SCWorx Announces Common Stock Purchase Agreement with Institutional Investor
05 Julio 2022 - 4:14PM
SCWorx Corp., a Delaware corporation (the “Company”), announced
that it has entered into a common stock purchase agreement (the
“Purchase Agreement”) with an institutional investor (the
“Institutional Investor” or “Investor”). Under the terms and
subject to the conditions of the Purchase Agreement, SCWorx will
have the right, but not the obligation, to issue and sell to the
Investor up to $5 million of SCWorx common stock from time-to-time
over the approximately 24-month term of the Purchase Agreement.
Tim Hannibal, President & CEO of SCWorx,
said, “Our agreement with the Institutional Investor is another
piece of the SCWorx plan to move the Company forward and achieve
key business objectives that contribute to our growth
strategy”.
Hannibal continued, “We believe this commitment
from the Institutional Investor demonstrates investor confidence in
SCWorx, including our business model that leverages the SCWorx data
management SaaS solution to assist hospitals in achieving their
supply chain goals and cost savings objectives.”
Under the terms of the Purchase Agreement,
SCWorx has the right, but not the obligation, to sell to the
Investor up to $5 million of its common stock, subject to certain
conditions. SCWorx may direct the Investor to purchase a number of
shares not to exceed an amount determined by SCWorx’s trading
volume and stock price. Purchase notices may be issued over the
period commencing once certain customary conditions are satisfied,
including the filing and securing effectiveness of a registration
statement (the “Registration Statement”) with the U.S. Securities
and Exchange Commission (the “SEC”) with respect to resale of the
shares issued pursuant to the Purchase Agreement, which is expected
in mid-to-late August 2022.
SCWorx expects to use net proceeds from the
financing over time for working capital and general corporate
purposes to support its future growth.
As consideration for the Institutional
Investor’s commitment to purchase shares of SCWorx’s common stock
upon the terms and conditions set forth in the Purchase Agreement,
SCWorx will issue 277,778 shares of its common stock to the
Investor.
This news release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of any of the securities referred to in this news release
in any state in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state. Any offering of SCWorx’s common
stock under the resale registration statement referred to in this
news release will be made only by means of a prospectus.
About SCWorx
Corp.
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, 2021, 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 ###
Source: SCWorx Corp.
Released July 5, 2022
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