SCWorx Corp. Receives Notice of Non-Compliance from NASDAQ Stock Market Pertaining to its 10-Q for the quarter ended June 30, 2024
SCWorx Corp. (WORX) has received a notice of non-compliance from Nasdaq due to its failure to file the Q2 2024 10-Q report by the August 14, 2024 deadline. The company is also delinquent in filing its 2023 10-K and Q1 2024 10-Q. This non-compliance stems from the dismissal of their previous auditor, BF Borgers CPA PC, following an SEC order. SCWorx has engaged a new auditor, Astra Audit & Advisory, , to complete the necessary audits and reviews.
Nasdaq has accepted SCWorx's revised compliance plan, granting an extension until October 14, 2024 to regain compliance with periodic reporting obligations. The company expects to file all delinquent reports by this extended deadline.
SCWorx Corp. (WORX) ha ricevuto un avviso di non conformità da parte del Nasdaq a causa del suo mancato invio del rapporto 10-Q del secondo trimestre 2024 entro la scadenza del 14 agosto 2024. L'azienda è anche in ritardo nell'invio del 10-K del 2023 e del 10-Q del primo trimestre 2024. Questa non conformità deriva dal licenziamento del loro precedente revisore, BF Borgers CPA PC, a seguito di un'ordinanza della SEC. SCWorx ha ingaggiato un nuovo revisore, Astra Audit & Advisory, per completare le necessarie revisioni e audit.
Il Nasdaq ha accettato il piano di conformità rivisto di SCWorx, concedendo un'estensione fino al 14 ottobre 2024 per recuperare la conformità con gli obblighi di reporting periodico. L'azienda prevede di inviare tutti i rapporti in ritardo entro questa scadenza estesa.
SCWorx Corp. (WORX) ha recibido un aviso de no cumplimiento de Nasdaq debido a su falta de presentación del informe 10-Q del segundo trimestre de 2024 antes de la fecha límite del 14 de agosto de 2024. La empresa también tiene retrasos en la presentación de su 10-K de 2023 y del 10-Q del primer trimestre de 2024. Este incumplimiento proviene del despido de su anterior auditor, BF Borgers CPA PC, tras una orden de la SEC. SCWorx ha contratado a un nuevo auditor, Astra Audit & Advisory, para completar las auditorías y revisiones necesarias.
Nasdaq ha aceptado el plan de cumplimiento revisado de SCWorx, otorgando una extensión hasta el 14 de octubre de 2024 para recuperar el cumplimiento de las obligaciones de informes periódicos. La empresa espera presentar todos los informes atrasados antes de esta nueva fecha límite.
SCWorx Corp. (WORX)는 2024년 8월 14일 마감일까지 2분기 2024년 10-Q 보고서를 제출하지 않아 나스닥으로부터 비준수 통지를 받았습니다. 회사는 또한 2023년 10-K와 2024년 1분기 10-Q 보고서 제출이 지연되고 있습니다. 이러한 비준수는 SEC 명령에 따라 이전 감사인인 BF Borgers CPA PC가 해임된 것에서 비롯됩니다. SCWorx는 필요한 감사 및 리뷰를 완료하기 위해 새 감사인인 Astra Audit & Advisory를 고용했습니다.
나스닥은 SCWorx의 수정된 준수 계획을 승인했으며, 정기보고 의무를 회복하기 위해 2024년 10월 14일까지 연장을 부여했습니다. 회사는 이 연장된 마감일까지 모든 연체 보고서를 제출할 것으로 예상하고 있습니다.
SCWorx Corp. (WORX) a reçu un avis de non-conformité de Nasdaq en raison de son incapacité à déposer le rapport 10-Q du deuxième trimestre 2024 avant la date limite du 14 août 2024. L'entreprise est également en retard pour le dépôt de son 10-K de 2023 et du 10-Q du premier trimestre 2024. Cette non-conformité découle du licenciement de leur précédent auditeur, BF Borgers CPA PC, à la suite d'un ordre de la SEC. SCWorx a engagé un nouvel auditeur, Astra Audit & Advisory, pour compléter les audits et revues nécessaires.
Nasdaq a accepté le plan de conformité révisé de SCWorx, accordant une extension jusqu'au 14 octobre 2024 pour retrouver la conformité avec les obligations de reporting périodique. L'entreprise s'attend à déposer tous les rapports en retard d'ici cette nouvelle date limite.
