SINTX Announces Completion of $3.1 Million ATM Equity Public Offering
Rhea-AI Summary
SINTX Technologies (NASDAQ: SINT) has successfully completed its 'at-the-market' (ATM) equity public offering, raising $3.11 million in gross proceeds through the sale of 595,560 shares at an average price of $5.23 per share. The company received net proceeds of $3.05 million, with no warrant coverage provided. As of September 18, 2024, SINTX had 1,342,853 shares outstanding, including the newly sold shares.
The funds will be used for general corporate purposes, including capital expenditures, working capital, potential acquisitions, and other business opportunities. This capital infusion aims to strengthen SINTX's position in ceramic manufacturing innovation, enabling rapid development, prototyping, and large-scale commercialization in aerospace & defense, medical devices, and industrial manufacturing sectors.
Positive
- Successful completion of $3.11 million ATM equity offering
- Net proceeds of $3.05 million to strengthen balance sheet
- Average share price of $5.23 in the offering
- Funds to be used for growth initiatives and strategic investments
- No warrant coverage, potentially reducing future dilution
Negative
- Dilution of existing shareholders with 595,560 new shares issued
- Increase in total outstanding shares to 1,342,853
News Market Reaction
On the day this news was published, SINT gained 2.54%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Salt Lake City, Utah, Sept. 19, 2024 (GLOBE NEWSWIRE) -- SINTX Technologies, Inc. (NASDAQ: SINT) (“SINTX” or the “Company”) a leading innovator in ceramic manufacturing, today announced the successful completion of its previously announced "at-the-market" equity public offering (the "ATM Program") which provided for the offer and sale, from time to time, of shares of its common stock (the "Shares") having an aggregate sales price of up to
The Company received aggregate gross proceeds of
With a stronger cash reserve, the company is better equipped to navigate the dynamic business landscape, pursue strategic investments, and drive innovation in novel additive and subtractive manufacturing capabilities, enable rapid development, prototyping, and large-scale commercialization with customized solutions to enhance product performance in aerospace & defense, medical device, industrial manufacturing, and more.
“We are pleased to have completed this successful capital raise, which not only strengthens our balance sheet but also allows us to focus on accelerating our growth initiatives,” said Eric K. Olson, President and CEO of SINTX Technologies, Inc. “This infusion of capital provides us with the financial resources necessary to fuel ongoing projects and reinforces our ability to deliver on our strategic objectives, ultimately creating significant value for our shareholders.”
This capital raise was conducted under the previously announced ATM program through Maxim Group LLC, who acted as the sole agent for the offering, providing the company with an efficient mechanism to raise equity capital on favorable terms.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall 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 other 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 several years, SINTX has utilized strategic acquisitions and alliances to enter into new markets. The Company has manufacturing and R&D facilities in Utah and Maryland. For more information on SINTX Technologies or its materials platform, 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. Forward-looking statements can be identified by words such as: "anticipate," "believe," "project," "estimate," "expect," "strategy,” "future," "likely," "may," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the positioning of SINTX to capitalize on emerging opportunities, funding key operational needs, supporting our commitment to delivering long-term shareholder value, and the potential to pursue growth opportunities and explore strategic opportunities.
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. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, unanticipated expenses and challenges resulting from these cost-cutting initiatives. A discussion of other risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements can be found in SINTX’s Risk Factors disclosure in its Annual Report on Form 10-K, filed with the SEC on March 27, 2024, 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, except as required by law.
Business and Media Inquiries for SINTX:
SINTX Technologies
801.839.3502
IR@sintx.com
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