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): May 18, 2020
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Dynatronics Corporation
(Exact
name of registrant as specified in its charter)
__________________________________________
Utah
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0-12697
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87-0398434
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(State
or Other Jurisdiction of Incorporation)
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Commission
File Number
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(IRS
Employer Identification Number)
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1200 Trapp Rd, Eagan, Minnesota
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55121
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(Address
of principal executive offices)
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(Zip
Code)
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(801) 568-7000
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(Registrant’s
telephone number, including area code)
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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:
☐ 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 14(d)-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))
Securities
registered pursuant to Section 12(b) of the Act:
Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common
stock
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DYNT
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The
NASDAQ Capital Market
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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
On May 15, 2020, Dynatronics Corporation (the
“Company”) received written notice
(“Letter”) from the Listing Qualifications Department
of the Nasdaq Stock Market LLC (“Nasdaq”)
informing the Company that the closing bid price of its common
stock (the “Common Stock”) for the last 30 consecutive
business days prior to the date of the Letter failed to comply with
the $1.00 per share minimum bid price required for continued
listing on The Nasdaq Capital Market under Nasdaq Listing Rule
5550(a)(2). The Letter has no immediate effect on the Common Stock
listing or trading on Nasdaq.
The
Letter indicated that, due to extraordinary and unprecedented
turmoil in U.S. and world financial markets, Nasdaq has determined
to toll the compliance period for the minimum bid price requirement
under Rule 5450(a)(1) through June 30, 2020. As a result,
the Company will be provided with a compliance period of 180
calendar days beginning July 1, 2020, and the new date by which the
Company has to gain compliance with the minimum bid price
requirement is December 28, 2020 (the “Compliance
Date”) pursuant to Nasdaq Listing Rule 5810(c)(3)(A).
If at any time before the Compliance
Date, the closing bid price of the Common Stock is at least $1.00
per share for a minimum of ten consecutive business days, Nasdaq
will provide written notification that the Company has achieved
compliance with the minimum bid requirement.
If the Company does not regain compliance by the Compliance Date,
it may be eligible for an additional grace period, provided it
meets the applicable market value of publicly held shares
requirement for continued listing, and all other applicable Nasdaq
standards for initial listing on the Nasdaq Capital Market, with
the exception of bid price.
The Company intends to actively monitor the bid price for its
common stock between now and the Compliance Date, and will consider
available options to resolve the deficiency and regain compliance
with Nasdaq’s minimum bid price requirement but has not yet
determined to take any other action in response to the
notice.
SIGNATURE
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.
Date:
May 18, 2020
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DYNATRONICS CORPORATION
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By:
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/s/
Brian Baker
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Name: Brian
Baker
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Title:
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Chief
Executive Officer
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