SCWorx Corp. (Nasdaq: WORX) Approves 15-for-1 Reverse Stock Split, Boosting Investor Confidence

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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.

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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.

Frequently Asked Questions (FAQs) Related to the Above News

What is the purpose of the reverse stock split approved by SCWorx Corp.?

The reverse stock split is aimed at reducing the number of outstanding common stock shares and increasing the value of each share. This move is expected to boost investor confidence in the company.

When will the reverse stock split become effective?

The reverse stock split is set to become effective on October 11, 2023, pending confirmation from the Depository Trust Company and the Nasdaq.

What will happen to SCWorx Corp.'s common stock after the reverse stock split?

SCWorx Corp.'s common stock will continue to trade on the Nasdaq Capital Market under the existing trading symbol WORX.

How many outstanding common stock shares will remain after the reverse stock split?

After the reverse stock split, approximately 1.2 million outstanding common stock shares will remain, excluding any adjustments due to fractional shares.

Will there be any changes to the number of authorized shares?

No, there will be no change to the number of authorized shares of SCWorx Corp.

What solutions does SCWorx Corp. offer for healthcare providers?

SCWorx Corp. offers software-as-a-service-based solutions for healthcare providers. 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.

What sets SCWorx Corp. apart in the healthcare industry?

SCWorx Corp. stands out in the healthcare industry due to its advanced attributed virtualized item data warehouse, which utilizes machine learning and artificial intelligence. This has positioned the company as a trusted provider of innovative, data-driven solutions for healthcare providers.

What were the outcomes of the Annual Meeting of Stockholders?

The Annual Meeting of Stockholders yielded positive outcomes and received overwhelming support from shareholders for the reverse stock split. This reflects their confidence in SCWorx Corp.'s future potential.

What should investors consider before making any investment decisions in SCWorx Corp.?

Investors should conduct thorough research and seek advice from a professional financial advisor before making any investment decisions. This article is for informational purposes only and does not constitute financial advice.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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