Why SCWorx Shares Are Skyrocketing

Shares of nanocap Scworx Corp WORX were surging on above-average volume Monday.

SCWorks said it has received a committed purchase order from Rethink My Healthcare — a virtual healthcare network — for 2 million COVID-19 rapid testing units.

The order also carries the provision for additional weekly orders of 2 million units for 23 weeks.

The order is valued at $35 million per week, accoridng to SCWorks.

The company said it will supply Rethink My Healthcare with IgM/IgG rapid detection kits. It expects to receive the first 2 million kits within about two weeks.

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"Our substantial purchase order from Rethink My Healthcare will significantly increase the availability of rapid-test kits in the United States. Additional purchase orders currently under negotiation with certain other parties could further increase the U.S. supply of these important tests in the near term," CEO Marc Schessel said in a statement.

SCWorks shares were rallying by 236.68% to $7.71 at the time of publication.

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WORXSCWorx Corp

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