AAC HOLDINGS, INC. (NYSE:AAC) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01.
AAC HOLDINGS, INC. (NYSE:AAC) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On October 1, 2019, Darrell S. Freeman, Sr., Michael J. Blackburn, W. Larry Cash, and David W. Hillis provided notice to AAC Holdings, Inc. (the “Company”) of their resignation from the Company’s board of directors (the “Board”), effective immediately. The resignations from the Company’s Board of Directors do not result from any disagreement with the Company.
On October 7, 2019, the New York Stock Exchange (“NYSE”) notified the Company that, in light of the resignations of Messrs. Cash and Freeman, who were members of the Company’s Audit Committee, on October 7, 2019 the Company is not in compliance with Section 303A.07 of the NYSE Listed Company Manual which states that audit committees of listed companies must have a minimum of three members. The Company is in discussions with the NYSE regarding its plans to regain compliance with Section 303A.07.
The information in Item 3.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.02.
About AAC HOLDINGS, INC. (NYSE:AAC)
AAC Holdings, Inc. is a provider of inpatient and outpatient substance abuse treatment services for individuals with drug and alcohol addiction. The Company performs drug testing and diagnostics laboratory services and provides physician services to its clients. As of June 30, 2016, the Company operated 12 residential substance abuse treatment facilities located throughout the United States, focused on delivering clinical care and treatment solutions across 1,139 beds, which includes 636 licensed detoxification beds, and 18 standalone outpatient centers. In addition, the Company focuses on expanding The Oxford Centre facility. As of June 30, 2016, the Company’s capacity at its Forterus treatment facility was 14 beds. The Company is engaged in deploying research-based treatment programs with structured curricula for detoxification, residential treatment, partial hospitalization and intensive outpatient care. The Company is also an Internet marketer in the addiction treatment industry.
