SCWorx Corp. (Nasdaq: WORX), a leading healthcare solutions provider, has announced the successful conclusion of its 2023 Annual Meeting of Stockholders, which has greatly boosted investor confidence in the company. The meeting yielded positive outcomes and received overwhelming support from shareholders for the reverse stock split.
Following the meeting, the company’s Board of Directors approved a 15-for-1 reverse stock split, which was in line with the parameters approved by the shareholders. The split is set to become effective on October 11, 2023, pending confirmation from the Depository Trust Company and the Nasdaq. SCWorx Corp.’s common stock will continue to trade on the Nasdaq Capital Market under the existing trading symbol WORX.
The reverse stock split will reduce the number of outstanding common stock shares from approximately 17.9 million to approximately 1.2 million, barring any adjustments due to fractional shares. Proportionate adjustments will also be made to the number of shares underlying equity awards, warrants, and convertible notes, as well as the number of shares issuable under equity incentive plans and other existing agreements. However, there will be no change to the number of authorized shares.
The shareholders’ strong support for the reverse stock split reflects their confidence in SCWorx Corp.’s future potential. The company’s advanced attributed virtualized item data warehouse, which utilizes machine learning and artificial intelligence, has positioned it as a leading provider of software-as-a-service-based solutions for healthcare providers. Their suite of solutions offers seamless integration, cost savings, operational efficiency, and accurate benchmarking and reporting.
By creating a single source of information for data governance and analytics requirements, SCWorx Corp. enables healthcare providers to streamline their operations. Their solution modules include Virtual Item Master, data cleanse and normalization, contract management, request for pricing (RFP) module, automated rebate management module, data interoperability, automated item add portal, virtual general ledger, and data analytics module.
With the positive outcomes of the Annual Meeting of Stockholders, SCWorx Corp. is well-positioned to continue its growth trajectory and deliver value to both investors and stakeholders. The company’s commitment to innovation and data-driven solutions has established its reputation as a trusted partner in the healthcare industry.
Disclaimer: This article is for informational purposes only. All investment decisions should be made based on thorough research and consultation with a professional financial advisor.
