SALT LAKE CITY - SINTX Technologies, Inc. (NASDAQ: SINT) has declared a reverse stock split at a ratio of 1-for-200, set to take effect on May 28, 2024, to meet Nasdaq's minimum bid price requirements. The split-adjusted trading on the Nasdaq Capital Market will commence on the same day under the ticker symbol SINT.
The reverse stock split is structured to ensure each stockholder maintains their proportional ownership in the company, barring fractional shares, which will be rounded up to the nearest whole share. This corporate action will not change the number of authorized shares or the par value but will reduce the current issued and outstanding shares from approximately 123 million to about 0.6 million.
The company's transfer agent, Equiniti Trust Company LLC, will provide stockholders with a statement reflecting their post-split shareholdings. Those holding shares through brokers or other nominees will see their accounts automatically adjusted.
SINTX Technologies specializes in advanced ceramics, focusing on the development and commercialization of silicon nitride for medical and technical applications. The company has been implanting its products in humans since 2008 and operates manufacturing facilities in Utah and Maryland.
This article is based on a press release statement from SINTX Technologies.
InvestingPro Insights
In the wake of SINTX Technologies' announcement regarding its reverse stock split, a deeper dive into the company's financial health and market performance can provide investors with a clearer picture. According to InvestingPro data, SINTX Technologies currently holds a market capitalization of 11.36 million USD. Despite a significant revenue growth of 40.79% in the last twelve months as of Q1 2024, the company's operating income margin remains deeply negative at -428.65%, indicating substantial operational losses relative to their revenue.
InvestingPro Tips highlight that SINTX is quickly burning through cash and has not been profitable over the last twelve months. This is consistent with the reported operating income and the fact that analysts do not anticipate the company will be profitable this year. Moreover, the stock has experienced high price volatility and has taken a considerable hit over the last week, with a one-week price total return of -33.86%.
For investors looking to delve deeper into SINTX's financials and future prospects, there are additional InvestingPro Tips available at https://www.investing.com/pro/SINT. These tips can provide valuable insights, especially when considering the company's strategic moves, such as the reverse stock split. For those interested in accessing these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With an extensive list of 14 additional InvestingPro Tips, investors can gain a comprehensive understanding of SINTX's market position and potential trajectory.
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