Sharps Technology Announces Pricing of $3.8 Million Private Placement Priced at the Market
February 01 2023 - 09:20AM
GlobeNewswire Inc.
Sharps Technology, Inc. (the “Company”, "Sharps") (NASDAQ: “STSS”
and “STSSW”), an innovative medical device and drug delivery
Company offering patented, best-in-class syringe products, today
announced that it entered into a securities purchase agreement with
institutional investors for aggregate gross proceeds of
approximately $3.8 million priced at the market under Nasdaq rules.
Proceeds will be used to support the manufacturing of pre-filled
specialty syringe systems through its partnership with Nephron
Pharmaceuticals.
In connection with the offering, the Company will issue
2,248,521 units and pre-funded units at a purchase price of $1.69
per unit priced at-the-market under Nasdaq rules. The pre-funded
units will be sold at the same price less the pre-funded warrant
exercise price of $0.001. Each unit and pre-funded unit consist of
one share of common stock (or pre-funded warrant) and one
non-tradable warrant exercisable for one share of common stock at a
price of $1.56. The warrants have a term of five years from the
issuance date. Gross proceeds were $3.8 million before deducting
fees to the placement agent and other offering expenses payable by
the Company.
The offering is expected to close on or about February 3, 2023,
subject to the satisfaction of customary closing conditions.
Aegis Capital Corp. is acting as the Exclusive Placement
Agent in connection with the offering.
The securities described above are being sold in a private
placement and have not been registered under the Securities Act of
1933, as amended, and may not be offered or sold in the United
States absent registration with the Securities and Exchange
Commission (the “SEC”) or an applicable exemption from such
registration requirements. The securities were offered only to
accredited investors. Pursuant to a registration rights agreement
with the investor, the Company has agreed to file one or more
registration statements with the SEC covering the resale of the
common stock and the common stock issuable upon exercise of the
warrants.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, 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
Sharps Technology is a medical device and pharmaceutical
packaging company specializing in the development and manufacturing
of innovative drug delivery systems. The company’s product lines
focus on low waste and ultra-low waste syringe technologies that
incorporate both passive and active safety features. These features
protect front line healthcare workers from life-threatening needle
stick injuries and protect the public from needle re-use. Sharps
Technology has extensive expertise in specialized prefilled syringe
systems and ready to use processing. The company has a
manufacturing facility in Hungary and has partnered with Nephron
Pharmaceuticals to expand its manufacturing capacity in the US. For
additional information, please visit www.sharpstechnology.com.
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.
Investor Relations:
US Investor Relations:Adam Holdsworth, Managing
DirectorTraDigital IRadam@tradigitalir.com
Or
Investor Relations:Dave GentryRedChip Companies
Inc.1-800-RED-CHIP (733-2447)Or 407-491-4498STSS@redchip.com
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