Scworx Corp Stock Price, News & Analysis

SCWorx Corp. has entered a common stock purchase agreement with an institutional investor allowing the issuance of up to $5 million in common stock over 24 months. This agreement is intended to support SCWorx's growth strategy by enabling access to funds for working capital and corporate purposes. The company plans to use the proceeds to achieve key business objectives and demonstrates investor confidence in its data management SaaS solutions for healthcare providers. SCWorx will also issue 277,778 shares to the investor as part of this agreement.

SCWorx Corp (Nasdaq: WORX) has received final court approval for a settlement with the SEC regarding its April 13, 2020 press release. The settlement, without admitting guilt, entails a $125,000 penalty and disgorgement of $471,000 plus prejudgment interest of $32,761.56. To satisfy this, SCWorx will contribute stock valued at $600,000 to affected investors in a private class action. CEO Tim Hannibal emphasizes the resolution of legal issues allows the company to focus on expanding its data management services for healthcare providers.

SCWorx Corp (Nasdaq: WORX) announced a preliminary agreement to address an SEC investigation related to its April 2020 press release. Subject to SEC approval, the company will pay a civil penalty of $125,000 in four installments over one year. The settlement aims to resolve the SEC's enforcement action recommendation, which includes potential fines. SCWorx's CEO emphasizes the importance of focusing on future growth rather than past legal issues. The company continues to provide data management solutions for healthcare providers, ensuring operational efficiency and accurate reporting.

SCWorx Corp. (Nasdaq: WORX) announced the preliminary court approval of a settlement resolving three shareholder derivative lawsuits, consolidated as Lozano v. Schessel et al. The settlement, reached on February 15, 2022, requires the Company's insurers to pay $300,000 for plaintiffs' legal fees, and SCWorx will implement corporate governance reforms. The settlement addresses allegations against current and former directors regarding misleading statements about the sale of COVID-19 rapid test kits. A court hearing is scheduled for June 29, 2022, to finalize the approval.

SCWorx Corp. (Nasdaq: WORX) has secured a 39-month agreement worth approximately $1.1 million with an existing customer, effective from October 1, 2021. This contract will enhance services provided to a respected academic health system in the northeast. The CEO highlighted the company's commitment to evolving its SaaS platform to better integrate clinical and billing data, aiming for improved supply chain visibility. The press release also contains forward-looking statements, underlining potential risks like economic disruptions and contract terminations that could impact future performance.

SCWorx Corp. (Nasdaq: WORX) announced the completion of a stock offering, issuing 298,883 shares and warrants for an aggregate of $535,000 in proceeds. The offering closed on September 17, 2021, with the funds designated for general corporate and working capital purposes. CEO Tim Hannibal highlighted the company's strategy for growth in data management services, especially in supporting healthcare providers amid pandemic challenges. SCWorx plans to enhance operational efficiency and cost savings through its innovative service suite, utilizing machine learning and AI.

SCWorx Corp. (Nasdaq: WORX) has regained compliance with Nasdaq's listing requirements after filing its Annual Report for the year ending December 31, 2020, and holding its Special Meeting on May 24, 2021. As a result, its common stock continues trading on Nasdaq. Tim Hannibal has been promoted to CEO, succeeding his role as President and COO. With a strong background in SaaS, Hannibal aims to enhance the company's growth strategy. The board expresses confidence in his leadership to drive SCWorx's success in leveraging technology for healthcare efficiencies.

SCWorx Corp. (Nasdaq: WORX) announced it has received notifications from Nasdaq regarding non-compliance with listing rules due to the delayed filing of its 2020 10-K report. The initial notification was on April 19, followed by another on April 21, 2021, which extended the compliance deadline to May 19, 2021. The company aims to file the 2020 10-K by May 17, 2021, but will submit a compliance plan if it cannot meet this deadline.

SCWorx Corp. (NASDAQ: WORX) has appointed Alton Irby as a new board member, effective immediately. Irby brings extensive experience as an investment banker and has served on McKesson Corporation's board for 17 years, enhancing SCWorx's focus on large hospital groups. This appointment resolves previous compliance issues with Nasdaq concerning audit committee requirements, now deemed compliant following Irby's addition. SCWorx specializes in data management services for healthcare, leveraging machine learning and AI to support healthcare providers.