area code)
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 (see General Instruction A.2. below):
☐ | 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)) |
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. ☒
Item 3.01. | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
On April 3, 2019, AAC Holdings, Inc. (the Company) received a written notice (the Notice) from New York Stock Exchange (the NYSE) indicating that the Company is not in compliance with the NYSEs continued listing requirements in Section 802.01E (SEC Annual and Quarterly Report Timely Filing Criteria) of the NYSE Listed Company Manual (the NYSE Manual) as a result of the Companys delay in filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the 2018 Form 10-K) with the United States Securities and Exchange Commission (the SEC).
As previously disclosed on the Companys Current Report on Form 8-K filed with the SEC on March 29, 2019, the Company is in the process of making adjustments to certain of its previously issued financial statements and completing the preparation of its financial statements for its fiscal year ended December 31, 2018 for inclusion in its 2018 Form 10-K. The Company is diligently working to finalize its 2018 Form 10-K and expects to do so shortly, although no assurances as to timing may be made.
The Company issued a press release on April 9, 2019, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this Report).
The NYSE informed the Company that it will monitor the status of the Companys 2018 Form 10-K and related public disclosures for up to a six (6) month period from its due date. If the Company does not file its 2018 Form 10-K with the SEC within six (6) months of its due date (the Extension Period), the NYSE may, in its sole discretion, allow the Companys common stock to trade for up to an additional six (6) months (the Additional Extension Period) depending upon the Companys specific circumstances. The Notice also states that the NYSE may commence delisting proceedings at any time during the Extension Period or the Additional Extension period, if applicable, if the circumstances warrant.
Item 7.01 | Regulation FD Disclosure. |
The information disclosed under Item 3.01 of this Report is incorporated by reference into this Item 7.01.
Item 9.01 | Exhibits and Financial Statements. |
Exhibit |
Description | |
99.1 | Press Release, dated April 9, 2019 |
Forward Looking Statements
This Report contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are made only as of the date of this Report. In some cases, you can identify forward-looking statements by terms such as anticipates, believes, could, estimates, expects, may, potential, predicts, projects, should, will, would, and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements may include information concerning the Companys possible or assumed future results of operations, including descriptions of the Companys revenue, profitability, outlook and overall business strategy. These statements involve known and unknown risks, uncertainties and other factors that may cause the Companys actual results and performance to be materially different from the information contained in the forward-looking statements. These risks, uncertainties and
other factors include, without limitation: (i) the Companys inability to effectively operate its facilities; (ii) the Companys reliance on its sales and marketing program to continuously attract and enroll clients; (iii) a reduction in
reimbursement rates by certain third-party payors for inpatient and outpatient services and point-of-care and definitive lab testing; (iv) the Companys failure to successfully achieve growth or projected financial results related to acquisitions and de novo projects; (v) risks associated with estimates of the value of the Companys accounts receivable or deterioration in the collectability of accounts receivable; (vi) the possibility that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of an acquisition; (vii) a disruption in the Companys ability to perform diagnostic laboratory services; (viii) maintaining compliance with applicable regulatory authorities, licensure and permits to operate the Companys facilities and laboratories; (ix) a disruption in the Companys business and reputational and economic risks associated with civil claims by various parties; (x) inability to meet the covenants in the Companys loan documents or lack of borrowing capacity; (xi) inability to effectively integrate acquired facilities; and (xii) general economic conditions, as well as other risks discussed in the Risk Factors section of the Companys most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC. As a result of these factors, we cannot assure that the forward-looking statements in this Report will prove to be accurate. Investors should not place undue reliance upon forward-looking statements.
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.
AAC HOLDINGS, INC. | ||
By: | /s/ Andrew W. McWilliams | |
Andrew W. McWilliams | ||
Chief Financial Officer |
Date: April 9, 2019
Exhibit 99.1
Investor Contact: | Elizabeth Saunders | Media Contact: | Joy Sutton | |||
Clermont Partners | (615) 587-7728 | |||||
(312) 690-6008 | Mediarequest@contactAAC.com | |||||
IR@contactAAC.com |
AAC Holdings, Inc. Receives NYSE Continued Listing Standard Notice
BRENTWOOD, Tenn., April 9, 2019AAC Holdings, Inc. (NYSE: AAC) (the Company) announced that the Company received a written notice (the Notice) from the New York Stock Exchange (the NYSE) indicating that the Company is not in compliance with the NYSEs continued listing requirements under the timely filing criteria outlined in Section 802.01E of the NYSE Listed Company Manual as a result of the delay in the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the 2018 Form 10-K).
As previously disclosed on the Companys Current Report on Form 8-K filed with the Securities and Exchange Commission (the SEC) on March 29, 2019, the Company is in the process of making adjustments to certain of its previously issued financial statements and completing the preparation of its financial statements for its fiscal year ended December 31, 2018 for inclusion in its 2018 Form 10-K. The Company is diligently working to finalize its 2018 Form 10-K and expects to do so shortly, although no assurances as to timing may be made.
The NYSE has informed the Company that it will monitor the status of the Companys 2018 Form 10-K and related public disclosures for up to a six (6) month period from its due date (the Extension Period). If the Company does not file its 2018 Form 10-K within the Extension Period, the NYSE may, in its sole discretion, allow the Companys common stock to trade for up to an additional six (6) months (the Additional Extension Period) depending upon the Companys specific circumstances. The Notice also states that the NYSE may commence delisting proceedings at any time during the Extension Period or the Additional Extension period, if applicable, if the circumstances warrant.
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Forward Looking Statements
This release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are made only as of the date of this Report. In some cases, you can identify forward-looking statements by terms such as anticipates, believes, could, estimates, expects, may, potential, predicts, projects, should, will, would, and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these words. Forward-looking statements may include information concerning the Companys possible or assumed future results of operations, including descriptions of the Companys revenue, profitability, outlook and overall business strategy. These statements involve known and unknown risks, uncertainties and other factors that may cause the Companys actual results and performance to be materially different from the information contained in the forward-looking statements. These risks, uncertainties and other factors include, without limitation: (i) the Companys inability to effectively operate its facilities; (ii) the Companys reliance on its sales and marketing program to continuously attract and enroll clients; (iii) a reduction in reimbursement rates by certain third-party payors for inpatient and outpatient services and point-of-care and definitive lab testing; (iv) the Companys failure to successfully achieve growth or projected financial results related to acquisitions and de novo projects; (v) risks associated with estimates of the value of the
Companys accounts receivable or deterioration in the collectability of accounts receivable; (vi) the possibility that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of an acquisition; (vii) a disruption in the Companys ability to perform diagnostic laboratory services; (viii) maintaining compliance with applicable regulatory authorities, licensure and permits to operate the Companys facilities and laboratories; (ix) a disruption in the Companys business and reputational and economic risks associated with civil claims by various parties; (x) inability to meet the covenants in the Companys loan documents or lack of borrowing capacity; (xi) inability to effectively integrate acquired facilities; and (xii) general economic conditions, as well as other risks discussed in the Risk Factors section of the Companys most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other filings with the SEC. As a result of these factors, we cannot assure that the forward-looking statements in this Report will prove to be accurate. Investors should not place undue reliance upon forward-looking statements.
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