Benzinga | Sep 23, 2021 11:33AM EDT

SCWorx Announces Funding by an Institutional Investor, For Aggregate Proceeds Of $535K

SCWorx Corp. (NASDAQ:WORX), a provider of data management services for healthcare providers, announced today that it has completed the offering, sale, and issuance of 298,883 shares of its common stock and a warrant to purchase up to 298,883 shares of common stock, for aggregate gross proceeds of $535,000. SCWorx and the institutional investor closed the offering effective September 17, 2021.

"SCWorx continues to execute on its strategy of improving the overall health of the business and focusing on growth of its data management service," said Tim Hannibal, President and CEO of SCWorx. "We are excited to work with this investor and look forward to a long partnership between our teams."

Mr. Hannibal added, "The pandemic has been extremely challenging for our hospital customers. Our solutions deliver much needed cost savings, data accuracy and efficiency at a time when hospitals need it the most. SCWorx is in a unique position to provide multiple layers of value and cost savings to the country's healthcare providers and with this investment we look forward to continuing to assist them with achieving their goals."

The Company may not use the proceeds for indebtedness or for the settlement of any outstanding litigation and instead will use the funds for general corporate and working capital purposes.