Business
Sharps Technology Announces Pricing of $3.8 Million Private Placement Priced at the Market
Proceeds to support the manufacturing of pre-filled specialty syringe systems through its partnership with Nephron Pharmaceuticals NEW YORK, Feb. 01, 2023
About this update from Sharps Technology Inc.
[{"type":"text","content":"Proceeds to support the manufacturing of pre-filled specialty syringe systems through its partnership with Nephron Pharmaceuticals\nNEW YORK, Feb. 01, 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 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 ther...