Assure is canceling its merger with Danam Health due to alleged misrepresentations of data from the company. That includes its financial state as well as its ability to complete the Acquisition Transactions. IONM stock is falling on Thursday with heavy trading as investors sell shares. This has more than 1 million shares of the stock changing hands as of this writing. That's well above its daily average trading volume of about 416,000 shares. More Thursday Stock Market News Assure (NASDAQ:IONM) stock is tak ...

Business Operations - Assure Holdings Corp. provides Intraoperative neuromonitoring (IONM) services, which are essential for various surgical procedures, ensuring patient safety and risk mitigation [127]. - Each Intraoperative Neurophysiologist (INP) can support approximately 200 cases annually, while supervising practitioners can monitor around 2,500 cases per year [131][132]. - Assure exited the majority of its legacy Managed Service Agreement (MSA) model in 2023, aiming to retain all revenue from the Professional Component of IONM services [134]. Financial Performance - The company has modernized its revenue cycle management, leading to successful state-level arbitrations in 2022 and federal arbitrations in 2023, enhancing its financial performance [133]. - Total revenue for Q1 2024 was $9 thousand, a decrease of 92% from $115 thousand in Q1 2023, attributed to the company's exit from managed service arrangements [147]. - Cost of revenues decreased by 30% to $475 thousand in Q1 2024 from $679 thousand in Q1 2023, primarily due to a reduction in headcount [148]. - General and administrative expenses increased by 22% to $3.9 million in Q1 2024 from $3.2 million in Q1 2023, mainly due to higher legal fees related to asset sales and proposed mergers [149]. - The company recorded a gain of $181 thousand from the settlement of accounts payable in Q1 2024, with no such gains in Q1 2023 [150]. - Interest expense rose by 5% to $527 thousand in Q1 2024 from $501 thousand in Q1 2023, driven by higher outstanding debt balances [151]. - Income tax benefit was nil in Q1 2024, compared to $796 thousand in Q1 2023, reflecting changes in taxable income across jurisdictions [153]. - Income from discontinued operations increased by 114% to $908 thousand in Q1 2024 from $425 thousand in Q1 2023, bolstered by a $666 thousand gain on asset sales [155]. - The company's cash position improved to $376 thousand as of March 31, 2024, up from $123 thousand at the end of 2022, but working capital remained negative at $19 million [158]. - Cash collected from receivables for Q1 2024 was approximately $3.9 million, down from $4.5 million in Q1 2023 [170]. - Accounts receivable as of March 31, 2024, was $2.1 million, a decrease from $3.6 million at December 31, 2023, attributed to increased cash receipt velocity [171]. - Cash used in operating activities for Q1 2024 was $1.5 million, compared to $497 thousand in Q1 2023 [171]. - Cash provided by investing activities for Q1 2024 was $2.3 million, primarily from the sale of clinical assets, compared to $37 thousand in Q1 2023 [172]. - Cash used in financing activities for Q1 2024 was $603 thousand, including debt repayment of $82 thousand and finance lease principal payments of $408 thousand [173]. - The company has no material undisclosed off-balance sheet arrangements that could affect its financial condition [174]. Compliance and Governance - The company is currently not in compliance with Nasdaq listing requirements, facing potential delisting if compliance is not regained by July 22, 2024 [160]. - A material weakness in internal control over financial reporting was identified, prompting a rigorous review process for complex transactions [180][182]. - The company is currently addressing non-compliance with NASDAQ listing requirements, including a minimum bid price of $1.00 per share [188][191]. - The company has until January 22, 2024, to regain compliance with NASDAQ's minimum bid price requirement [191]. - A settlement agreement with the U.S. Department of Justice was executed for approximately $1 million, resolving claims under the False Claims Act [186]. Strategic Developments - In September 2023, Assure's Board initiated a strategic review process, leading to an auction for the sale of its clinical operations, which was completed on March 26, 2024 [135]. - Following the merger with Danam Health, Assure will be renamed Danam Health Holdings Corp., with former Danam equity holders expected to own approximately 90% of the combined company [139][138]. - The merger agreement includes customary representations and covenants, ensuring compliance with NASDAQ listing requirements [140]. - The company is seeking equity or debt financing to support operations, with a potential $3.2 million refund under the CARES Act Employee Retention Credit program pending [158].

