SCWorx Corp. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Other Events
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ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Amendment and Restatement of Outstanding Promissory Note
As previously reported, on April 12, 2024, SCWorx Corp. (the “Registrant”) issued a secured promissory note in the face amount of $330,000, in exchange for which it received cash in the amount of $300,000 (“Note”). In addition to the original issue discount of $30,000, the note bears interest at the rate of 5% per annum, is secured by all the Registrant’s assets and was originally due and payable May 10, 2024. Since May 10, 2024, the Registrant and the holder of the Note have serially and on a weekly basis amended and restated the Note, most recently on June 28 and July 5, 2024, so that the maturity date of the Note is now July12, 2024.
ITEM 8.01 OTHER
Payment of Arbitration Award
As previously disclosed, the Registrant is indebted to a vendor pursuant to a judgment on qn arbitration award in the amount of approximately $502,000 (including interest). The vendor had previously agreed not to enforce its judgment until June 13, 2024. The Registrant anticipates entering into a definitive agreement that will provide for satisfaction of the judgment through the issuance of shares of the Registrant’s common stock. Although the vendor currently has the right to enforce its judgment, the Registrant does not anticipate that the vendor will do so, pending the expected execution and delivery of a definitive settlement agreement.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SCWorx Corp. |
| By: | /s/ Timothy Hannibal | |
| Timothy Hannibal | ||
| CEO | ||
| Dated: July 5, 2024 |
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