Sintx Technologies, Inc. (NASDAQ:SINT), a company specializing in surgical and medical instruments, has announced the termination of its at-the-market (ATM) equity offering as of March 22, 2024. The company had previously entered into an Equity Distribution Agreement with Maxim (NASDAQ:MXIM) Group LLC in February 2021, which was amended in January and October 2023, allowing for the sale of common stock up to $15 million.
The Salt Lake City-based company, incorporated in Delaware, decided to register sales under the ATM Agreement for an aggregate offering price of $3,115,475. The shares will be sold according to Sintx's shelf registration statement on Form S-3, effective since November 27, 2023, with a prospectus supplement and the accompanying prospectus filed on July 11, 2024.
While the total number of shares to be sold and the proceeds from the sale remain undetermined, the company anticipates utilizing the net proceeds primarily for working capital and general corporate purposes.
Sintx has stated that the management maintains significant discretion in the allocation of the net proceeds, which may include potential investments or acquisitions of complementary businesses or technologies, although no specific plans or agreements are in place as of the filing date.
The company's legal counsel, Dorsey & Whitney LLP, has provided an opinion on the validity of the shares to be sold under the ATM Agreement, which is included as an exhibit in the SEC filing. This report, including its exhibits, does not constitute an offer to sell or a solicitation of an offer to buy the shares.
This news is based on a recent SEC filing by Sintx Technologies.
In other recent news, SINTX Technologies has announced a 1-for-200 reverse stock split to meet Nasdaq's minimum bid price requirements. The split, which will not change the number of authorized shares or the par value, will reduce the current issued and outstanding shares from approximately 123 million to about 0.6 million.
SINTX Technologies has also formed a partnership with Prodways Printers SAS to supply ceramic-filled printable slurries and develop 3D printing processes for advanced technical ceramics.
Despite Ascendiant Capital reducing its price target for SINTX Tech to $1.50 from $10.00, the firm maintains a Buy rating on the company's stock. This decision, based on a Net Present Value analysis, indicates a belief in the company's continued growth potential.
These recent developments reflect SINTX Technologies' strategic moves to strengthen its position in the market, while also adapting to changing market conditions.
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