SCWorx Corp. Receives Expected Notice from NASDAQ Stock Market Pertaining to its 10-K of December 31, 2023

Rhea-AI Summary

SCWorx Corp. received a notice from Nasdaq regarding the delayed filing of its Form 10-K for the period ended December 31, 2023. The company has 60 days to submit a plan to regain compliance with Nasdaq listing rules.

Positive

• None.

Negative

• SCWorx Corp. failed to timely file its Form 10-K with the SEC, leading to a notice from Nasdaq regarding non-compliance with listing rules.

NEW YORK, N.Y., April 23, 2024 (GLOBE NEWSWIRE) -- On April 17, 2024, SCWorx Corp. (the “Company”) received a notice (the “Notice”) from The Nasdaq Stock Market, LLC (“Nasdaq”) indicating that, as a result of not having timely filed its Form 10-K for the period ended December 31, 2023 with the Securities and Exchange Commission (“SEC”), the Company has failed to satisfy a standard for continued listing, namely  Nasdaq Listing Rule 5250(c)(1) , which requires timely filing of all required periodic reports with the SEC.

According to the Notice, the Company has 60 calendar days to submit a plan to regain compliance. 

While the Company can provide no assurances as to timing, the Company is working with its independent registered public accounting firm to complete the audit of its financial statements as expeditiously as possible, following which it will promptly file its Annual Report on Form 10-K. The Company intends to notify the Nasdaq of this plan to rectify the existing filing deficiency.

About SCWorx

SCWorx has created an advanced attributed virtualized item data warehouse utilizing machine learning and artificial intelligence to offer a suite of software-as-a-service-based solutions for healthcare providers. The value proposition for customers revolves around the full integration of all solution modules with the company’s data platform for cost savings, operational efficiency and accurate benchmarking and reporting. The solution modules include Virtual Item Master, data cleanse and normalization, contract management and request for pricing (RFP) module, automated rebate management module, data interoperability (EMR, MMIS, finance) module, Automated Item Add Portal, Virtual General Ledger, and the data analytics module. SCWorx creates a single source for information for the healthcare provider’s data governance and analytics requirements.

Forward-Looking Statements

This press release contains “forward-looking statements” that involve substantial risks and uncertainties for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future contract renewals and terminations, future financial position, prospects, plans and objectives of management are forward-looking statements. You can identify many (but not all) such forward-looking statements by looking for words such as “assumes,” “approximates,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “seeks,” “intends,” “plans,” “could,” “would,” “may” or other similar expressions. You should not place undue reliance on these forward-looking statements. Such statements are based on management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, economic disruptions affecting our customers, unexpected contract terminations, securing future contracts and orders, future product sourcing, supply disruptions, containing costs, the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient resources of the company to meet its business objectives and operational requirements and other important factors that are detailed in filings with the Securities and Exchange Commission made from time to time by SCWorx, including its Annual Report on Form 10-K for the year ended December 31, 2022, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Matters described in forward-looking statements may also be affected by other known and unknown risks, trends, uncertainties and factors, many of which are beyond the company’s ability to control or predict. SCWorx undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Contacts:

ir@scworx.com
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Source: SCWorx Corp.

FAQ

What notice did SCWorx Corp. receive from Nasdaq regarding its 10-K filing?

SCWorx Corp. received a notice from Nasdaq due to the delayed filing of its Form 10-K for the period ended December 31, 2023.

What Nasdaq rule did SCWorx Corp. violate by not filing its Form 10-K on time?

SCWorx Corp. violated Nasdaq Listing Rule 5250(c)(1) by not timely filing its required periodic reports with the SEC.

How long does SCWorx Corp. have to submit a plan to regain compliance after receiving the notice from Nasdaq?

SCWorx Corp. has 60 calendar days to submit a plan to regain compliance after receiving the notice from Nasdaq.

What is SCWorx Corp.'s plan to rectify the filing deficiency?

SCWorx Corp. is working with its independent registered public accounting firm to complete the audit of its financial statements promptly and file its Annual Report on Form 10-K to regain compliance with Nasdaq rules.