SCWorx settles securities class action; to issue $600K in stock to plaintiffs

SCWorx Corp.

Company and former CEO Marc Schessel settle consolidated securities class action filed in 2020 over COVID-19 test kit statements.
Insurers to make cash payment; company to issue $600,000 of common stock to class plaintiffs in exchange for release of all claims.
Settlement subject to court approval within 30 days; parties to negotiate definitive agreement.
Stock issuance will satisfy company's $750,000 D&O insurance retention liability.

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