Business
Sharps Technology, Inc. Announces Closing of Upsized $20.0 Million Underwritten Public Offering
NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (NASDAQ: STSS) (the “Company”), an innovative medical device and pharmaceutical packaging
About this update from Sharps Technology Inc.
[{"type":"text","content":"NEW YORK, Jan. 29, 2025 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (NASDAQ: STSS) (the “Company”), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class syringe products, today announced the closing of its previously announced firm commitment underwritten public offering. Gross proceeds to the Company were approximately $20.0 million, before deducting underwriting fees and other offering expenses payable by the Company. The offering closed on January 29, 2025. The offering consisted of 14,285,714 Common Units (or Pre-Funded Units), each consisting of (i) one (1) share of Common Stock or one (1) Pre-Funded Warrant, (ii) one (1) Series A Registered Common Warrant to purchase one (1) share of Common Stock per warrant at an exercise price of $1.75 (“Series A Warrant”) and (iii) one (1) Series B Registered Common Warrant to purchase one (1) share of Common Stock per warrant at an exercise price of $1.75 (“Series B Warrant” and together with the Series A Warrant, the “Warrants”). The public offering price per Common Unit was $1.40 (or $1.3999 for each Pre-Funded Unit, which is equal to the public offering price per Common Unit sold in the offering minus an exercise price of $0.0001 per Pre-Funded Warrant). The Pre-Funded Warrants are immediately exercisable and may be exercised at any time until exercised in full. For each Pre-Funded Unit sold in the offering, the number of Common Units in the offering will be decreased on a one-for-one basis. The initial exercise price of each Series A Warrant is $1.75 per share of Common Stock. The Series A Warrants are exercisable immediately and expire 60 months after stockholder approval. The number of securities issuable under the Series A Warrants is subject to adjustment as described in more detail in the report on Form 8-K to be filed in connection with the offering. The initial exercise price of each Series B Warrant is $1.75 per share of Common Stock or pursuant to an alternative cashless exercise option. The Series B Warrants are exercisable immediately and expire 30 months after stockholder approval. The number of securities issuable under the Series B Warrants is subject to adjustment as described in more detail in the report on Form 8-K to be filed in connection with the offering. Solely to cover over-allotments, if any, the Company granted ...