New York, NY, July 05, 2022 (GLOBE NEWSWIRE) — 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…
