Sintx Technologies (NASDAQ: SINT) shares plummeted 46% Monday after the company announced a $1.3 million public offering of common stock.
SINTX Technologies (NASDAQ: SINT) has disclosed the pricing details of its public stock offering. The offering, priced at $0.047 per share, consists of 28,400,000 shares of common stock, intending to generate gross proceeds of around $1.3 million before accounting for fees and estimated expenses. The offering will close on March 26, given customary conditions.
The Utah-based firm, known for developing silicon nitride for medical and technical applications, has announced that the gross proceeds will serve as working capital and fund general corporate activities. Maxim Group LLC has been appointed as the exclusive placement agent for this transaction, facilitating the smooth execution of the offering.
Since 2008, SINTX Technologies has actively engaged in the research and production of silicon nitride, with its products finding use in human implants. Over the past two years, the company has broadened its market presence through strategic acquisitions and partnerships and operates manufacturing facilities in Utah and Maryland.
Sintx Technologies (NASDAQ: SINT) Stock Price Action
SINT stock plunged 45.95% to close at $0.05 on Monday. The traders had exchanged hands with 51,968,872 (51.96 million) shares compared to the average daily trading volume of 2.44 million.
