American Environmental Partners, Inc. cancelled the acquisition of SCWorx Corp. in a reverse merger transaction.
March 25, 2024
Share
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.
American Environmental Partners, Inc. (OTCPK:AEPT) cancelled the acquisition of SCWorx Corp. (NasdaqCM:WORX) in a reverse merger transaction on March 26, 2024. SCWorx and American Environmental will each continue to operate as separate and independent businesses.
American Environmental Partners, Inc., formerly American Energy Partners, Inc., is a conglomerate holding company. The Company is engaged in the acquisition and growth of environmental services. Its subsidiaries include Unlimited Energy Services, LLC, Austin Master Services, Apex Energy Services, and Hydration Company of Pennsylvania, LLC. Unlimited Energy Services, LLC is an energy service company that focuses on reducing the environmental footprint of energy assets through the operations and the decommissioning and reclamation of oil and gas wells. Austin Master Services is a comprehensive environmental services company specializing in radioactive and mixed waste management solutions. Apex Energy Services provides well-site environmental services to upstream energy companies in Western Pennsylvania, Eastern Ohio, and Northern West Virginia. Hydration Company of Pennsylvania, LLC is engaged in the businesses of water exploration and water augmentation.