Business
SINTX Announces Completion of $3.1 Million ATM Equity Public Offering
Salt Lake City, Utah, Sept. 19, 2024 (GLOBE NEWSWIRE) -- SINTX Technologies, Inc. (NASDAQ: SINT) (“SINTX” or the “Company”) a leading innovator in ceramic
About this update from Sintx Technologies, Inc.
[{"type":"text","content":"Salt Lake City, Utah, Sept. 19, 2024 (GLOBE NEWSWIRE) -- SINTX Technologies, Inc. (NASDAQ: SINT) (“SINTX” or the “Company”) a leading innovator in ceramic manufacturing, today announced the successful completion of its previously announced \"at-the-market\" equity public offering (the \"ATM Program\") which provided for the offer and sale, from time to time, of shares of its common stock (the \"Shares\") having an aggregate sales price of up to $3.12 million. The Company received aggregate gross proceeds of $3.11 million through the sale of 595,560 shares, at an average share price of $5.23 per share, resulting in total net proceeds to the Company of $3.05 million. There was no warrant coverage provided as part of this offering. As of September 18, 2024, SINTX had 1,342,853 shares outstanding, which includes the shares sold pursuant to the ATM Program. Proceeds from the ATM Program will be used for general corporate purposes, including capital expenditures, working capital, financing of possible acquisitions and other business opportunities. With a stronger cash reserve, the company is better equipped to navigate the dynamic business landscape, pursue strategic investments, and drive innovation in novel additive and subtractive manufacturing capabilities, enable rapid development, prototyping, and large-scale commercialization with customized solutions to enhance product performance in aerospace & defense, medical device, industrial manufacturing, and more. “We are pleased to have completed this successful capital raise, which not only strengthens our balance sheet but also allows us to focus on accelerating our growth initiatives,” said Eric K. Olson, President and CEO of SINTX Technologies, Inc. “This infusion of capital provides us with the financial resources necessary to fuel ongoing projects and reinforces our ability to deliver on our strategic objectives, ultimately creating significant value for our shareholders.” This capital raise was conducted under the previously announced ATM program through Maxim Group LLC, who acted as the sole agent for the offering, providing the company with an efficient mechanism to raise equity capital on favorable terms. This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or other juris...