SINTX TECHNOLOGIES ANNOUNCES REVERSE STOCK SPLIT EFFECTIVE DECEMBER 20, 2022
December 19 2022 - 9:00AM
SINTX Technologies, Inc. (NASDAQ: SINT) today announced that its
Board of Directors has declared a 1-for-100 reverse stock split of
the company’s common stock. The reverse stock split will become
effective on December 20, 2022 (the “Effective Date”) at 12:01 AM
Eastern Time. The company’s common stock is expected to begin
trading on a split-adjusted basis when the markets open on December
20, 2022 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 Capital
Market. The new CUSIP number following the reverse split will be
829392 604.
As a result of the reverse stock split, every
100 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 and the number of shares underlying the Company’s
outstanding warrants, preferred stock, equity awards and options,
and the number of shares reserved 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 November 4, 2022, 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 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 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 SEC on March 25,
2022, 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
Technologies801.839.3502IR@sintx.com
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