SINTX TECHNOLOGIES ANNOUNCES RECEIPT OF NOTICE FROM NASDAQ TOLLING MINIMUM BID PRICE COMPLIANCE PERIOD
April 22 2020 - 09:00AM
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.
Forward-Looking Statements
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.
Contact:SINTX
Technologies801.839.3502IR@sintx.com
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