SINTX Technologies, Inc. Announces Subscriptions of Approximately $4.7 Million from its Rights Offering
October 13 2022 - 8:30AM
SINTX Technologies, Inc. (NASDAQ: SINT) (“SINTX” or the “Company”),
an original equipment manufacturer of advanced ceramics, announced
today the preliminary results of its rights offering which expired
at 5:00 P.M. Eastern Time on October 12, 2022. The Company
estimates that the rights offering will result in total
subscriptions of approximately $4.7 million. The results of the
rights offering are preliminary and subject to change pending
finalization and verification by SINTX and its subscription agent,
American Stock Transfer & Trust Company, LLC.
Each right entitled the holder to purchase one
unit, at a subscription price of $1,000 per unit, consisting of one
(1) share of the Company’s newly created 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 of $0.1510 per share), 6,622 Class A Warrants with each
warrant exercisable for one (1) share of SINTX’s common stock at an
exercise price of $0.1510 per share, and 6,622 Class B Warrants
with each warrant exercisable for one (1) share of SINTX’s common
stock at an exercise price of $0.1510 per share. The Class A
Warrants will be exercisable for 5 years after the date of issuance
and the Class B Warrants will be exercisable for 3 years after the
date of issuance.
SINTX anticipates that closing of the rights
offering will occur on or about October 17, 2022, subject to
satisfaction or waiver of all conditions to closing. Upon the
closing, the subscription agent will distribute, by way of direct
registration in book-entry form or through the facilities of DTC,
as applicable, shares of its Series D convertible preferred stock
and warrants to holders of rights who have validly exercised their
rights and paid the subscription price in full. No physical stock
or warrant certificates will be issued to such holders.
Maxim Group LLC acted as dealer-manager for the
rights offering. Questions about the rights offering or requests
for copies of the preliminary and final prospectuses 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.
The Company's registration statement on Form S-1
was declared effective by the U.S. Securities and Exchange
Commission (SEC) on September 23, 2022. The prospectus relating to
and describing the 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 web site at http://www.sec.gov. 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 closing of the rights
offering and expected proceeds from the 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 Mar 2024 to Apr 2024
SiNtx Technologies (NASDAQ:SINT)
Historical Stock Chart
From Apr 2023 to Apr 2024