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Sharps Technology Announces Closing of $3.8 Million Private Placement Priced At-the-Market
NEW YORK, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (the “Company”, "Sharps") (NASDAQ: “STSS” and “STSSW”), an innovative medical device and
About this update from Sharps Technology Inc.
[{"type":"text","content":"NEW YORK, Feb. 06, 2023 (GLOBE NEWSWIRE) -- 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 closed its previously announced private placement pursuant to a securities purchase agreement with institutional investors on February 3, 2023. The aggregate gross proceeds of the private placement were approximately $3.8 million priced at the market under Nasdaq rules. Proceeds will help support the manufacturing of pre-filled specialty syringe systems through its partnership with Nephron Pharmaceuticals. In connection with the offering, the Company issued 2,248,521 units at a purchase price of $1.69 per unit priced at-the-market under Nasdaq rules. Each unit consists of one share of common stock 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. Aegis Capital Corp. acted as the Exclusive Placement Agent in connection with the offering. The securities described above were 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 investors, 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 develo...