SALT LAKE CITY - SINTX Technologies, Inc. (NASDAQ: SINT), a manufacturer specializing in advanced ceramics, has announced the pricing of its public stock offering at $0.047 per share.
The offering comprises 28,400,000 shares of common stock, aiming to raise gross proceeds of around $1.3 million before deducting fees and estimated expenses. The closing of the offering is anticipated for Tuesday, subject to standard conditions.
The Utah-based company, recognized for developing silicon nitride for medical and technical uses, stated that the net proceeds are intended for working capital and general corporate purposes. Maxim (NASDAQ:MXIM) Group LLC is serving as the exclusive placement agent for this offering.
This offering is in accordance with a shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) on October 12, 2023, and declared effective on November 27, 2023. Relevant documents, including a preliminary prospectus supplement and an accompanying prospectus, have been submitted to the SEC and are publicly accessible on its website.
SINTX Technologies has been actively involved in the research and production of silicon nitride since 2008, with its products being used in human implants. The company has expanded its market reach through strategic acquisitions and partnerships over the past two years and operates manufacturing facilities in Utah and Maryland.
The company's announcement includes forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties, including the completion of the stock offering and the intended use of proceeds. Factors that could affect these outcomes include product efficacy compared to competitors, manufacturing and commercialization challenges, market acceptance, and the ability to secure necessary funding.
The information for this article is based on a press release statement from SINTX Technologies.
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