Melville, NY-based Sharps Technology Inc. has entered into a definitive agreement with certain institutional investors, securing $850,820 through the sale of common stock. In a transaction dated June 13, 2024, the company agreed to issue 2,239,000 shares at a price of $0.38 per share.
Concurrent with the stock sale, Sharps Technology, which operates under the SIC code for Surgical & Medical Instruments & Apparatus, also engaged in a warrant inducement agreement resulting in the exercise of 1,000,000 warrants, bringing in an additional $330,000 in gross proceeds.
These warrants were exercised at $0.45 per share, and the agreement provided for the issuance of an equivalent number of new warrants with a five-year term and a "cashless exercise" option in the absence of an effective registration statement.
The shares and warrants were offered at-the-market under Nasdaq rules and pursuant to the company’s Offering Statement, which was filed with the SEC on May 21, 2024, and qualified on May 30, 2024. The closing of the offering occurred on the same day as the agreements, June 13, 2024.
Sharps Technology, listed on the NASDAQ Capital Market under the ticker symbols STSS for common stock and STSSW for purchase warrants, is recognized as an emerging growth company. The company’s recent financial maneuvers come as part of their efforts to raise capital in accordance with the market regulations.
The details of the subscription agreements and the warrant inducement agreement are outlined in the company's Form 8-K filed with the SEC on June 17, 2024, and are referenced in the Offering Statement and previous SEC filings. The proceeds from these transactions are expected to contribute to the company’s growth initiatives, although specific uses of the funds have not been publicly detailed.
The information in this article is based on a press release statement from Sharps Technology Inc. filed with the SEC.
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