At the time of our most recent check in early trade, SINTX Technologies Inc. (NASD: SINT) shares were down. As a result of its recent equity move, which seemed to be dragging on it, the SINT stock dropped -9.39% to $0.1332.
Which move has been causing the stock price to fall?
Preliminary results of SINTX Technologies’ (SINT) rights offering, which ended on October 12, 2022, at 5:00 p.m. Eastern Time, were announced recently. According to SINTX Technologies, the overall number of subscribers for the rights sale would be close to $4.7 million. The rights offering’s preliminary findings are subject to revision pending confirmation and certification by SINT and American Stock Transfer & Trust Company, LLC, the subscription agent.
- Each right entailed the purchase of one unit at a price of $1,000 per unit, consisting of one (1) share of the newly created Series D Convertible Preferred Stock of the Company with a face value of $1,000 (and immediately convertible into shares of SINTX common stock at a conversion price of $0.1510 per share).
- The right also grants the holder of 6,622 Class A Warrants, each of which has an exercise price of $0.1510 per share, and 6,622 Class B Warrants, each of which has an exercise price of $0.1510 per share, the right to one (1) share each of SINT’s common stock and SINTX’s common stock.
- For a period of five years after the date of issuance for the Class A Warrants and three years following the date of issuance for the Class B Warrants, respectively.
- Dealer-manager for the rights offering was Maxim Group LLC.
What steps will SINT take to further this?
According to SINTX Technologies (SINT), the closing of the rights offering will take place on or around October 17, 2022, pending the fulfillment or waiver of all closing conditions. Following the closing, the subscription agent will distribute shares of SINT’s Series D convertible preferred stock and warrants to holders of rights who have duly exercised their rights and paid the subscription price in full, via direct registration in book-entry form or through the services of DTC, as applicable. To such holders, no actual stock or warrant certificates will be issued.