BRENTWOOD, Tenn., April 9, 2019 /PRNewswire/ -- AAC 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
NYSE's 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 Company's 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 Company's 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 Company's common stock to trade for up to an
additional six (6) months (the "Additional Extension Period")
depending upon the Company's 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
Company's possible or assumed future results of operations,
including descriptions of the Company's revenue, profitability,
outlook and overall business strategy. These statements involve
known and unknown risks, uncertainties and other factors that may
cause the Company's 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 Company's inability to effectively
operate its facilities; (ii) the Company's 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 Company's
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
Company's 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 Company's ability to perform diagnostic laboratory services;
(viii) maintaining compliance with applicable regulatory
authorities, licensure and permits to operate the Company's
facilities and laboratories; (ix) a disruption in the
Company's business and reputational and economic risks associated
with civil claims by various parties; (x) inability to meet
the covenants in the Company's 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
Company's 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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SOURCE AAC Holdings, Inc.