SiNtx Technologies Inc (SINT)

[madg]

There was no preferred outstanding going into this offering. It is specifically stated that that the warrant exercise price adjusts down several times in the 424B4 and the warrant agreement.

S-1/A “Each Warrant entitles the holder to purchase one share of Common Stock at an exercise price of $____ per share (which will be equal to 110% of the Conversion Price), subject to adjustment, through its expiration five years from the date of issuance. The Warrants will be exercisable for cash, or, solely during any period when a registration statement for the exercise of the Warrants is not in effect, on a cashless basis. The number of Warrants included in each unit shall be equal to the number of shares of Common Stock issuable upon conversion of the Series B Preferred Stock at the Conversion Price.”

424B4 “Each Warrant entitles the holder to purchase one share of Common Stock at an exercise price of $1.60 per share, subject to adjustment (including in the event we issue Series B Preferred Stock at a conversion price lower than the initial conversion price of the Series B Preferred Stock), through its expiration five years from the date of issuance. The Warrants will be exercisable for cash, or, solely during any period when a registration statement for the exercise of the Warrants is not in effect, on a cashless basis. 758 Warrants are included in each unit.”

Notice the change in language? Sonny screwed shareholders worse than what was predicted.