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.
Benzinga is covering every angle of how the coronavirus affects the financial world. For daily updates, sign up for our coronavirus newsletter.
"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.
Related Links:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
