Sharps Technology CEO Urges Shareholders to Vote in Support of the Three Proposals by the July 12 Voting Deadline

Rhea-AI Summary

Sharps Technology's CEO, Robert Hayes, has issued a letter urging shareholders to vote on three critical proposals by July 12, 2024. The proposals include increasing the authorized shares of common stock, effectuating a reverse stock split of up to 1-for-8 to maintain Nasdaq listing, and issuing securities at a discount of no more than 20% below the market price. The company is aggressively pursuing strategic partnerships and aims to expand manufacturing capacity in Europe and the U.S. Shareholders can vote online, by phone, or during the Special Meeting on July 15, 2024.

Positive

• Aggressive pursuit of strategic partnerships to increase company valuation.
• Plans to expand manufacturing capacity in Europe and the U.S. to meet rising demand.
• Potential for new product lines like SecureGard and SoloGard syringes to gain market traction.
• Manufacturing expansion in South Carolina expected to ship prefillable syringes within 12 months.

Negative

• Need to pass a reverse stock split to maintain Nasdaq listing, indicating possible stock price weakness.
• Issuing securities at a discount of up to 20% below market price could dilute existing shareholder value.

Robert Hayes issues a letter to shareholders asking their voting approval on three proposals vital to the Company’s continued growth.

Voting deadline is Friday, July 12, at 11:59 p.m. Eastern Time.         

NEW YORK, July 09, 2024 (GLOBE NEWSWIRE) -- Sharps Technology, Inc., (NASDAQ: “STSS” and “STSSW”), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class syringe products, issues a shareholder letter from Robert Hayes, the Company’s Chief Executive Officer.

Dear Fellow Shareholders:

In order to continue Sharps Technology’s solid progress toward achieving its goals, I want to share with you the importance of the three proposals on the shareholder ballot and ask you to take a few moments to vote to approve them.

Up for vote on the ballot are the following three proposals:

• To increase the authorized number of shares of common stock, if required for future equity transactions.
• To effectuate a reverse stock split of the Company’s common stock, at our discretion, at a ratio of up to 1-for-8, if required to maintain our Nasdaq listing.
• To issue securities in non-public offerings where the maximum discount will not exceed 20% below the market price of the Company’s common stock.
  

Our leadership team is moving forward aggressively to increase the Company’s valuation through strategic partnerships and customer opportunities that will drive the need to expand our manufacturing capacity in Europe and the United States. We believe that passing the three proposals is extremely important for Sharps to execute on these growth strategies and create more value for our shareholders.

Shareholders of record as of May 17, 2024, can vote or change their vote 24 hours a day, seven days a week, until 11:59 p.m., Eastern Time on July 12, 2024.

Voting can be executed via the Internet at www.proxyvote.com (have your 16-digit stockholder control number, which can be found on your proxy card, in hand when you access the website). It can also be accomplished by toll-free telephone at 1-800-690-6903 (have your 16-digit stockholder control number, which can be found on your proxy card, in hand when you call). If your shares are held at a broker or bank, contact them directly to obtain your 16-digit shareholder control number. Voting issues and inquiries can be directed to your broker, or if holding Registered shares, to the Company by email at info@sharpstechnology.com or by calling (631) 574-4436.

Late voting or late changes can be made online during the Special Meeting on July 15 at www.virtualshareholdermeeting.com/STSS2024SM with your 16-digit stockholder control number.

With significant recent developments transforming the syringe market, Sharps Technology is experiencing heightened interest in our innovative products, and we are actively pursuing these opportunities within the healthcare market. I want to make it clear that Sharps Technology is currently extremely well-positioned to supply both U.S. and global healthcare customers with innovative products such as the SecureGard and SoloGard syringe lines, and our manufacturing expansion in South Carolina is expected to be able to ship prefillable syringes to the market within the next 12 months.

Thank you for your continuing support and confidence in our Company. For more information, please visit http://sharpstechnology.com

Sincerely,
Robert Hayes, CEO Sharps Technology, Inc.

FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” “poised” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements contained in this press release relating to our business strategy, our future operating results and liquidity, and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to raise capital to fund continuing operations; our ability to protect our intellectual property rights; the impact of any infringement actions or other litigation brought against us; competition from other providers and products; our ability to develop and commercialize products and services; changes in government regulation; our ability to complete capital raising transactions; and other factors relating to our industry, our operations and results of operations. Actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance, or achievements. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Investor Relations:
Dave Gentry
RedChip Companies, Inc.
1-800-RED-CHIP (733-2447)
Or 407-644-4256
STSS@redchip.com

FAQ

What are the proposals Sharps Technology is asking shareholders to vote on?

The proposals include increasing the authorized shares of common stock, effectuating a reverse stock split of up to 1-for-8, and issuing securities at a discount of up to 20% below market price.

When is the voting deadline for Sharps Technology's proposals?

The voting deadline is July 12, 2024, at 11:59 p.m. Eastern Time.

Why is Sharps Technology proposing a reverse stock split?

The reverse stock split is proposed to maintain Nasdaq listing requirements, allowing a ratio of up to 1-for-8.

How can shareholders vote on Sharps Technology's proposals?

Shareholders can vote online, by phone, or during the Special Meeting on July 15, 2024, using their 16-digit stockholder control number.

What is the potential impact of issuing securities at a discount for Sharps Technology?

Issuing securities at a discount of up to 20% below market price could lead to shareholder dilution.

What are Sharps Technology's plans for manufacturing expansion?

Sharps Technology plans to expand manufacturing capacity in Europe and the U.S., with the South Carolina facility expected to ship prefillable syringes within 12 months.