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SALT LAKE CITY - SINTX Technologies, Inc. (NASDAQ:SINT), a company specializing in advanced ceramics for medical applications with a current market capitalization of $7.3 million, has completed a private placement of shares and warrants, raising approximately $5 million in gross proceeds. According to InvestingPro data, the company has been experiencing significant cash burn, making this capital raise crucial for its operations. The offering, which closed on Monday, involved the sale of 1,449,287 shares of common stock—or pre-funded warrants as an alternative—at a price of $3.45 each. The company also issued unregistered warrants to purchase an equivalent number of shares, exercisable immediately at $3.32 per share, expiring five and a half years from the date of issuance. Despite recent volatility, SINTX’s stock has shown strong momentum with a 55.7% year-to-date return, though it remains significantly below its 52-week high of $45.60.
H.C. Wainwright & Co. served as the exclusive placement agent for the transaction. The raised capital, net of placement agent fees and other offering expenses, is earmarked for working capital purposes by SINTX Technologies.
The securities sold in this private placement, including the common stock, pre-funded warrants, and the warrants, along with the shares of common stock underlying the pre-funded warrants and warrants, have not been registered under the Securities Act of 1933. These securities were offered solely to accredited investors and are subject to restrictions on resale in the absence of registration with the Securities and Exchange Commission (SEC) or an exemption from such registration requirements. In line with a registration rights agreement, SINTX has committed to filing registration statements with the SEC to facilitate the resale of the shares of common stock and the shares issuable upon exercise of the pre-funded warrants and warrants.
SINTX Technologies, headquartered in Salt Lake City, Utah, is known for its development and manufacturing of silicon nitride for medical and technical applications. Financial metrics from InvestingPro show the company maintains a healthy current ratio of 3.04, indicating strong short-term liquidity, though it faces profitability challenges with negative earnings in the last twelve months. Revenue growth has been promising at 30.4% year-over-year.Investors seeking deeper insights into SINTX’s financial health and growth prospects can access 15+ additional exclusive ProTips and comprehensive analysis through InvestingPro. The company has been implanting its products in humans since 2008 and has expanded into new markets through strategic acquisitions and alliances in recent years.
This announcement is based on a press release statement and does not serve as an offer to sell or a solicitation of an offer to buy the mentioned securities. It is also not a declaration of sale in any jurisdiction where such an offer, solicitation, or sale would be illegal before registration or qualification under the securities laws of that jurisdiction.
In other recent news, Sintx Technologies announced significant developments following its annual stockholders meeting. The company confirmed the election of Mark Froimson, MD, as a Class I director for a three-year term. Additionally, stockholders approved the appointment of Tanner LLC as the independent registered public accounting firm for the upcoming year. A non-binding resolution on executive compensation was also passed, along with an amendment to the 2020 Equity Incentive Plan, which increased the authorized number of shares by 333,650. Furthermore, a proposal allowing for adjournments of the annual meeting to solicit additional proxies was approved.
In another development, Sintx Technologies appointed its CEO and President, Eric K. Olson, to the Board of Directors, effective November 22, 2024. Olson, who has been leading the company since August 2024, brings extensive experience from his previous roles at Foresite Innovations, Predictive Biotech, and other healthcare companies. The SEC filing confirmed that Olson’s appointment does not involve additional compensation, as he is already an employee of the company. These recent changes reflect Sintx Technologies’ ongoing efforts to strengthen its leadership and governance.
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