NEW YORK, Jan. 28, 2025 (GLOBE NEWSWIRE) — Sharps Technology, Inc. (NASDAQ: STSS) has announced a new public offering, aiming to raise about $20 million. This offering will help fund the company’s operations and product development.
The offering includes 14,285,714 Common Units. Each unit has a share of Common Stock or a Pre-Funded Warrant, along with two types of warrants: Series A and Series B. Both warrant types allow for the purchase of additional shares at an exercise price of $1.75 per share. The price for each Common Unit is $1.40, with a slight discount for Pre-Funded Units, accessible immediately and valid until fully exercised.
To address potential over-allotments, Sharps has given Aegis Capital Corp. a 45-day option to buy more shares or warrants. They can purchase up to 15% more of each type sold in this offering. The prices for these additional shares and warrants are closely tied to the offering price.
The total expected proceeds of around $20 million will be finalized around January 29, 2025, pending standard closing conditions. These funds will support Sharps’ ongoing business expenses and growth initiatives.
Aegis Capital Corp. is leading the offering, with Sichenzia Ross Ference Carmel LLP providing legal counsel to the company, while Kaufman & Canoles, P.C. represents Aegis.
This offering follows a previously effective registration statement with the U.S. Securities and Exchange Commission (SEC). A detailed prospectus about this offering will soon be available on the SEC’s website, along with instructions on how to obtain it.
Investors are encouraged to review all documents filed with the SEC for a thorough understanding of this offering and the company.
About Sharps Technology, Inc.
Sharps Technology is a pioneering company in medical devices and pharmaceutical packaging. They specialize in advanced syringe products designed for safety and efficiency in healthcare settings. With a focus on reducing waste, they also produce prefillable syringes using innovative copolymer technology. The company operates a manufacturing facility in Hungary and is expanding production capabilities in the U.S. through a partnership with Nephron Pharmaceuticals.
Forward-Looking Statements
This announcement may include “forward-looking statements” that are not guarantees of future performance. These statements are based on current plans and expectations, but various risks could lead to different outcomes. While Sharps believes these expectations are reasonable, they cannot assure specific results.
Investor Relations:
Dave Gentry
RedChip Companies, Inc.
1-800-RED-CHIP (733-2447) Or 407-644-4256
STSS@redchip.com
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