SCWorx Corp (NASDAQ:WORX) shares are trading higher by 66.3% to $1.63 Thursday morning after the company announced it has successfully regained compliance with Nasdaq's listing standards for periodic reporting.
The compliance issue arose earlier this year when Nasdaq notified SCWorx on April 17, May 17 and August 19 that the company had fallen out of compliance with Listing Rule 5250(c)(1), which requires timely periodic filings.
The issue was resolved following the company's filing of its Form 10-K for the fiscal year ending December 31, 2023, and Forms 10-Q for the quarters ending March 31 and June 30. Nasdaq confirmed in a letter dated October 14, that SCWorx had met all filing obligations and closed the compliance matter.
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SCWorx late Wednesday also announced it had completed an equity financing with institutional investors.
In connection with the funding, the company sold an aggregate of 232,558 shares of common stock and warrants to purchase the same number of shares of common stock, for aggregate gross proceeds of $200,000.
According to data from Benzinga Pro, WORX has a 52-week high of $4.44 and a 52-week low of $0.75.