SALT LAKE CITY - SINTX Technologies, Inc. (NASDAQ: SINT), a manufacturer of advanced ceramics, has announced the pricing of its public stock offering at $0.021 per share. The company is offering 71.6 million shares with expected gross proceeds of around $1.5 million before deductions for fees and estimated expenses. The offering is scheduled to close on April 5, 2024, subject to standard closing conditions.
The funds raised are intended for working capital and general corporate purposes. Maxim Group LLC is serving as the sole placement agent for this transaction. This offering is under an effective shelf registration statement on Form S-3, as amended, which was filed with the U.S. Securities and Exchange Commission (SEC) and declared effective on November 27, 2023.
SINTX Technologies specializes in the development and commercialization of silicon nitride for medical and technical applications and has been implanting its products in humans since 2008. Over recent years, the company has expanded into new markets through strategic acquisitions and partnerships, operating manufacturing facilities in Utah and Maryland.
The information provided in this article is based on a press release statement from SINTX Technologies.
InvestingPro Insights
As SINTX Technologies, Inc. (NASDAQ: SINT) navigates through its public stock offering, investors are closely monitoring the company's financial health and market performance. According to InvestingPro data, SINTX's market capitalization stands at a modest $2.09 million, reflecting the size and scale of the company within its industry. Despite a notable revenue growth of 68.29% over the last twelve months as of Q1 2023, SINTX's financial challenges are evident with an operating income margin of -465.51% during the same period, underscoring the company's struggle to turn revenue into profit.
Investors should be aware of the significant price volatility that SINTX's stock has experienced. Over the last week, the price total return has been -19.01%, and this extends to a dramatic -97.85% over the past year. This volatility is further emphasized by the InvestingPro Tip that the stock generally trades with high price volatility, which is critical for those considering the timing of their investments.
Moreover, the company's current cash burn rate is a vital consideration. The InvestingPro Tip highlights that SINTX is quickly burning through cash, which is a crucial factor for investors to consider, especially in the context of the company's recent stock offering aimed at raising capital for working capital and general corporate purposes.
For investors seeking a deeper dive into SINTX Technologies' financial health and stock performance, additional insights are available on InvestingPro. With 15 more InvestingPro Tips, users can gain a comprehensive understanding of the company's position. To explore these insights and tips, visit https://www.investing.com/pro/SINT and remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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