SCWorx issues 1.94M shares to settle suit; Nasdaq delisting notice for bid non-compliance

SCWorx Corp.

Issued 1,941,858 shares of common stock to satisfy $600,000 class-action settlement liability.
Nasdaq staff determined company failed to regain compliance with $1 bid price rule; trading suspension June 15, 2023.
Company intends to appeal delisting determination and pursue reverse stock split to regain compliance.
If delisted, trading liquidity, accurate quotations, and capital raising ability could be materially impaired.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SCWorx Corp. entered into Settlement Agreement with Daniel Yannes, individually and on behalf of all others similarly situated valued at $600,000 worth of common stock (effective 2021-12-20).

Action: entry
Agreement: settlement
Counterparty: Daniel Yannes, individually and on behalf of all others similarly situated
Value: $600,000 worth of common stock
Effective: 2021-12-20

Exact text from the filing

On December 20, 2021, the Company and Mr. Schessel entered into a binding agreement with the Plaintiff to settle the litigation.

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23 material agreements filed in the last 30 days. Browse all material agreements →

SCWorx Corp. filing history →

Source: SEC EDGAR

accession 0001213900-23-047784

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