SINTX TECHNOLOGIES ANNOUNCES RECEIPT OF NOTICE FROM NASDAQ TOLLING MINIMUM BID PRICE COMPLIANCE PERIOD
SALT LAKE CITY, UT, April 22, 2020 (GLOBE NEWSWIRE) -- SINTX Technologies, Inc. (NASDAQ: SINT) (“SINTX” or the “Company”), an original equipment manufacturer (OEM) ceramics company focused on silicon nitride applications, today announced that it received notification from Nasdaq Listing Qualifications (“Nasdaq”) stating Nasdaq's determination to toll the compliance periods for bid price and market value of publicly held shares requirements through June 30, 2020. As a result, the Company now has until December 4, 2020, to regain compliance with Nasdaq Listing Rule 5550(a)(2)’s $1.00 minimum bid price requirement
Previously, the Company had been advised that it had until September 21, 2020, to regain compliance. If the Company does not regain compliance with Rule 5550(a)(2) by December 4, 2020, the Company may be afforded a second 180 calendar day period to regain compliance. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, except for the minimum bid price requirement. In addition, the Company would be required to notify Nasdaq of its intent to cure the deficiency during the second compliance period, which may include, if necessary, implementing a reverse stock split.
The Company intends to actively monitor the closing bid price for its common stock and will consider available options to resolve the deficiency and regain compliance with Nasdaq Listing Rule 5550(a)(2).
About SINTX Technologies, Inc.
SINTX Technologies is an OEM ceramics company that develops and commercializes silicon nitride for medical and non-medical applications. The core strength of SINTX Technologies is the manufacturing, research, and development of silicon nitride ceramics for external partners. The Company manufactures silicon nitride material and components in its FDA registered and ISO 13485 certified facility.
For more information on SINTX Technologies or its silicon nitride material platform, please visit www.sintx.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA) that are subject to a number of risks and uncertainties. Risks and uncertainties that may cause such differences include, among other things, the uncertainties inherent in research and development, including the cost and time required to advance our products to regulatory submission; market acceptance of our products once cleared and commercialized; our ability to raise additional funding and continue as a going concern; our ability to regain compliance with Nasdaq continued listing qualification requirements; and, other competitive developments. Readers are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date on which they are made and reflect management’s current estimates, projections, expectations and beliefs. There can be no assurance that any of the anticipated results will occur on a timely basis or at all due to certain risks and uncertainties, a discussion of which can be found in SINTX’s Risk Factors disclosure in its Annual Report on Form 10-K, filed with the Securities and Exchange Commission (SEC) on March 26, 2020, and in SINTX’s other filings with the SEC. SINTX disclaims any obligation to update any forward-looking statements. SINTX undertakes no obligation to publicly revise or update the forward-looking statements to reflect events or circumstances that arise after the date of this report.
Released April 22, 2020