What's Going On With SCWorx (WORX) Stock Thursday?

SCWorx Corporation WORX shares are booming on Thursday with the stock trading up over 200%.

What To Know:

SCWorx shares are rocketing higher on extremely heavy trading volume with nearly 75 million shares traded on Thursday morning, far exceeding its average trading volume of 44.8 thousand shares. The unusually heavy volume and price volatility led to a trading halt at 10:00 AM on Thursday. WORX shares resumed trading at 10:05 AM and within minutes the stock price reached $0.89, marking the session's current high.

SCWorx stock is facing some uncertainty while awaiting its requested appeal hearing with the Nasdaq Hearings Panel. SCWorx will file an appeal to a delisting notice received from Nasdaq on June 6, 2023. The notice stated that SCWorx had failed to meet the requirements of Listing Rule by the June 5 deadline and consequently, trading of the company's common stock will be suspended starting from the opening of business on June 15, 2023.

On June 9, 2023, SCWorx filed a Form 8-K with the SEC which stated the company intends to file a formal appeal with the Nasdaq Hearings Panel. Hearings are typically scheduled to occur approximately 30-45 days after the date of the hearing request. At the Panel hearing, SCWorx will present a plan to regain regulatory compliance which includes all steps necessary to effect a reverse stock split.

Related News: Why Sonic Foundry (SOFO) Stock Is Climbing Thursday

WORX Price Action: According to Benzinga Pro, SCWorx shares are trading 147% higher at $0.55 at the time of publication.

Image: Mohamed_hassan from Pixabay