Sintx Technologies (SINT) stock sank on Monday after the materials science company announced agreements for the exercise of certain outstanding warrants. Under the terms of this agreement, holders of warrants for 1,099,431 shares of SINT stock have agreed to exercise them. These warrants will be exercised for $3.32 per share.
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To go along with this warrant exercise, Sintx Technologies has reached an agreement to issue new warrants to purchase up to 1,649,147 shares of SINT stock. These warrants will have an exercise price of $4.79 per share, will be exercisable immediately, and will expire five years after they are issued.
Sintx Technologies revealed that these agreements bring with them gross proceeds of $3.8 million. The company didn’t reveal what it plans to do with the money raised from this warrant exercise and offering.
Sintx Technologies Stock Movement Today
Sintx Technologies stock was down 19.24% on Monday, but remained up 22.43% year-to-date. The shares have also increased 26.38% over the past 12 months. The blow to SINT stock today makes sense, as the warrant exercise price and the new warrant exercise price are both below the stock’s prior closing price. Additionally, the exercise of warrants increases the total outstanding shares of SINT, diluting the stakes of current shareholders.
Is Sintx Technologies Stock a Buy, Sell, or Hold?
Turning to Wall Street, coverage of Sintx Technologies stock is lacking. Fortunately, TipRanks’ AI analyst Spark has it covered. Spark rates SINT stock Neutral (42) with no price target. It cites “financial and operational challenges, evident in its negative profitability and cash flow issues” as reasons for this stance.
