UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No.) |
(Address of principal executive offices) (ZIP Code)
Registrant's 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):
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbols | Name of each exchange on which registered | ||
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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.
As previously disclosed, on December 27, 2023, Dynatronics Corporation (the "Company") received written notice from The Nasdaq Stock Market ("Nasdaq") that if the Company's common stock failed to regain compliance with Nasdaq's minimum bid price requirement before June 24, 2024, the Company's common stock would be delisted from Nasdaq. On June 27, 2024, Dynatronics received written notice from Nasdaq that trading of the Company's common stock will be suspended at the open of business on July 9, 2024 due to Dynatronics' failure to regain compliance with the minimum bid price requirement. Following such suspension, Nasdaq is expected to file a Form 25 Notification of Delisting with the Securities Exchange Commission with respect to Dynatronics' common stock when all internal procedural periods have run.
Prior to receiving Nasdaq's written notice, the Company considered its alternatives and concluded that transitioning to The OTC Markets Group, Inc. ("OTC") is the best course of action given recurring instances of noncompliance with Nasdaq listing requirements, and has determined not to appeal Nasdaq's determination. The OTC has approved the quotation of the Company's common stock on the OTCQB Venture Market ("OTCQB") and the Company's common stock is expected to be quoted on OTCQB immediately following its suspension of trading on Nasdaq on July 9, 2024. The ticker symbol and CUSIP for the Company's common stock is not expected to change in connection with its suspension and delisting from Nasdaq and commencement of quotation on the OTCQB. Shareholders of the Company's common stock are not required to take any action.
The Company will continue to remain a reporting company under the Securities Exchange Act of 1934, as amended, and the transition to OTCQB is not expected to affect the Company's business operations.
Item 7.01. Regulation FD Disclosure.
On June 28, 2024, the Company issued a press release relating to its intention to have its common stock traded on OTCQB following their delisting from Nasdaq.
This Item 7.01 of this Current Report on Form 8-K and the press release attached hereto as Exhibit 99.1 are being furnished to the Securities and Exchange Commission under Item 7.01 of Form 8-K in satisfaction of the public disclosure requirements of Regulation FD and shall not be deemed "filed" for any purpose.
Cautionary Note Regarding Forward-Looking Statements
Certain statements included in this Current Report on Form 8-K constitute "forward-looking statements" within the meaning of federal securities laws. These forward-looking statements are based on current expectations and assumptions that involve risks and uncertainties and on information available to the Company as of the date hereof. Statements regarding the delisting of the Company's common stock from Nasdaq and the future trading of the Company's common stock on OTCQB are "forward-looking statements" and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed in such forward-looking statements. Additional information concerning these and other important risks and uncertainties can be found in the Company's filings with the SEC, including the Company's Annual Report on Form 10-K for the year ended June 30, 2023, as filed on September 28, 2023. The Company undertakes no obligation to update any forward-looking statements to reflect subsequent events or circumstances.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
Description | |
99.1 | Press Release, dated June 28, 2024. | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: June 27, 2024
DYNATRONICS CORPORATION | ||
By: | /s/ Brian Baker | |
Name: Brian Baker | ||
Title: Chief Executive Officer |
Dynatronics Corporation Provides Update Regarding Transition to OTC Markets Group
EAGAN, MN / ACCESSWIRE / June 28, 2024 / - As previously disclosed, Dynatronics Corporation (Nasdaq: DYNT) ("Dynatronics" or the "Company"), a leading manufacturer of athletic training, physical therapy, and rehabilitation products, received written notice from The Nasdaq Stock Market ("Nasdaq") that if Dynatronics' common stock failed to regain compliance with Nasdaq's minimum bid price requirement before June 24, 2024, the Company's common stock would be delisted from Nasdaq. On June 27, 2024, Dynatronics received written notice from Nasdaq that trading of the Company's common stock will be suspended at the open of business on July 9, 2024 due to Dynatronics' failure to regain compliance with the minimum bid price requirement.
Prior to receiving Nasdaq's written notice, the Company considered its alternatives and concluded that transitioning to The OTC Markets Group, Inc. ("OTC") is the best course of action given recurring instances of noncompliance with Nasdaq listing requirements. OTC has approved the quotation of the Company's common stock on the OTCQB Venture Market ("OTCQB") and the Company's common stock is expected to be quoted on OTCQB immediately following its suspension of trading on Nasdaq on July 9, 2024. The ticker symbol and CUSIP for the Company's common stock is not expected to change in connection with its commencement of quotation on the OTCQB. Shareholders of the Company's common stock are not required to take any action.
The Company will continue to remain a reporting company under the Securities Exchange Act of 1934, as amended, and the transition to OTCQB is not expected to affect the Company's business operations.
About Dynatronics Corporation
Dynatronics is a leading medical device company committed to providing high-quality restorative products designed to accelerate achieving optimal health. The Company designs, manufactures and sells a broad range of products for clinical use in physical therapy, rehabilitation, orthopedics, pain management, and athletic training. Through its distribution channels, Dynatronics markets and sells to orthopedists, physical therapists, chiropractors, athletic trainers, sports medicine practitioners, clinics, and hospitals. The Company's products are marketed under a portfolio of high quality, well-known industry brands including Bird & Cronin®, Solaris™, Hausmann®, and PROTEAM™, among others. More information is available at www.dynatronics.com/.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements relating to the suspension of trading of the Company's common stock on Nasdaq and the future trading of the Company's common stock on OTCQB. These forward-looking statements are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations. The contents of this release should be considered in conjunction with the risk factors, warnings, and cautionary statements that are contained in the Company's annual, quarterly, and other reports filed with the Securities and Exchange Commission. Dynatronics does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact:
Dynatronics Corporation
Investor Relations
ir@dynatronics.com
For additional information, please visit: www.dynatronics.com
Connect with Dynatronics on LinkedIn
SOURCE: Dynatronics Corporation
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Document and Entity Information Document |
Jun. 27, 2024 |
---|---|
Document Information [Line Items] | |
Document Type | 8-K |
Document Creation Date | Jun. 27, 2024 |
Document Period End Date | Jun. 27, 2024 |
Amendment Flag | false |
Entity Registrant Name | Dynatronics Corp. |
Entity Address, Address Line One | 1200 Trapp Rd. |
Entity Address, City or Town | Eagan |
Entity Address, State or Province | MN |
Entity Address, Country | US |
Entity Address, Postal Zip Code | 55121 |
Entity Incorporation, State Country Name | UT |
City Area Code | 801 |
Local Phone Number | 568-7000 |
Entity File Number | 000-12697 |
Entity Central Index Key | 0000720875 |
Entity Emerging Growth Company | false |
Entity Tax Identification Number | 87-0398434 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common stock, no par value |
Trading Symbol | DYNT |
Security Exchange Name | NASDAQ |
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