Welcome to our dedicated page for SC WORX news (Ticker: WORX), a resource for investors and traders seeking the latest updates and insights on SC WORX stock.
SC Worx Corp (symbol: WORX) is a key player in providing software solutions tailored to enhance the operational efficiency of healthcare providers in the United States. The company specializes in the repair, normalization, and interoperability of information, along with offering robust big data analytics models. These models facilitate the display, reporting, and analysis of comprehensive data sets through sophisticated web portals. SC Worx Corp's suite of services includes:
- Virtualized Item Master File Management: This service focuses on the repair, expansion, and automation of item master files.
- Electronic Medical Record Management: This module integrates advanced data attributes from the item master into electronic medical records.
- Charge Description Master Management (CDM): Assists healthcare providers by incorporating CDM data into the hospital's purchasing systems workflow.
- Contract Management: Facilitates the establishment and management of contracts to ensure efficient patient care.
SC Worx Corp’s innovative software solutions empower healthcare providers to streamline and organize their data, thereby enabling seamless integration across various internal software applications. This integration is critical for sophisticated data analytics, which ultimately supports better decision-making and improved patient care.
Recent achievements include the release of forward-looking statements and new partnerships aimed at enhancing their service offerings. Financially, the company remains committed to leveraging its data content and services to maintain a competitive edge in the healthcare sector.
SCWorx Corp (Nasdaq: WORX) received a 180-day extension from Nasdaq to regain compliance with its minimum bid price requirement, now due by June 5, 2023. The company's stock must close at or above $1.00 for ten consecutive business days to avoid potential delisting. This extension does not affect the current listing status. SCWorx was first notified of the compliance issue on June 8, 2022, and was given a previous deadline of December 5, 2022. The company has indicated it may pursue a reverse stock split if necessary.
SCWorx Corp. (Nasdaq: WORX) launched a new product designed for healthcare providers and signed contracts with two new mid-Atlantic hospitals. The offering enhances the SCWorx data platform, making it accessible to hospitals of varying sizes. This solution addresses diverse data management needs, allowing healthcare facilities to acquire tailored services. CEO Tim Hannibal highlighted the product's potential for cost savings, benchmarking, and data-driven decision-making. The company aims to establish itself as a trusted data resource in the healthcare sector.
SCWorx Corp (NASDAQ: WORX) has renewed and expanded a data service agreement with a hospital in New England, increasing the contract value to $200,000 per year over four years. The enhanced agreement will integrate data from the hospital's critical systems, enabling better data analysis and cost savings identification. SCWorx estimates that the partnership will help the hospital uncover over $3 million in annual savings and revenue capture. The company specializes in advanced data solutions for healthcare providers, focusing on operational efficiency and accurate benchmarking.
SCWorx Corp (NASDAQ: WORX) has extended its service agreement with a top-ranked Integrated Delivery Network (IDN) for two years. The new agreement, effective January 1, 2022, will increase the contract value to $960,000, with $135,000 recognized in Q1 2022. This extension includes additional services for Oracle Cloud, enhancing efficiency in healthcare operations. The CEO stated confidence in procuring new contracts and emphasized no significant additional overhead for the company.
SCWorx Corp. has entered a common stock purchase agreement with an institutional investor allowing the issuance of up to $5 million in common stock over 24 months. This agreement is intended to support SCWorx's growth strategy by enabling access to funds for working capital and corporate purposes. The company plans to use the proceeds to achieve key business objectives and demonstrates investor confidence in its data management SaaS solutions for healthcare providers. SCWorx will also issue 277,778 shares to the investor as part of this agreement.
SCWorx Corp (Nasdaq: WORX) has received final court approval for a settlement with the SEC regarding its April 13, 2020 press release. The settlement, without admitting guilt, entails a $125,000 penalty and disgorgement of $471,000 plus prejudgment interest of $32,761.56. To satisfy this, SCWorx will contribute stock valued at $600,000 to affected investors in a private class action. CEO Tim Hannibal emphasizes the resolution of legal issues allows the company to focus on expanding its data management services for healthcare providers.
SCWorx Corp (Nasdaq: WORX) announced a preliminary agreement to address an SEC investigation related to its April 2020 press release. Subject to SEC approval, the company will pay a civil penalty of $125,000 in four installments over one year. The settlement aims to resolve the SEC's enforcement action recommendation, which includes potential fines. SCWorx's CEO emphasizes the importance of focusing on future growth rather than past legal issues. The company continues to provide data management solutions for healthcare providers, ensuring operational efficiency and accurate reporting.
SCWorx Corp. (Nasdaq: WORX) announced the preliminary court approval of a settlement resolving three shareholder derivative lawsuits, consolidated as Lozano v. Schessel et al. The settlement, reached on February 15, 2022, requires the Company's insurers to pay $300,000 for plaintiffs' legal fees, and SCWorx will implement corporate governance reforms. The settlement addresses allegations against current and former directors regarding misleading statements about the sale of COVID-19 rapid test kits. A court hearing is scheduled for June 29, 2022, to finalize the approval.
SCWorx Corp. (Nasdaq: WORX) has secured a 39-month agreement worth approximately $1.1 million with an existing customer, effective from October 1, 2021. This contract will enhance services provided to a respected academic health system in the northeast. The CEO highlighted the company's commitment to evolving its SaaS platform to better integrate clinical and billing data, aiming for improved supply chain visibility. The press release also contains forward-looking statements, underlining potential risks like economic disruptions and contract terminations that could impact future performance.
SCWorx Corp. (Nasdaq: WORX) announced the completion of a stock offering, issuing 298,883 shares and warrants for an aggregate of $535,000 in proceeds. The offering closed on September 17, 2021, with the funds designated for general corporate and working capital purposes. CEO Tim Hannibal highlighted the company's strategy for growth in data management services, especially in supporting healthcare providers amid pandemic challenges. SCWorx plans to enhance operational efficiency and cost savings through its innovative service suite, utilizing machine learning and AI.
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