SINTX TECHNOLOGIES ANNOUNCES STOCKHOLDERS APPROVE REVERSE STOCK SPLIT
July 15 2019 - 9:00AM
SINTX Technologies, Inc. (NASDAQ: SINT) today announced that its
stockholders voted in favor of granting the Board of Directors the
authority to effect a reverse stock split of the company’s issued
and outstanding shares. The Company also announced the promotion of
Mr. David O’Brien from Vice President and General Manager to Chief
Operating Officer.
Reverse Stock Split
At the 2019 Annual Meeting of Stockholders that
was reconvened on July 12, 2019, the stockholders of SINTX
Technologies voted in favor of granting the Board of Directors the
authority to effect a reverse stock split of the company’s issued
and outstanding shares of its common stock, at a ratio of between
1-for-2 and 1-for-30. “We sincerely appreciate the support of the
stockholders on this important vote”, said Dr. B. Sonny Bal,
Chairman and CEO. Dr. Bal stated, “The Company views its listing as
a significant asset. The approval of the stockholders of the
proposed reverse stock split should allow the Company to regain
compliance with the NASDAQ minimum bid listing requirements,
thereby maintaining SINTX’s continued listing on The NASDAQ Capital
Market.” Dr. Bal further stated, “The Board of Directors will meet
to determine the final reverse split ratio and expects the reverse
split to be effective on or before July 29, 2019.”
Promotion of David O’Brien to Chief Operating
Officer
Mr. O’Brien joined the Company in March 2014 as
its Vice President of Manufacturing. He has served as the Company’s
Vice President and General Manager since 2016 and during that time
helped lead the company in its transformation from a retail spine
company into a developer and manufacturer of advanced ceramics. Mr.
O’Brien has over 30 years of experience in engineering,
manufacturing, and operations leadership in advanced materials and
medical device organizations. Dr. Bal stated, “As we look forward
to a future full of opportunities and promise for SINTX, David’s
capable stewardship will help guide us as it has in the past.”
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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