Following the announcement of the expiration date of its previously issued warrants, Sigma Labs Inc. (SGLB) plunged deep after hours. On February 10, the company announced that the warrants issued on February 21, 2017, will expire on February 22, 2022, at 5:00 p.m. EST.
During the regular trading session, the stock suffered a loss of 6.99% at its closing price of $2.13. The stock continued to fall in the after-hours on the expiration news to reach $2.00. Hence, SGLB declined by a further 6.10% in the after-hours on Friday.
The computer-aided inspection solutions developer, Sigma Labs Inc. was founded in 1985. Currently, the company has a market capitalization of $22.36 million with its 10.5 million shares outstanding. SGLB stock has lost 7.39% in the past five days while it has added 15.76% year to date. Moreover, the stock subtracted a value of 56.35% last year.
SGLB Warrants Expiration
As per the announcement, the previously issued warrants are going to expire on February 22, 2022, as per their terms. According to Nasdaq, the trading of those warrants will be suspended on February 17. Furthermore, Nasdaq will also file a Form 25 for the delisting and deregistration of the warrants. Form 25 will be filed by Nasdaq with the SEC on behalf of the company on February 17.
Under the warrant, the exercise price of SGLB’s one common stock’s share is $40.00.
SGLB and Materialise Development
On January 26, the company and Materialise announced the development of breakthrough technology for enhancing metal AM (additive manufacturing) applications’ scalability. Materialise is a leading provider of software and services of additive manufacturing.
The breakthrough technology platform brings together Materialise Control Platform with SGLB’s PrinRite3D® sensor technology. This allows the identification and correction of metal build issues in real-time. Therefore, manufacturers would be able to optimize metal AM processes for both consistency and repeatability due to the added control. Both of these are key factors required for scaling AM operations for serial production.
Additionally, both the companies plan to collaborate with end-users and machine producers for refining processes for their unique applications.
Financial Overview
In the third quarter of 2021, the company has revenue o $0.7 million, against $0.25 million in the year-ago period.
SGLB had a net loss of $2.5 million or $0.24 per share in Q3 2021, against $2.0 million or $0.42 per share in Q of 2020.
