American Environmental Partners, Inc. (OTCPK:AEPT) entered into a letter of intent to acquire SCWorx Corp. (NasdaqCM:WORX) in a reverse merger transaction on October 16, 2023. American Environmental Partners, Inc. (OTCPK:AEPT) signed a definitive agreement and plan of merger to acquire SCWorx Corp.

(NasdaqCM:WORX) in a reverse merger transaction on December 21, 2023. The Proposed Transaction will be structured as a share-for-share exchange, with SCWorx shareholders retaining 17% and American Environmental receiving 83% of the combined Company. The Proposed Transaction has been approved by the Boards of Directors of both SCWorx and American Environmental and is expected to close in the first quarter of CY 2024.

The Proposed Transaction is subject to NASDAQ approving a listing application based on initial inclusion standards. In addition, the closing of the Proposed Transaction is subject to satisfaction of the following conditions: (i) satisfactory completion of due diligence review by both parties, (ii) the negotiation, execution and delivery of definitive agreements, (iii) American Environmental raising $6 Million of equity, concurrently with the closing, (iv) satisfactory completion of an audit of American Environmental?s financial statements, (v) approval by both SCWorx and American Environmental shareholders, as well as other customary closing conditions. Stanton Park Advisors LLC acted as financial advisor to SCWorx.