SCWorx (NASDAQ:WORX) stock is rocketing higher on Wednesday after boosting investor confidence with a stock purchase agreement!
This has SCWorx agreeing to the sale of up to $5 million of WORX stock to an institutional investor over the next 24 months. It’s worth noting that SCWorx has the right to do this and isn’t required to by the terms of the contract.
As part of this deal, SCWorx is issuing 277,778 shares of WORX stock to the institutional investor. The company also notes it plans to use net proceeds from the stock sales to fund its working capital and general corporate purposes. All of this is to support the future growth of its business.
Tim Hannibal, president and CEO of SCWorx, had the following to say about the deal in a news release.
“We believe this commitment from the Institutional Investor demonstrates investor confidence in SCWorx, including our business model that leverages the SCWorx data management SaaS solution to assist hospitals in achieving their supply chain goals and cost savings objectives.”
With today’s news comes heavy trading of WORX stock. As of this writing, more than 26 million shares of the stock are on the move. To put that in perspective, the healthcare data company’s daily average trading volume is only about 227,000 shares.
WORX stock is up 37.1% as of Wednesday morning.
There’s more stock market news for investors to read about below!
We’ve got all the hottest stock news traders need to get through Wednesday! Among that is what has shares of Zomedica (NYSEMKT:ZOM), Rivian (NASDAQ:RIVN) and Rocket Companies (NYSE:RKT) moving today. You can find out why by checking out the following links!
More Wednesday Stock Market News
- ZOM Stock Pops 5% as Zomedica Acquires Revo Squared
- Rivian (RIVN) Stock Pops on Q2 Delivery Update
- Rocket Companies (RKT) Stock Gets Boost From Wells Fargo Upgrade
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.