DENVER, May 28, 2024 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the "Company" or "Assure") (NASDAQ: IONM), a provider of intraoperative neuromonitoring ("IONM") and remote neurology services, today announced that it received a notice (the "Notice") from the Nasdaq Stock Market LLC ("Nasdaq") indicating that as a result of the delinquency in the timely filing of the Company's quarterly report on Form 10- Q for the period ended March 31, 2024 (the "10-Q"), the Company is out of compliance with Nasdaq Listing ...

DENVER, May 17, 2024 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the "Company" or "Assure") (NASDAQ:IONM), a provider of intraoperative neuromonitoring ("IONM") and remote neurology services, announced today that management has rescheduled the joint corporate update call with Danam for Wednesday, May 22, 2024 at 4:00 PM Eastern Time. Conference Call Information Date: Wednesday, May 22, 2024 Time: 4:00 PM Eastern Time Toll Free: 1-877-545-0523 International: 1-973-528-0016 Participant Access Code: 229289 Webc ...

Additional Information and Where to Find It DENVER, May 17, 2024 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the "Company" or "Assure") (NASDAQ: IONM), a provider of intraoperative neuromonitoring ("IONM") and remote neurology services, announced today that management has rescheduled the joint corporate update call with Danam for Wednesday, May 22, 2024 at 4:00 PM Eastern Time. Conference Call Information Date: Wednesday, May 22, 2024 Time: 4:00 PM Eastern Time Toll Free: 1-877-545-0523 International: 1-973- ...

DENVER, May 16, 2024 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the "Company" or "Assure") (NASDAQ: IONM), a provider of intraoperative neuromonitoring ("IONM") and remote neurology services, announced today it received a written notice from the Nasdaq Listing Qualifications Panel (the "Hearings Panel") of The Nasdaq Stock Market LLC ("Nasdaq") that it has granted the Company an extension to regain compliance with the continued listing requirements for The Nasdaq Capital Market (the "Panel Decision"). The H ...

DENVER, May 16, 2024 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the "Company" or "Assure") (NASDAQ:IONM), a provider of intraoperative neuromonitoring ("IONM") and remote neurology services, announced today that at its adjourned Special Shareholder Meeting held on May 14, 2024, shareholders approved the proposal to amend the Company's Articles of Incorporation, to increase the number of authorized shares of common stock of the Company from 9,000,000 to 250,000,000. The Company intends to file the amendment ...

DENVER, May 15, 2024 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the "Company" or "Assure") (NASDAQ:IONM), a provider of intraoperative neuromonitoring ("IONM") and remote neurology services, announced today that the joint corporate update call with Danam scheduled for Thursday, May 16, 2024 at 4 p.m. Eastern Time has been postponed. The Company plans to reschedule the conference call at a later date. About Assure Holdings Assure Holdings Corp. is a best-in-class provider of outsourced intraoperative neuromo ...

DENVER, May 15, 2024 (GLOBE NEWSWIRE) -- Assure Holdings Corp. (the "Company" or "Assure") (NASDAQ: IONM), a provider of intraoperative neuromonitoring ("IONM") and remote neurology services, announced today that the joint corporate update call with Danam scheduled for Thursday, May 16, 2024 at 4 p.m. Eastern Time has been postponed. The Company plans to reschedule the conference call at a later date. This press release contains forward-looking statements based upon the current expectations of Assure and Da ...

This press release contains forward-looking statements based upon the current expectations of Assure and Danam. Forward-looking statements involve risks and uncertainties and include, but are not limited to, statements about the structure, timing and completion of the proposed transactions; the listing of the combined company on Nasdaq after the closing of the proposed merger; expectations regarding the ownership structure of the combined company after the closing of the proposed merger; the expected execut ...