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Share Name | Share Symbol | Market | Type |
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ATI Physical Therapy Inc | NYSE:ATIP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.16 | 3.34% | 4.95 | 4.89 | 4.50 | 4.79 | 7,566 | 21:00:02 |
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of Each Class
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Trading
Symbol
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Name of Each Exchange
on Which Registered
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Redeemable Warrants, each whole warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
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ATIP WS
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OTC Market
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Item 3.01 |
Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;
Transfer of Listing.
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Item 7.01 |
Regulation FD Disclosure
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Item 9.01 |
Financial Statements and Exhibits
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Exhibit
Number
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Press
Release dated on July 3, 2023
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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Dated: July 3, 2023
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ATI Physical Therapy, Inc.
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By:
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/s/ Joseph Jordan
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Name:
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Joseph Jordan
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Title:
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Chief Financial Officer
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• |
our liquidity position raises substantial doubt about our ability to continue as a going concern;
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risks associated with liquidity and capital markets, including the Company's ability to generate sufficient cash flows, together with cash on
hand, to run its business, cover liquidity and capital requirements and resolve substantial doubt about the Company's ability to continue as a going concern;
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our ability to meet financial covenants as required by our 2022 Credit Agreement;
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risks related to outstanding indebtedness and preferred stock, rising interest rates and potential increases in borrowing costs, compliance
with associated covenants and provisions and the potential need to seek additional or alternative debt or capital financing in the future;
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risks related to the Company's ability to access additional financing or alternative options when needed;
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our dependence upon governmental and third-party private payors for reimbursement and that decreases in reimbursement rates, renegotiation or
termination of payor contracts or unfavorable changes in payor, state and service mix may adversely affect our financial results;
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federal and state governments' continued efforts to contain growth in Medicaid expenditures, which could adversely affect the Company's revenue and profitability;
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payments that we receive from Medicare and Medicaid being subject to potential retroactive reduction;
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changes in Medicare rules and guidelines and reimbursement or failure of our clinics to maintain their Medicare certification and/or
enrollment status;
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compliance with federal and state laws and regulations relating to the privacy of individually identifiable patient information, and
associated fines and penalties for failure to comply;
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risks associated with public health crises, including COVID-19 (and any existing and future variants) and its direct and indirect impacts on
the business, which could lead to a decline in visit volumes and referrals;
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risks related to the impact on our workforce of mandatory COVID-19 vaccination of employees;
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our inability to compete effectively in a competitive industry, subject to rapid technological change and cost inflation, including
competition that could impact our effectiveness of strategies to improve patient referrals and our ability to identify, recruit and retain skilled physical therapists;
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our inability to maintain high levels of service and patient satisfaction;
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risks associated with the locations of our clinics, including the economies in which we operate, size and expected growth of our addressable
markets, and the potential need to close clinics and incur closure costs;
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our dependence upon the cultivation and maintenance of relationships with customers, suppliers, physicians and other referral sources;
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the severity of climate change or the weather and natural disasters that can occur in the regions of the U.S. in which we operate, which could
cause disruption to our business;
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risks associated with future acquisitions, which may use significant resources, may be unsuccessful and could expose us to unforeseen liabilities;
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failure of third-party vendors, including customer service, technical and IT support providers and other outsourced professional service
providers to adequately address customers' requests and meet Company requirements;
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risks associated with our reliance on IT infrastructure in critical areas of our operations including, but not limited to, cyber and other security threats;
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a security breach of our IT systems or our third-party vendors' IT systems may subject us to potential legal action and reputational harm and
may result in a violation of the Health Insurance Portability and Accountability Act of 1996 or the Health Information Technology for Economic and Clinical Health Act;
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maintaining clients for which we perform management and other services, as a breach or termination of those contractual arrangements by such clients could cause
operating results to be less than expected;
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our failure to maintain financial controls and processes over billing and collections or disputes with third-parties could have a significant
negative impact on our financial condition and results of operations;
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our operations are subject to extensive regulation and macroeconomic uncertainty;
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our ability to meet revenue and earnings expectations;
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risks associated with applicable state laws regarding fee-splitting and professional corporation laws;
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inspections, reviews, audits and investigations under federal and state government programs and payor contracts that could have adverse findings that may
negatively affect our business, including our results of operations, liquidity, financial condition and reputation;
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changes in or our failure to comply with existing federal and state laws or regulations or the inability to comply with new government regulations on a timely
basis;
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the outcome of any legal and regulatory matters, proceedings or investigations instituted against us or any of our directors or officers, and whether insurance
coverage will be available and/or adequate to cover such matters or proceedings;
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our facilities face competition for experienced physical therapists and other clinical providers that may increase labor costs and reduce profitability;
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risks associated with our ability to attract and retain talented executives and employees amidst the impact of unfavorable labor market
dynamics and wage inflation, including potential failure of steps being taken to reduce attrition of physical therapists and increase hiring of physical therapists;
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risk resulting from the IPO Warrants, Earnout Shares and Vesting Shares being accounted for as liabilities;
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further impairments of goodwill and other intangible assets, which represent a significant portion of our total assets, especially in view of
the Company's recent market valuation;
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our inability to remediate the material weaknesses in internal control over financial reporting related to income taxes and to maintain
effective internal control over financial reporting;
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costs related to operating as a public company; and
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risks associated with our ability to regain and sustain compliance with the listing requirements of our securities on the New York Stock
Exchange ("NYSE").
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Document and Entity Information |
Jun. 28, 2023 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jun. 28, 2023 |
Entity File Number | 001-39439 |
Entity Registrant Name | ATI PHYSICAL THERAPY, INC. |
Entity Central Index Key | 0001815849 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 85-1408039 |
Entity Address, Address Line One | 790 Remington Boulevard |
Entity Address, City or Town | Bolingbrook |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60440 |
City Area Code | 630 |
Local Phone Number | 296-2223 |
Title of 12(b) Security | Class A Common Stock, $0.0001 par value |
Trading Symbol | ATIP |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year ATI Physical Therapy Chart |
1 Month ATI Physical Therapy Chart |
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