SINTX Technologies Inc. (NASDAQ:SINT) fell 2% after announcing that its newly established and wholly-owned subsidiary in Salt Lake City, Utah, SINTX Armor, has entered a ten-year lease agreement on a facility to host its development and manufacturing operations.
The facility is adjacent to SINTX headquarters, allowing teams to partner effortlessly and move from one location to another. The company expects to have the subsidiary up and operating at the end of this year, and already it has hired staff to focus on the ceramic armor business development. Meanwhile, SINTX has so far shipped the first boron carbide torso plates prototype order to affirm working on light-weight body armor supply to a US government agency.
CEO Sonny Bal said that the rate at which the company purchased the manufacturing equipment to successful piloting and shipping of the first order of then boron carbide armor plates prototype from Dayton is impressive. So, in the coming days, SINT is worth keeping an eye on.
Market Reaction:
On Wednesday, SINT stock fell 2.10% to $1.41 with more than 1.12 million shares, compared to its average volume of 1.57 million shares. The stock has moved within a range of $1.4100 – 1.5100 after opening the trade at $1.41.
