SCWorx Receives Nasdaq Approval to Continue Listing

SCWorx announced that it has received a decision from Nasdaq granting the company's request to continue its listing on Nasdaq, subject to satisfaction of certain conditions. By way of background, trading in the company's common stock was suspended on April 14 because the company failed to meet the requirements of Nasdaq Listing Rule 5550, which requires a minimum bid price of $1.00 per share. Under the terms of the panel's decision, SCWorx must comply with the following conditions, in order for trading of its common stock to be reinstated on Nasdaq: on or before July 22, it must obtain shareholder approval for a reverse stock split, at a ratio sufficient to achieve a post-split price reasonably expected to sustain compliance with the bid price rule; on or before August 3, we must effect a reverse stock split; and on or before August 28, the company must demonstrate compliance with the bid price rule by evidencing a closing bid price at or above $1.00 per share for a minimum of 20 consecutive trading days.