NEW YORK, N.Y., May 21, 2024 (GLOBE NEWSWIRE) -- On May 17, 2024, SCWorx Corp. (the "Company") received a further notice (the "Notice") from The Nasdaq Stock Market, LLC ("Nasdaq") indicating that, as a result of not having timely filed its Form 10-Q for the period ended March 31, 2024, and because it remains delinquent in filing its Form 10-K for the year ended December 31, 2023, the Company has failed to satisfy a standard for continued listing, namely Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic reports with the SEC.
As previously disclosed, due to the SEC's Order denying BF Borgers CPA PC ("BF Borgers") the privilege of appearing or practicing before the Commission as an accountant, on May 7, 2024, the board of directors of the Company dismissed BF Borgers CPA PC as the Company's independent registered public accounting firm.
On May 21, 2024, the Company filed a Form 8-K announcing that it has engaged a new auditor, Astra Audit & Advisory, LLC. In accordance with the SEC's guidance to companies affected by the suspension of BF Borgers, the new auditor engagement includes re-auditing the 2022 financial statements previously audited by BF Borgers. The Company intends to complete the audit of its financial statements and file its 10K and 10Q as quickly as possible to regain compliance with its periodic disclosure obligations.
The Company intends to submit to Nasdaq a plan to regain compliance with respect to these delinquent reports no later than June 17, 2024, the due date for submitting such plan.
There is no assurance that the Nasdaq Staff will accept the Company's plan to regain compliance. Any Staff exception to allow the Company to regain compliance, if granted, will be limited to a maximum of 180 calendar days from the due date of the Company's 10K, or October 14, 2024.
Contacts:
ir@scworx.com
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Source: SCWorx Corp.
