SCWorx Corp. (NASDAQ:WORX) announces the successful conclusion of its 2023 Annual Meeting of Stockholders (the “Meeting”). The Meeting yielded significant positive outcomes, instilling confidence in the Company amongst investors and stakeholders with shareholders embracing the reverse stock split and showing overwhelming support for the Company.
Following the Meeting, the Company’s Board of Directors (the “Board”) approved a final ratio of 15-for-1 for the reverse stock split (the “Split”), which was within the parameters approved by the shareholders. The Split is expected to become effective at market open on October 11, 2023, pending confirmation by the Depository Trust Company and the Nasdaq. The Company’s common stock will continue to trade on the Nasdaq Capital Market under the Company’s existing trading symbol, “WORX,” and a new CUSIP number 78396V 208 has been assigned as a result of the reverse stock split.
The Split reduces the number of shares of the Company’s outstanding common stock from approximately 17.9 million shares to approximately 1.2 million shares, subject to adjustment due to fractional shares. As a result of the Split, proportionate adjustments will be made to the number of shares of the Company’s common stock underlying the Company’s outstanding equity awards, warrants and convertible notes and the number of shares issuable under the Company’s equity incentive plans and other existing agreements, as well as the exercise or conversion price, as applicable. There will be no change to the number of authorized shares.
The preliminary vote tally from the Meeting each of the issues on the ballot are as follows:
- 77.18% of votes cast on a non-binding, advisory basis, on executive compensation;
- Election of Directors; Hannibal (87.32%), Irby (83.87%) and Horowitz (84.70%);
- 91.99% of votes cast to ratify the appointment of BF Borgers CPA PC; and
- 89.41% of votes cast to support the proposed reverse stock split.
Stockholders of record as of August 4, 2023, will be receiving information regarding their share ownership following the reverse stock split from the Company’s transfer agent, Transfer Online. Transfer Online can be reached at (503) 227-2950. Additional information about the reverse stock split can be found in the Company’s definitive proxy statement on Schedule 14A, filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 18, 2023, and available free of charge at the SEC’s website www.sec.gov.