SCWorx Corp. (WORX) hat eine Mitteilung über die Nichteinhaltung von Nasdaq erhalten, weil das Unternehmen den 10-Q-Bericht für das zweite Quartal 2024 bis zur Frist am 14. August 2024 nicht eingereicht hat. Das Unternehmen ist auch mit der Einreichung seines 10-K für 2023 und des 10-Q für das erste Quartal 2024 im Rückstand. Diese Nichteinhaltung resultiert aus der Entlassung ihres vorherigen Wirtschaftsprüfers, BF Borgers CPA PC, nach einer Anordnung der SEC. SCWorx hat einen neuen Wirtschaftsprüfer, Astra Audit & Advisory, beauftragt, um die erforderlichen Prüfungen und Überprüfungen abzuschließen.
Nasdaq hat den überarbeiteten Compliance-Plan von SCWorx akzeptiert und eine Fristverlängerung bis zum 14. Oktober 2024 gewährt, um die Einhaltung der regelmäßigen Berichtspflichten wiederherzustellen. Das Unternehmen erwartet, alle verspäteten Berichte bis zu diesem verlängerten Termin einzureichen.
- Nasdaq accepted SCWorx's revised compliance plan
- Extension granted until October 14, 2024 to regain compliance
- New auditor engaged to complete financial audits and reviews
- Company expects to file all delinquent reports by the extended deadline
- Failure to file Q2 2024 10-Q report by the due date
- Delinquent in filing 2023 10-K and Q1 2024 10-Q reports
- Received notice of non-compliance from Nasdaq
- Dismissal of previous auditor due to SEC order
- Delayed work on periodic reports
Insights
SCWorx's non-compliance with Nasdaq listing rules due to delayed financial filings is a significant red flag for investors. The company's failure to file its 10-Q for Q2 2024, along with outstanding 10-K and 10-Q reports, raises serious concerns about its financial transparency and internal controls. The change in auditors and extended deadline until October 14, 2024, to regain compliance adds uncertainty to the company's financial status. This situation could potentially lead to delisting if not resolved promptly, which would severely impact
The non-compliance notice from Nasdaq is a serious regulatory issue for SCWorx. Failure to file timely financial reports violates SEC regulations and Nasdaq listing rules, potentially exposing the company to legal and regulatory risks. The dismissal of BF Borgers CPA PC due to an SEC order raises questions about the quality of previous audits and may trigger further regulatory scrutiny. While the company has been granted an extension until October 14, 2024, to regain compliance, this situation could lead to enforcement actions or investor lawsuits if not resolved satisfactorily. The engagement of a new auditor, Astra Audit & Advisory, , is a positive step, but the company must ensure timely and accurate filings to mitigate legal risks and maintain market trust.
SCWorx's reporting delays and non-compliance with Nasdaq rules could have far-reaching market implications. Such issues often lead to increased volatility and
NEW YORK, N.Y., Aug. 23, 2024 (GLOBE NEWSWIRE) -- On August 19, 2024, the Nasdaq Stock Market notified SCWorx Corp. (the “Company”) that it has failed to satisfy a standard for continued listing, namely Nasdaq Listing Rule 5250(c)(1) (the “Rule), because the Company did not file its June 30, 2024 Quarterly Report on Form 10-Q by the due date of August 14, 2024 and because it remains delinquent in filing its Form 10-K for the period ended December 31, 2023 and its Form 10Q for the quarter ended March 31, 2024.
As previously disclosed, due to the SEC’s Order denying BF Borgers CPA PC (“BF Borgers”) the privilege of appearing or practicing before the Commission as an accountant, on May 7, 2024, the board of directors of the Company dismissed BF Borgers CPA PC as the Company’s independent registered public accounting firm, at which time work on the Registrant’s periodic reports was delayed.
As previously announced, the Company has engaged a new auditor, Astra Audit & Advisory, LLC to complete the audit and review of its annual and quarterly financial statements, respectively. The Company intends to complete the audit and review of its financial statements and file its 10K and 10Qs as quickly as possible to regain compliance with its periodic reporting obligations.
The Company submitted Nasdaq a revised plan to regain compliance with the Rule by no later than October 14, 2024. The Nasdaq Staff has accepted the Company’s plan, granting the Company an extension of time until October 14, 2024 to regain compliance with the Rule’s periodic reporting obligations. The Company fully expects to file all its delinquent reports on or before this extended compliance date.
Contacts:
ir@scworx.com
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Source: SCWorx Corp.
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