Sharps Technology closed a $20 million public offering, issuing common and pre-funded units, along with registered warrants.
Quiver AI Summary
Sharps Technology, Inc. announced the successful closing of its public offering, generating approximately $20 million in gross proceeds as of January 29, 2025. The offering comprised 14,285,714 Common Units, which included shares of Common Stock and two series of Registered Common Warrants (Series A and Series B), both priced at $1.75 per share. The public offering price per Common Unit was set at $1.40, with the company granting Aegis Capital Corp. an option to purchase additional shares to cover over-allotments. Aegis exercised this option for Series A and B Warrants. The offering was conducted under an effective registration statement with the SEC, and the company’s products focus on advanced safety syringe solutions and pharmaceutical packaging, aimed at minimizing waste in the healthcare sector.
Potential Positives
- The company successfully closed a public offering, securing approximately $20.0 million in gross proceeds, which can enhance its financial stability and support growth initiatives.
- The offering included the issuance of Pre-Funded Warrants, which can immediately be exercised, providing flexibility and potential for increased capital in the near term.
- The exercise of the over-allotment option by Aegis Capital Corp. indicates strong demand for the Company's securities, further validating investor confidence in Sharps Technology.
- The funds raised can be utilized to expand manufacturing capacity in collaboration with Nephron Pharmaceuticals, positioning the company for future growth in the medical device market.
Potential Negatives
- Issuance of new shares and warrants at a price below prior trading values may dilute existing shareholders' equity.
- The need for a public offering suggests potential cash flow issues or a lack of operational funding from current revenue streams.
- The offering's dependence on stockholder approval for warrant exercises creates uncertainty regarding the actual capital raised and its intended use.
FAQ
What was the total amount raised in Sharps Technology's public offering?
The public offering raised approximately $20.0 million before deducting fees and expenses.
What are the key components of the Common Units offered?
Each Common Unit consists of one share of Common Stock, Series A and Series B Warrants.
Who acted as the book-running manager for the offering?
Aegis Capital Corp. was the sole book-running manager for Sharps Technology's offering.
What is the exercise price for the Series A and Series B Warrants?
The exercise price for both Series A and Series B Warrants is $1.75 per share of Common Stock.
Where can I find more information about Sharps Technology's offerings?
Additional information is available on the SEC's website and Sharps Technology's official website.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$STSS Insider Trading Activity
$STSS insiders have traded $STSS stock on the open market 11 times in the past 6 months. Of those trades, 11 have been purchases and 0 have been sales.
Here’s a breakdown of recent trading of $STSS stock by insiders over the last 6 months:
- ROBERT MICHAEL HAYES (Chief Executive Officer) has made 11 purchases buying 5,000 shares for an estimated $10,072 and 0 sales.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$STSS Hedge Fund Activity
We have seen 6 institutional investors add shares of $STSS stock to their portfolio, and 8 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ESSENTIAL PLANNING, LLC. removed 155,424 shares (-95.5%) from their portfolio in Q3 2024, for an estimated $513,924
- ALPHACORE CAPITAL LLC added 84,548 shares (+2100.0%) to their portfolio in Q3 2024, for an estimated $279,566
- COMPASS ION ADVISORS, LLC removed 54,546 shares (-95.5%) from their portfolio in Q3 2024, for an estimated $180,361
- GARDEN STATE INVESTMENT ADVISORY SERVICES LLC added 7,860 shares (+inf%) to their portfolio in Q3 2024, for an estimated $25,989
- RENAISSANCE TECHNOLOGIES LLC added 6,221 shares (+inf%) to their portfolio in Q3 2024, for an estimated $20,570
- HIGHTOWER ADVISORS, LLC removed 5,491 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $18,156
- GEODE CAPITAL MANAGEMENT, LLC removed 2,921 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $9,658
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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 Aegis Capital Corp. (“Aegis”) a 45-day option to purchase additional shares of Common Stock and/or Warrants of (i) up to 15.0% of the number of shares of Common Stock sold in the offering, (ii) up to 15.0% of the number of Series A Warrants sold in the offering and (iii) up to 15.0% of the number of Series B Warrants sold in the offering. The purchase price per additional share of Common Stock is equal to the public offering price of one Common Unit (less $0.00001 allocated to each full Warrant), less the underwriting discount. The purchase price per additional Warrant is $0.00001. On January 29, 2025, Aegis exercised its over-allotment option with respect to 2,142,857 Series A Warrants and 2,142,857 Series B Warrants.
Aegis Capital Corp. acted as the sole book-running manager for the offering. Sichenzia Ross Ference Carmel LLP acted as counsel to the Company. Kaufman & Canoles, P.C. acted as counsel to Aegis Capital Corp.
The offering was made pursuant to an effective registration statement on Form S-1 (No. 333-284237) previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective by the SEC on January 27, 2025. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at www.sec.gov . Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [email protected], or by telephone at +1 (212) 813-1010.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an 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 Gentry
RedChip Companies, Inc.
1-800-RED-CHIP (733-2447) Or 407-644-4256
[email protected]