WORX - SCWorx soars after reaching in-principle resolution with SEC over COVID-19 test issue

Shares of nano cap SCWorx (NASDAQ:WORX) have risen as much as 66.3% in afternoon trade after the company reached an in-principle agreement to resolve a U.S. Securities and Exchange Commission (SEC) matter over previously announced purchase orders for millions of COVID-19 blood testing kits. Subject to approval by the SEC, the company and the SEC staff have agreed to resolve the matter through the company's payment of a civil monetary penalty of $125K, payable in 4 equal installments over 12 months, WORX said in a statement. The company has faced regulatory scrutiny on apparent legitimacy concerns over an order for millions of COVID-19 blood testing kits announced in April 2020.  On April 13, 2020, WORX had announced an order for 2M tests from virtual healthcare network Rethink My Healthcare, with a provision for additional orders of 2M tests per week for 23 weeks. Days later, the legitimacy of the orders

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SCWorx soars after reaching in-principle resolution with SEC over COVID-19 test issue