SINTX TECHNOLOGIES ANNOUNCES REVERSE STOCK SPLIT EFFECTIVE TODAY
July 26 2019 - 1:00PM
SINTX Technologies, Inc. (NASDAQ: SINT) today announced that
its Board of Directors has declared a 1-for-30 reverse stock split
of the company’s common stock. The reverse stock split will become
effective today, July 26, 2019 (the “Effective Date”) at 5:00 PM
Eastern Time. The company’s common stock is expected to begin
trading on a split-adjusted basis when the markets open on July 29,
2019 under the current trading symbol “SINT.”
The reverse stock split is primarily intended to
bring the company into compliance with the minimum bid price
requirements for maintaining its listing on the Nasdaq Global
Market. The new CUSIP number following the reverse split will be
829392 307.
As a result of the reverse stock split, every 30
shares of the company’s common stock issued and outstanding will be
automatically reclassified into one new share of common stock.
Proportionate adjustments will be made to the conversion and
exercise prices of the Company's outstanding warrants, preferred
stock, equity awards and options, and to the number of shares
issued and issuable under the company's equity incentive plan. The
reverse stock split will not affect the number of authorized shares
of common stock or the par value of the common stock.
The reverse stock split will affect all
stockholders uniformly and will not alter any stockholder's
percentage interest in the company, except to the extent that the
reverse stock split would result in a stockholder owning a
fractional share. Any fractional shares of common stock resulting
from the reverse stock split will be rounded up to the nearest
whole share and no stockholders will receive cash in lieu of
fractional shares.
The company’s transfer agent, American Stock
Transfer & Trust Company, LLC (AST), is acting as the exchange
agent for the reverse stock split. AST will provide instructions to
stockholders of record regarding the exchange of stock
certificates. Stockholders who hold their shares in brokerage
accounts or “street name” are not required to take any action to
effect the exchange of their shares.
Additional information about the reverse stock
split and stockholder approval can be found in the Company’s
definitive proxy statement filed with the Securities and Exchange
Commission (the “SEC”) on March 25, 2019, which is available free
of charge at the SEC’s website, www.sec.gov, and at the company’s
website, www.sintx.com.
About SINTX Technologies
SINTX Technologies is an OEM ceramics company
that develops and commercializes silicon nitride for biomedical
applications, such as spine and dental implants. The core
strength of SINTX Technologies is the manufacturing, research, and
development of silicon nitride ceramics for external partners. The
Company presently manufactures silicon nitride spinal implants in
its FDA registered and ISO 13485 certified manufacturing facility
for CTL-Amedica, its exclusive retail channel for silicon nitride
spine components.
For more information on SINTX Technologies or
its silicon nitride material platform, please
visitwww.sintx.com.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 (“PSLRA”) that are subject to a number of risks
and uncertainties. Readers are cautioned not to place undue
reliance on the forward-looking statements, which speak only as of
the date on which they are made and reflect management’s current
estimates, projections, expectations and beliefs. There can be no
assurance that implementing a reverse stock split will result in
the company regaining compliance with Nasdaq listing requirements
or that if compliance is regained that the company will be able to
maintain such compliance. A discussion of additional risks
and uncertainties can be found in SINTX's Risk Factors disclosure
in its Annual Report on Form 10-K, filed with the Securities and
Exchange Commission (SEC) on March 11, 2019, and in SINTX's other
filings with the SEC. SINTX disclaims any obligation to update any
forward-looking statements. SINTX undertakes no obligation to
publicly revise or update the forward-looking statements to reflect
events or circumstances that arise after the date of this report.
Contact:SINTX Technologies 801.839.3502 IR@sintx.com
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