Sintx Technologies nasdaq Sint Skyrockets 80 Amidst Key Developments

Sintx Technologies (NASDAQ: SINT) Skyrockets 80% Amidst Key Developments

Sintx Technologies (NASDAQ: SINT) stock surged 80% in the early trading hours on Thursday following multiple developments that captured the attention of investors. 

Sintx Technologies (SINT) recently filed a notice of a special meeting of stockholders scheduled for May 14. The meeting will focus on voting regarding the proposal of a potential reverse stock split of all issued and outstanding shares of common stock. The proposed ratio for the reverse stock split falls between 1-for-100 and 1-for-300.

The decision to consider a reverse stock split comes in the wake of the company’s recent public offering, which closed on April 5. Sintx Technologies completed the offering of 71.6 million shares of common stock at $0.021 per share, generating gross proceeds of approximately $1.5 million. The company intends to utilize these funds for working capital and general corporate purposes.

In addition, Sintx Technologies recently reported its fourth-quarter 2023 results. The company posted earnings per share of -9 cents, beating the analyst estimate of -75 cents. Moreover, Sintx achieved revenue of $902,000, marking a 12.75% improvement over analyst estimates of $800,000 in revenue.

Sintx Technologies (NASDAQ: SINT) Stock Price Action

At the time of publication, SINT stock has surged 80% compared to the previous trading session, trading at $0.0675. Traders have exchanged 459,518,749 (459.51 million) shares, surpassing the average daily trading volume of 9.25 million.