Sintx Technologies, Inc. (NASDAQ: ), a surgical and medical instrument company, announced the termination of its offering of common stock effective March 22, 2024. The company previously entered into a stock distribution agreement with Maxim Group LLC in February 2021, which was amended in January and October 2023, allowing for the sale of common stock for up to $15 million.
The Salt Lake City, Delaware-based company has decided to record the sales under an ATM agreement at an aggregate offering price of $3,115,475. The shares will be sold pursuant to Sintx’s shelf registration statement on Form S-3, effective November 27, 2023, together with the prospectus supplement and accompanying prospectus filed on July 11, 2024.
While the total number of shares to be sold and the proceeds from the sale remain undetermined, the Company expects to use the net proceeds primarily for working capital and general corporate purposes.
Syntex stated that management retains significant discretion in allocating net proceeds, which may include potential investments or acquisitions of complementary businesses or technologies, although no specific plans or agreements have been made as of the filing date.
The Company’s legal counsel, Dorsey & Whitney LLP, has provided an opinion on the validity of the shares to be sold under the ATM Agreement, which is included as an exhibit in the SEC filing. This report, including its exhibits, does not constitute an offer to sell or a solicitation of an offer to buy the shares.
This news is based on a recent filing by Sintx Technologies with the US Securities and Exchange Commission.
In other recent news, SINTX Technologies announced a 1-for-200 reverse stock split to meet the minimum bid price requirements on the Nasdaq. The split, which will not change the number of authorized shares or par value, will reduce the number of shares currently issued and outstanding from approximately 123 million shares to approximately 0.6 million shares.
SINTX Technologies has also partnered with Prodways Printers SAS to supply ceramic-filled printable paste and develop 3D printing processes for advanced technical ceramics.
Although Ascendiant Capital lowered its price target on SINTX Tech from $10.00 to $1.50, the firm maintains a Buy rating on the stock. This decision, based on a net present value analysis, indicates a belief in the company’s continued growth potential.
These recent developments reflect SINTX Technologies’ strategic moves to strengthen its market position, while also adapting to changing market conditions.
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