NEWS BRIEF: Three Utah-based, Publicly Traded Microcap Firms Raise a Combined $16.7 Million in Three Separate Offerings

The three Utah-based microcap firms are Clene (raised $7.3 million) and SINTX Technologies (raised $3.05 million), both of Salt Lake City, plus Woods Cross-based Sky Quarry (raised $6.7 million).

Three Utah-based microcap, publicly traded companies, raised a combined total of $16.7 million in separate sales of their respective shares, each of which were completed last month.

The first of these three firms is Salt Lake City, Utah-based SINTX Technologies (NASDAQ: SINT).

According to an announcement by the firm, SINTX has completed a previously announced "at-the-market" equity public offering via Maxim Group, the sole agent for the offering.

In the news release announcing the offering, SINTX sold slightly more than 595,000 shares in the offering "... at an average share price of $5.23 per share ... (for) total net proceeds ... of $3.05 million (to SINTX)."

SINTX "... is an advanced ceramics company that develops and commercializes materials, components, and technologies for medical and technical applications."

The second of these firms is Salt Lake City-based Clene (NASDAQ:CLNN).

According to an announcement by the firm, Clene has completed "... a registered direct offering and concurrent private placements of common stock and warrants with a healthcare-focused institutional investor and existing shareholders, including insiders ...."

In the news release announcing the financings, Clene reported that it had received total gross proceeds of $7.3 million through the offerings, with the potential of raising "... additional capital in the future ..." should these investors choose to exercise the newly purchased warrants.

As previously reported by Utah Money Watch, Clene is "... focused on developing prospective drug candidates that can treat the negative effects of several neurodegenerative diseases by identifying and formulating compounds the firm believes will address the root cause of these conditions: the decreasing ability of the brain to transmit energy within its cells, otherwise known as Energetic Failure."

The third of the three Utah-based microcap firms that recently raised monies in the public markets is Woods Cross-based Sky Quarry (NASDAQ:SKYQ).

Specifically, Sky Quarry became a publicly traded company on 09 October 2024 when it completed a Reg A+ public offering.

In the public offering, Sky Quarry sold over 1.1 million shares of common stock at a price of $6.00 per share, raising $6.7 million in gross proceeds in the process.

According to the company news release announcing the completion of the public offering on 09 October 2024, Sky Quarry is "... an oil production, refining, and development-stage environmental remediation company formed to deploy technologies to facilitate the recycling of waste asphalt shingles and the remediation of oil-saturated sands and soils."

Sky Quarry shares began trading the following day (10 October 2024).

Digital Offering served as the lead managing selling agent for the offering.

Prospective investors interested in learning more about Sky Quarry should check out its Form S-1A semiannual report as published with the U.S. Securities and Exchange Commission.

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