SINTX Technologies Inc (NASDAQ:SINT) shares are trading higher by 35% to $2.76 Monday morning after the company announced plans to buy back up to $500K worth of common stock in the upcoming quarters which can reduce the total shares outstanding by approximately 20%.

What Else: In general, a buyback program signals that management may believe the stock is undervalued and has confidence in the company's future performance.

"We believe that the current market undervalues SINTX's potential," said Eric Olson, CEO of SINTX Technologies. "This repurchase program underscores our confidence in the company's strategic initiatives and our commitment to delivering value to our shareholders."

"By leveraging our strong balance sheet, we are taking a proactive approach to capital allocation, similar to other companies in our industry that have successfully implemented share repurchase programs," Olson concluded.

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According to data from Benzinga Pro, SINT has a 52-week high of $105.80 and a 52-week low of $2.01.