SINTX TECHNOLOGIES INFORMS STOCKHOLDERS OF KEY DATES AND TERMS RELATED TO ANNOUNCED RIGHTS OFFERING
September 12 2022 - 9:00AM
SINTX Technologies, Inc. (NASDAQ: SINT) (“SINTX” or the “Company”),
an original equipment manufacturer of advanced ceramics, today
provided an informational update to its security holders regarding
its proposed rights offering and the expected key dates and terms
relative to the offering. Security holders are advised that open
market purchases of SINTX’s common stock be completed by Wednesday,
September 21, 2022 to be considered a stockholder of record on
Friday, September 23, 2022. Holders of the Company’s Series B
Preferred Shares, Series C Preferred Shares, and warrants issued
March 6, 2018, May 8, 2018, May 14, 2018, and February 6, 2020 are
also entitled to participate in the rights offering on the same
terms as the common stockholders (collectively, the “Security
Holders”). Security Holders or other interested parties are advised
to direct all questions and informational requests to the contacts
listed below.
Under the proposed rights offering, SINTX will
distribute to the Security Holders, at no charge, one
non-transferable subscription right for each share of common stock,
share of Series B Preferred Stock, share of Series C Preferred
Stock, and each participating warrant (on an
as-if-converted-to-common-stock basis) held on the record date.
Each right will entitle the holder to purchase one unit, at a
subscription price of $1,000 per unit, consisting of one share of
Series D Convertible Preferred Stock with a face value of $1,000
(and immediately convertible into shares of SINTX’s common stock at
a conversion price equal to 90% of the lowest closing price for a
share of SINTX’s common stock as quoted on the Nasdaq Capital
Market, during the five (5) trading days prior to and including
October 10, 2022 (the “Conversion Price”)), and warrants to
purchase, at an exercise price equal to the Conversion Price, a
number of shares of SINTX’s common stock equal to $1,000 divided by
the Conversion Price. The warrants will be exercisable for 5 years
after the date of issuance and shall be redeemable as described in
the preliminary and final prospectus, when available.
The subscription rights are non-transferable and
may only be exercised during the anticipated subscription period of
September 26, 2022 through 5:00 PM ET on Monday, October 10, 2022,
unless extended in the sole discretion of the Company.
The expected calendar for the rights offering is
as follows:
|
● |
Wednesday, September 21, 2022: Ownership Day — in order to be
considered a stockholder of record on Friday, September 23, 2022,
shares should be acquired by this date. |
|
● |
Friday, September 23, 2022: Record Date |
|
● |
Monday, September 26, 2022: Distribution Date; Subscription Period
Begins |
|
● |
Monday, October 10, 2022: Subscription Period Ends 5:00 PM ET
(unless extended at SINTX’s sole discretion). Shareholders should
check with their respective brokerage firms to determine the cutoff
date for subscriptions as some brokerage firms require shareholders
to subscribe up to a few days in advance of the expiration of the
subscription period. |
Holders who exercise their subscription rights
in full will be entitled, if available, to subscribe for additional
units that are not purchased by other stockholders, on a pro rata
basis and subject to ownership limitations.
SINTX has engaged Maxim Group LLC as
dealer-manager in the rights offering. Questions about the rights
offering or requests for copies of the preliminary and final
prospectuses, when available, may be directed to Maxim Group LLC at
300 Park Avenue, New York, NY 10022, Attention Syndicate
Department, or via email at syndicate@maximgrp.com or telephone at
(212) 895-3745.
A registration statement relating to these
securities has been filed with the Securities and Exchange
Commission but has not yet become effective. These securities may
not be sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective. The rights offering,
which is expected to commence following the effectiveness of the
registration statement, is being made only by means of a written
prospectus. A preliminary prospectus relating to and describing the
proposed terms of the rights offering has been filed with the SEC
as a part of the registration statement and is available on the
SEC’s website at www.sec.gov. Copies of the preliminary and final
prospectuses for the rights offering may be obtained, when
available, from Maxim Group LLC, 300 Park Avenue, New York, NY
10022, Attention Syndicate Department, email:
syndicate@maximgrp.com or telephone (212) 895-3745.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor will there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About SINTX Technologies,
Inc.
SINTX Technologies is an advanced ceramics
company that develops and commercializes materials, components, and
technologies for medical and technical applications. SINTX is a
global leader in the research, development, and manufacturing of
silicon nitride, and its products have been implanted in humans
since 2008. Over the past two years, SINTX has utilized strategic
acquisitions and alliances to enter into new markets. The Company
has manufacturing facilities in Utah and Maryland.
For more information on SINTX
Technologies or its advanced ceramics material platforms, please
visit www.sintx.com.
Forward-Looking Statements
This press release contains forward-looking
statements, including those relating to the potential rights
offering, within the meaning of the Private Securities Litigation
Reform Act of 1995 (PSLRA) that are subject to a number of risks
and uncertainties. Risks and uncertainties that may cause such
differences include, among other things: the Company’s ability to
complete the rights offering; our products may not prove to be as
effective as other products currently being commercialized or to be
commercialized in the future by competitors; risks inherent in
manufacturing and scaling up to commercial quantities while
maintaining quality controls; volatility in the price of SINTX’s
common stock; the uncertainties inherent in new product
development, including the cost and time required to commercialize
such product(s); market acceptance of our products once
commercialized; SINTX’s ability to raise funding and other
competitive developments. 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 any of the anticipated results will occur on a
timely basis or at all due to certain risks and uncertainties, a
discussion of which 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 25, 2022, and in SINTX’s other
filings with the SEC. 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
Technologies801.839.3502IR@sintx.com
SiNtx Technologies (NASDAQ:SINT)
Historical Stock Chart
From Aug 2024 to Sep 2024
SiNtx Technologies (NASDAQ:SINT)
Historical Stock Chart
From Sep 2023 to Sep 2024