Sharps Technology Announces Pricing of Initial Public Offering
April 13 2022 - 9:34PM
Sharps Technology, Inc. (the “Company”), an innovative medical
device company offering patented, best-in-class, single use smart
safety syringe products, today announced the pricing of its initial
public offering of 3,750,000 common units. Each common unit is
being offered at a public offering price per common unit of $4.25
and consists of one share of common stock, par value $0.0001 and
two warrants, to purchase one share of common stock for each whole
warrant, with an initial exercise price of $4.25 per share. The
gross proceeds of the offering are expected to be approximately $16
million before deducting underwriting discounts and commissions and
offering expenses. The offering is expected to close on April 19,
2022, subject to satisfaction of customary closing conditions.
In addition, the Company has granted Aegis
Capital Corp. (“Aegis”) a 45-day option to purchase up to such
number of (i) additional shares of common stock equal to 15% of
number of units sold in the offering, and/or (ii) additional
warrants equal to 15% of the number of warrants underlying units
sold in the offering, in each case solely to cover over-allotments,
if any. The purchase price to be paid per additional share of
common stock will be equal to the public offering price of one
common unit less the purchase price for the two warrants included
within the common unit, as applicable, less the underwriting
discount. The purchase price to be paid per additional warrant will
be $0.01. If Aegis exercises the option to purchase only such
warrants, additional proceeds will be nominal. If Aegis exercises
the option in full for common stock, the total gross proceeds of
the offering including overallotment are expected to be
approximately $18.3 million before deducting underwriting discounts
and commissions and offering expenses.
The common stock and warrants are expected to
begin trading on The Nasdaq Capital Market on April 14, 2022, under
the symbols “STSS” and “STSSW,” respectively.
Aegis Capital Corp. is acting as the
sole book-running manager for the offering.
A registration statement on Form S-1 (No.
333-263715) relating to the securities sold in this offering was
declared effective by the Securities and Exchange Commission (the
“SEC”) on April 13, 2022. The offering is being made only by means
of a prospectus. Copies of the final prospectus may be obtained,
when available, on the SEC’s website, www.sec.gov, or by contacting
Aegis Capital Corp., Attention: Syndicate Department, 810 7th
Avenue, 18th Floor, New York, NY 10019, by email at
syndicate@aegiscap.com, or by telephone at (212) 813-1010.
This press release shall not constitute an offer
to sell, or a solicitation of an offer to buy these securities, nor
shall there be any sale of, these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction
About Sharps Technology,
Inc.
Sharps Technology, Inc. is a medical device
company addressing global issues while engineering a safer future
for healthcare providers and people everywhere through
compassionate innovation. Sharps Provensa™ is the Company’s premier
line of smart safety syringes that eliminate accidental needlestick
injuries, prevent needle reuse, and reduce wasted medicine and
vaccines—while retaining the intuitive simplicity of traditional
syringes. Please visit SharpsTechnology.com to learn more.
Forward-Looking Statements
This press release contains “forward-looking
statements” Forward-looking statements reflect our current view
about future events. When used in this press release, the words
“anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,”
“plan,” or the negative of these terms and similar expressions, as
they relate to us or our management, identify forward-looking
statements. Such statements, include, but are not limited to,
statements contained in this press release relating to our business
strategy, our future operating results and liquidity and capital
resources outlook. Forward-looking statements are based on our
current expectations and assumptions regarding our business, the
economy and other future conditions. Because forward–looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict. Our actual results may differ materially from
those contemplated by the forward-looking statements. They are
neither statements of historical fact nor guarantees of assurance
of future performance. We caution you therefore against relying on
any of these forward-looking statements. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements include, without limitation, our ability
to raise capital to fund continuing operations; our ability to
protect our intellectual property rights; the impact of any
infringement actions or other litigation brought against us;
competition from other providers and products; our ability to
develop and commercialize products and services; changes in
government regulation; our ability to complete capital raising
transactions; and other factors relating to our industry, our
operations and results of operations. Actual results may differ
significantly from those anticipated, believed, estimated,
expected, intended or planned.
Factors or events that could cause our actual
results to differ may emerge from time to time, and it is not
possible for us to predict all of them. We cannot guarantee future
results, levels of activity, performance or achievements. The
Company assumes no obligation to update any forward-looking
statements in order to reflect any event or circumstance that may
arise after the date of this release
Contact:Dave GentryPhone Number: +1
407-491-4498Email: dave@redchip.com
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