SINTX Technologies (NASDAQ:SINT) stock is falling on Wednesday after the company priced a public stock offering.
That public stock offering has the company selling 2.15 million units for $5.60 each. These units contain one share of SINT stock, one Class C warrant, as well as half of a Class D warrant. Those warrants are exercisable immediately for $5.60 each.
SINTX Technologies expects the public stock offering to close on Feb. 10, 2023. When it does, the company predicts gross proceeds from the offering will come in at $12 million. The company doesn’t say what it plans to do with these funds.
What This Means for SINT Stock
With the introduction of new shares and warrants, SINTX Technologies is increasing its outstanding number of shares. Doing so dilutes the stake current investors have in the company, which helps explain today’s drop.
To go along with that, the stock offering prices shares at $5.60 each. That’s a significant discount compared to its closing price of $7.58 per share on Tuesday. That is also contributing to the fall of SINT stock today.
SINT stock trading volume this morning comes in at 794,000 shares. To put that in perspective, the company’s daily average trading volume is about 468,000 shares. Also, the company’s stock is down 45.5% as of Wednesday morning.
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More Wednesday Stock Market News
- Why Is Aurora Mobile (JG) Stock Up 28% Today?
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- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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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.