SINTX Technologies to Explore Strategic Opportunities
SINTX Technologies (NASDAQ: SINT) announced its Board of Directors initiated a process to explore strategic options for the Company. SINTX specializes in technical materials, with R&D and manufacturing sites in Salt Lake City and Millersville, MD. The company’s product portfolio includes FDA-approved silicon nitride ceramic spinal fusion devices, ceramic-polymer composites, and femoral head technology. SINTX has secured long-term supply agreements in the aerospace sector and has capabilities in 3D printing, CVI and CVD processes, and ballistic materials. CEO Sonny Bal highlighted the need for additional investment to leverage growth opportunities in medical, defense, and renewable energy markets. Ascendiant Capital Markets has been retained as a strategic advisor. No specific outcomes or timelines have been established for this strategic review.
- Initiation of strategic review process to explore potential growth opportunities.
- FDA-approved silicon nitride ceramic spinal fusion devices providing proven biocompatibility and resistance to bacteria and viruses.
- Long-term supply agreements in the aerospace market.
- Capabilities in advanced 3D printing technologies and optical ceramic materials.
- Successful testing and upcoming production of competitively priced body- and vehicle-protective armor products.
- No assurance that the strategic review process will result in any specific transaction or outcome.
- Unspecified timeline for the completion of the strategic review process.
- Potential need for additional investment and resources to support year-over-year growth.
Salt Lake City, Utah., June 18, 2024 (GLOBE NEWSWIRE) -- SINTX Technologies, Inc. (NASDAQ: SINT) (“SINTX” or the “Company”) today announced that its Board of Directors has initiated a process to explore potential strategic options for the Company.
SINTX has multiple business lines focused on technical materials, with manufacturing and R&D sites located in Salt Lake City and Millersville, MD. In addition to its FDA-approved silicon nitride ceramic spinal fusion devices, the Company has developed ceramic-polymer composites, a novel technology that addresses other medical devices, such as implants for lower extremity fusion. Based on extensive peer-reviewed published data, the key advantages of the Company’s proprietary medical-grade silicon nitride include its proven biocompatibility, inherent resistance to bacteria and viruses, bone cell stimulation, and ease of radiographic imaging. More recently, the Company’s femoral head technology has attracted renewed interest from several global partners. The Company’s silicon nitride is also being utilized in several aerospace engine applications, with two long-term supply agreements in this market.
SINTX also has unique capabilities in 3D printing technologies including Digital Light Projection (DLP) ceramic additive manufacturing, proprietary resin formulations, and extensive pre-print and post-print processing and characterization. The Company has applied Chemical Vapor Infiltration (CVI) and Chemical Vapor Deposition (CVD) manufacturing processes to produce thermal and environmental barrier coatings. These technologies are relevant to many industrial and defense applications, such as hypersonic projectiles, and renewable energy. The company is also one of the few manufacturers of optical ceramic materials for sensor applications. Other proprietary technologies include the manufacture of high performance, lower cost ballistic materials for opaque armor applications at its subsidiary, SINTX Armor. SINTX Armor is expected to begin production of a competitively priced body- and vehicle-protective armor product that has undergone successful testing.
“With technologies targeted at the medical, defense, and renewable energy markets, year-over-year growth in revenues, and other commercial opportunities in the pipeline, SINTX will require additional investment and resources. As such, we want to examine all strategic opportunities targeted at maximizing shareholder value,” said Sonny Bal, Chief Executive Officer and Chairman of SINTX. “We believe that potential partners will find significant value in SINTX’s businesses and capabilities.”
The Company has retained Ascendiant Capital Markets, LLC (https://ascendiant.com/), as its exclusive strategic advisor to assist the Board in the review process. Interested parties may reach out to Scott Patten, Managing Director, at SINTX@ascendiant.com for further discussion.
There can be no assurance that the strategic process will result in the Company pursuing any particular transaction or outcome. The SINTX Board has not set a timetable for completion of this process, and it will not disclose further developments until such time that the Company determines that further disclosure is appropriate or necessary.
About SINTX Technologies, Inc.
SINTX Technologies is an advanced ceramics company that develops and commercializes materials, components, and technologies for medical and technical applications. SINTX is a global leader in the research, development, and manufacturing of silicon nitride, and its products have been implanted in humans since 2008. Over the past several years, SINTX has utilized strategic acquisitions and alliances to enter into new markets. The Company has manufacturing and R&D facilities in Utah and Maryland.
For more information on SINTX Technologies or its materials platform, 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. 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 the company will enter into a strategic transaction or any transaction at all or that if the company does enter into a transaction that shareholder value will be maximized. A discussion of additional risks and uncertainties can be found in SINTX's Risk Factors disclosure in its Annual Report on Form 10-K, filed with the SEC on March 27, 2024, 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.
Business and Media Inquiries for SINTX:
SINTX Technologies
801.839.3502
IR@sintx.com
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