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SALT LAKE CITY - Sintx Technologies, Inc. (NASDAQ: SINT), known for its advanced ceramics used in medical devices, announced today that Dr. Sonny Bal has stepped down as Chairman of the Board. Succeeding him is the current CEO, Eric Olson, who has been unanimously appointed by the Board of Directors to take on the role effective immediately. The leadership change comes as the company, currently valued at $4.6 million, faces significant challenges, according to InvestingPro data.
Dr. Bal, who has chaired the board since 2015, is credited with pivotal contributions to the company’s direction, fortifying its core operations, and setting the stage for future growth in advanced materials. Under his tenure, the company achieved 30.4% revenue growth in the last twelve months, though InvestingPro analysis indicates the company is currently burning through cash rapidly. While he retires from his leadership role, Dr. Bal will remain an active member of the board, providing continuity and support for the company’s strategic goals.
Eric Olson, who took on the role of CEO in August 2024, has been instrumental in refocusing the company’s efforts on lucrative opportunities within the biomedical and medical device sectors. His leadership has been marked by a drive to accelerate product commercialization, financial discipline, and the exploration of strategic initiatives, including partnerships and mergers and acquisitions. The company maintains a healthy current ratio of 3.04, indicating strong short-term liquidity despite recent challenges.
In a statement, Olson expressed gratitude to Dr. Bal for his enduring leadership and vision, highlighting his role in preparing Sintx for a transition toward high-value medical applications and strategic partnerships. "As we move into the next phase of execution, I am excited to lead the Company in advancing our commercial strategy, optimizing our asset portfolio, and delivering long-term value to our shareholders," Olson said.
Dr. Bal also commented on the transition, stating his confidence in Olson’s ability to steer the company into its next growth phase, emphasizing the potential of Sintx’s biomaterial technology platform.
Sintx Technologies, headquartered in Salt Lake City, Utah, specializes in the development and commercialization of silicon nitride for medical uses, with products implanted in humans since 2008. The company has expanded its market reach through strategic acquisitions and partnerships.
This announcement is based on a press release statement and contains forward-looking statements regarding the company’s future. These statements are subject to risks, uncertainties, and other factors that could affect the actual results and are not guarantees of future performance. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value calculations, though investors should note that the company faces significant profitability challenges, with earnings forecasts remaining negative for the current fiscal year.
In other recent news, SINTX Technologies has completed a private placement, raising approximately $5 million in gross proceeds. The funds, secured through the sale of common stock and warrants, are intended for working capital purposes. H.C. Wainwright & Co. acted as the exclusive placement agent for this transaction. In leadership developments, Eric K. Olson has been appointed as the new Chairman of the Board of Directors, succeeding B. Sonny Bal, who remains on the board. This change is part of the company’s ongoing evolution in governance as it aligns with strategic goals. Additionally, SINTX Technologies held its annual stockholders meeting, where Mark Froimson, MD, was elected as a Class I director for a three-year term. Shareholders also approved several proposals, including the ratification of Tanner LLC as the independent registered public accounting firm and an amendment to the 2020 Equity Incentive Plan. These developments indicate continued shareholder support for the company’s strategic direction and governance.
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