Sintx Technologies (NASDAQ:SINT) stock is in the news Tuesday as the company enacted a reverse stock split when markets opened this morning.
That reverse stock split has Sintx Technologies consolidating every 100 shares of SINT stock into a single share. This won’t affect stakes in the company, except in the case of fractional shares. These will be rounded up to whole shares with no cash payment for fractional shares.
Following the reverse stock split, shares of SINT stock are still using the same ticker. However, they will use a new CUSIP number of 829392 604. These shares are traded on the Nasdaq Capital Market.
What’s Behind the SINT Reverse Stock Split
Sintx Technologies is enacting this reverse stock split to avoid delisting from the Nasdaq exchange. The company’s shares were previously trading below the $1 minimum needed to maintain their listing. With this consolidation, the company’s shares are now trading above $7 each.
Sintx Technologies initially revealed details of its reverse stock split on Nov. 4. That’s when it received shareholder approval to move forward with the change.
Today’s news has some 677,000 shares of SINT stock changing hands, as compared to its daily average trading volume of 60,000 shares.
SINT stock is also down 8.3% as of Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.