Sintx Technologies (NASDAQ: SINT) stock soared 132% in intraday trading Wednesday after shareholders approved a proposed reverse stock split.
Sintx Technologies (NASDAQ: SINT) has recently filed a disclosure with the SEC. The filing revealed that shareholders have given the green light to a proposed reverse stock split. The split will consolidate all of the company’s issued and outstanding shares at a ratio ranging from 1-for-100 to 1-for-300. The board of directors will determine the ratio.
Simultaneously, Sintx released its first-quarter financial results, which fell short of market expectations. The company reported quarterly losses of 11 cents per share, missing the consensus estimate of losses of 7 cents. Quarterly sales totaled $687,000, slightly below the estimated $690,000.
Analysts have responded to these developments with adjustments to their outlook. Ascendiant Capital revised its price target downward to $1.50 from the previous $10.00. Despite the price target cut, the firm maintained a Buy rating on the company’s stock.
Furthermore, Sintx Technologies recently forged a technical partnership and ceramic slurry supply agreement with Prodways Printers. Under this collaboration, SINTX and its subsidiary will supply ceramic-filled printable slurries to Prodways, facilitating process development and customer support.
Further, Sintx Technologies announced a strategic partnership and ceramic slurry supply agreement with Prodways Printers last month. Under this collaboration, SINTX and its subsidiary will provide ceramic-filled printable slurries to Prodways and offer support in process development and customer service. Sintx Technologies sees this partnership as a step forward in advancing technical ceramics, especially in casting applications.
Sintx Technologies (NASDAQ: SINT) Stock Reaction
SINT stock surged 132% to close at $0.13 on Wednesday. Its value increased by 187.39% this week. Trading activity has witnessed 1,003,512,640 (1 billion) shares changing hands, well above the average daily volume of 51.66 million.
