Sharps Technology, Inc. Announces $3.5 Million Bridge Financing
September 23 2024 - 6:00AM
Sharps Technology, Inc. (NASDAQ: STSS) (the “Company”), an
innovative medical device and pharmaceutical packaging company
offering patented, best-in-class syringe products, today announced
that it has entered into definitive agreements with institutional
investors for a secured bridge loan financing (the “Bridge
Financing”) of approximately $3.5 million.
The Bridge Financing consisted of the sale of
approximately $3.5 million in securities, with purchasers agreeing
to buy, for each $1,000 invested, $1,250 in aggregate principal
amount of secured notes (the “Notes”) and 1,628.57 shares of common
stock (“Common Stock”) or pre-funded warrants (“Pre-funded
Warrants”) in lieu of shares of Common Stock, for an aggregate of
$4,375,000 in principal amount of the Notes and 5,700,006 shares of
Common Stock. The Pre-Funded Warrants will be immediately
exercisable, at a price of $0.0001, subject to registration and may
be exercised at any time until exercised in full. For each
Pre-Funded Warrant sold in the offering, the number of shares of
Common Stock in the offering will be decreased on a one-for-one
basis.
Aggregate gross proceeds to the Company are
expected to be approximately $3.5 million, before deducting fees
and expenses. The transaction is expected to close on or about
September 23, 2024, subject to the satisfaction of customary
closing conditions. The Company expects to use the net proceeds
from the offering, together with its existing cash, for general
corporate purposes and working capital.
Aegis Capital Corp. is acting as
Exclusive Placement Agent for the private placement. Sichenzia Ross
Ference Carmel LLP is acting as U.S. counsel to the Company.
Kaufman & Canoles, P.C. is acting as counsel to Aegis Capital
Corp.
The securities described above are being sold in
a private placement transaction not involving a public offering and
have not been registered under the Securities Act of 1933, as
amended (the “Securities Act”), or applicable state securities
laws. Accordingly, the securities may not be reoffered or resold in
the United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Securities Act and such applicable state
securities laws. The securities were offered only to accredited
investors. Pursuant to a registration rights agreement with the
investors, the Company has agreed to file one or more registration
statements with the SEC covering the resale of the Common Stock and
the Shares issuable upon exercise of the pre-funded warrants.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy 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 is an innovative medical
device and pharmaceutical packaging company offering patented,
best-in-class smart-safety syringe products to the healthcare
industry. The Company’s product lines focus on providing ultra-low
waste capabilities, that incorporate syringe technologies that use
both passive and active safety features. Sharps also offers
products that are designed with specialized copolymer technology to
support the prefillable syringe market segment. The Company has a
manufacturing facility in Hungary and is partnering with Nephron
Pharmaceuticals to expand its manufacturing capacity in the U.S.
For more information about Sharps Technology, please visit the
website at: http://sharpstechnology.com.
Forward-Looking Statements
The foregoing material may contain
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, each as amended. Forward-looking statements
include all statements that do not relate solely to historical or
current facts, including without limitation statements regarding
the Company’s product development and business prospects, and can
be identified by the use of words such as “may,” “will,” “expect,”
“project,” “estimate,” “anticipate,” “plan,” “believe,”
“potential,” “should,” “continue” or the negative versions of those
words or other comparable words. Forward-looking statements are not
guarantees of future actions or performance. These forward-looking
statements are based on information currently available to the
Company and its current plans or expectations and are subject to a
number of risks and uncertainties that could significantly affect
current plans. Should one or more of these risks or uncertainties
materialize, or the underlying assumptions prove incorrect, actual
results may differ significantly from those anticipated, believed,
estimated, expected, intended, or planned. Although the Company
believes that the expectations reflected in the forward-looking
statements are reasonable, the Company cannot guarantee future
results, performance, or achievements. Except as required by
applicable law, including the security laws of the United States,
the Company does not intend to update any of the forward-looking
statements to conform these statements to actual results.
Investor Relations:Dave GentryRedChip Companies,
Inc.1-800-RED-CHIP (733-2447)Or 407-644-4256STSS@redchip.com
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