The Board of Directors of SWK Holdings Corporation and its controlling stockholder, funds affiliated with Carlson Capital, L.P. announced that the Board and Carlson have jointly agreed that the Board will form a strategic review committee (the "Strategic Review Committee") to identify, review and explore strategic alternatives for the Company with a view to maximizing stockholder value. In connection with this decision, the Board has agreed to immediately appoint Marcus Pennington, a Director at Carlson, to serve as a member of the Board and a nominee for election at the 2021 annual meeting of stockholders. The Strategic Review Committee will be chaired by Mr. Pennington and will also include existing directors Edward B. Stead and Michael D. Weinberg and intends to commence its work immediately. The Company has also committed to Carlson that, if requested by Carlson prior to the Company's 2022 annual meeting of stockholders, the Board will promptly appoint an additional non-executive, independent director to be mutually agreed between the Board and Carlson to serve as a member of the Board.