SCWorx settles SEC charges over COVID-19 test kit claims; pays $125K penalty and $503K disgorgement via stock

SCWorx Corp.

SEC charged SCWorx and former CEO Schessel with false/misleading statements about COVID-19 rapid test kit distribution in April 2020.
Settlement includes permanent injunctions, $125,000 penalty, disgorgement of $471,000, and prejudgment interest of $32,761.56.
SCWorx to satisfy disgorgement and interest by issuing $600,000 in stock to harmed investors in the Yannes class action.
Company recorded full accrual for penalty in Q1 2022; no admission or denial of allegations.
CEO Hannibal states resolution allows focus on healthcare data management services.

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