Sharps Technology Inc. - STSS STOCK NEWS

Sharps Technology (NASDAQ: STSS) has signed multiple sales agreements for its SecureGard safety syringes with a major European medical supply company serving Poland, Slovakia, and the Czech Republic. The company has begun deliveries of 1mL and 3mL SecureGard syringes, with the customer committing to purchase all available plant inventory by Q1 2025 and new production orders starting in Q2 2025.

The agreements will utilize all current SecureGard production capacity of 35 million units at the Hungary manufacturing facility. The customer has also shown interest in Sharps' U.S. inventory for Northern Africa markets. In response to growing demand, Sharps is planning to expand its manufacturing capacity to over 100 million units for SecureGard and 125 million units for SoloGard annually.

Sharps Technology (NASDAQ: STSS) has successfully regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share for continued listing. The company, which specializes in medical devices and pharmaceutical packaging with patented syringe products, received official notification from Nasdaq on November 13, 2024, confirming their compliance as of November 5, 2024. The achievement was made possible through a reverse stock split supported by shareholders.

Sharps Technology (NASDAQ: STSS) has announced a one-for-22 reverse stock split of its common stock, effective October 15, 2024, at 11:59 PM Eastern Time. The company's stock is expected to begin trading on a post-split basis on October 16, 2024, under the same symbol 'STSS' on the Nasdaq Capital Market. This move is primarily aimed at bringing Sharps into compliance with Nasdaq's minimum bid price requirement.

The reverse split will reduce the number of outstanding common shares from approximately 39.5 million to 1.8 million. It will affect all issued and outstanding shares, as well as outstanding options, restricted stock awards, warrants, and other securities. The authorized number of shares and par value will remain unchanged. No fractional shares will be issued, with stockholders entitled to receive the number of shares rounded up to the next whole number.

Sharps Technology (NASDAQ: STSS) is urging shareholders to vote in favor of a reverse stock split proposal before the special meeting on October 7, 2024. The company needs to regain compliance with NASDAQ's minimum bid price requirement to maintain its listing. The Board of Directors has recommended a reverse split range of 1-for-8 up to 1-for-22.

CEO Robert M. Hayes emphasized the importance of this vote to preserve investments and enable the company to execute its business plan. Without approval, Sharps Technology expects to be delisted from NASDAQ in the near future, which could adversely affect stock value and trading volume.

Shareholders of record as of August 13, 2024, are eligible to vote. The company encourages all shareholders to vote 'FOR' the proposal to help maintain NASDAQ compliance, ensure easier trading, and provide better access to capital for growth strategies.

Aegis Capital Corp. has successfully acted as the Exclusive Placement Agent for a $3.5 Million Bridge Financing for Sharps Technology, Inc. (NASDAQ:STSS). This significant financial transaction took place on September 27, 2024 in New York, NY. The bridge financing represents a important capital injection for Sharps Technology, a company listed on the NASDAQ stock exchange under the ticker symbol STSS.

Bridge financing is typically a short-term loan used to cover immediate costs until a company can secure longer-term funding or complete a specific transaction. This $3.5 million financing could provide Sharps Technology with essential working capital or support strategic initiatives in the near term.

Sharps Technology, Inc. (NASDAQ: STSS) has successfully closed a $3.5 million bridge financing through a private placement of securities. The transaction, which concluded on September 24, 2024, involved the sale of $4,375,000 in principal amount of secured notes and 5,700,006 shares of common stock. For every $1,000 invested, purchasers received $1,250 in notes and 1,628.57 shares of common stock.

The company plans to use the net proceeds for general corporate purposes and working capital. Aegis Capital Corp. acted as the exclusive placement agent, with legal representation provided by Sichenzia Ross Ference Carmel LLP for Sharps Technology and Kaufman & Canoles, P.C. for Aegis Capital Corp.

As part of the agreement, Sharps Technology will file registration statements with the SEC to cover the resale of the common stock. The securities were offered only to accredited investors and have not been registered under the Securities Act of 1933.

Sharps Technology, Inc. (NASDAQ: STSS) has announced a $3.5 million secured bridge loan financing with institutional investors. The deal involves the sale of approximately $3.5 million in securities, with purchasers receiving $1,250 in aggregate principal amount of secured notes and 1,628.57 shares of common stock or pre-funded warrants for every $1,000 invested. This translates to $4,375,000 in principal amount of notes and 5,700,006 shares of common stock.

The transaction is expected to close on September 23, 2024. Aegis Capital Corp. is acting as the Exclusive Placement Agent. The company plans to use the net proceeds for general corporate purposes and working capital. The securities are being sold in a private placement to accredited investors and have not been registered under the Securities Act of 1933.

Sharps Technology (NASDAQ: STSS) has secured approval from Nasdaq to maintain its listing, subject to specific conditions. The company received a Determination Letter on September 9, 2024, following an August 13 hearing where it presented its compliance plan to address a bid price deficiency. Sharps Technology had previously obtained shareholder approval for a reverse split at a ratio of up to 1:8. However, due to a proposed new Exchange rule, the company now seeks approval for a higher ratio reverse split to improve long-term compliance with the bid price rule.

The Nasdaq Hearings Panel has granted Sharps Technology a brief exception period to complete the reverse split and cure its bid price deficiency. The company expects to regain compliance within this period.

Sharps Technology (NASDAQ: STSS and STSSW) has entered into a transformative five-year sales agreement with a prominent U.S.-based medical products company to supply 10mL SoloGard syringes from its EU facility. This deal is valued at over $50 million and fully utilizes the current production capacity of the Hungary plant.

The agreement follows successful evaluations amid FDA recalls and tariffs on Chinese syringes. It marks a significant milestone, exceeding commitments made in a June 2022 shareholder letter and laying a foundation for future expansion. Initial shipments are slated for November 2024, with a phased ramp-up in 2025. The deal ensures Sharps' products meet growing industry demand driven by diverse therapeutic needs and regulatory challenges facing Chinese suppliers.