Sharps Technology, Inc. Announces Stockholders’ Approval of Reverse Stock Split Ratio and Effective Date
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) ha annunciato un reverse stock split uno per 22 delle sue azioni ordinarie, che entrerà in vigore il 15 ottobre 2024, alle 23:59 ora orientale. Le azioni della società inizieranno a essere scambiate sulla base del post-split il 16 ottobre 2024, sotto lo stesso simbolo 'STSS' nel Nasdaq Capital Market. Questa mossa è principalmente mirata a portare Sharps in conformità con il requisito di prezzo minimo di offerta di Nasdaq.
Lo split inverso ridurrà il numero di azioni ordinarie in circolazione da circa 39,5 milioni a 1,8 milioni. Colpirà tutte le azioni emesse e in circolazione, così come le opzioni emissione, i premi azionari riservati, i warrant e altri titoli. Il numero autorizzato di azioni e il valore nominale rimarranno invariati. Non verranno emesse azioni frazionarie, con gli azionisti che avranno diritto a ricevere il numero di azioni arrotondato al numero intero successivo.
Sharps Technology (NASDAQ: STSS) ha anunciado un split inverso de una por 22 de sus acciones ordinarias, que será efectivo el 15 de octubre de 2024, a las 11:59 PM hora del Este. Se espera que las acciones de la compañía comiencen a cotizar en base post-split el 16 de octubre de 2024, bajo el mismo símbolo 'STSS' en el Nasdaq Capital Market. Este movimiento está dirigido principalmente a poner a Sharps en cumplimiento con el requisito de precio mínimo de oferta de Nasdaq.
El split inverso reducirá el número de acciones ordinarias en circulación de aproximadamente 39,5 millones a 1,8 millones. Afectará a todas las acciones emitidas y en circulación, así como a las opciones en circulación, las asignaciones de acciones restringidas, los warrants y otros valores. El número autorizado de acciones y el valor nominal se mantendrán sin cambios. No se emitirán acciones fraccionarias, y los accionistas tendrán derecho a recibir el número de acciones redondeado al siguiente número entero.
샤프스 테크놀로지 (NASDAQ: STSS)는 22대 1의 자사주 매입을 2024년 10월 15일 동부 표준시 기준 오후 11시 59분부터 시행한다고 발표했습니다. 이 회사의 주식은 2024년 10월 16일부터 나스닥 캐피탈 마켓에서 동일한 'STSS' 기호로 매매가 시작될 것으로 예상됩니다. 이번 조치는 주로 샤프스가 나스닥의 최소 호가 가격 요건을 준수하도록 하기 위한 것입니다.
거꾸로 주식 매입으로 약 3950만 주에서 180만 주로 일반 주식의 발행 주식 수가 줄어듭니다. 이는 모든 발행 및 유통 중인 주식과 유통 중인 옵션, 제한된 주식 보상, 워런트 및 기타 증권에 영향을 미칩니다. 승인된 주식 수와 액면가는 변하지 않습니다. 분할주식은 발행되지 않으며, 주주들은 다음 정수로 반올림된 주식 수를 받을 권리가 있습니다.
Sharps Technology (NASDAQ: STSS) a annoncé un scission inversée de 1 pour 22 de ses actions ordinaires, effective le 15 octobre 2024 à 23h59, heure de l'Est. Les actions de la société devraient commencer à être négociées sur une base post-split le 16 octobre 2024, sous le même symbole 'STSS' sur le marché Nasdaq Capital. Cette initiative vise principalement à mettre Sharps en conformité avec l'exigence de prix minimal de Nasdaq.
La scission inversée réduira le nombre d'actions ordinaires en circulation d'environ 39,5 millions à 1,8 million. Elle affectera toutes les actions émises et en circulation, ainsi que les options en cours, les attributions d'actions restreintes, les bons de souscription et d'autres titres. Le nombre d'actions autorisées et la valeur nominale resteront inchangés. Aucune action fractionnée ne sera émise, et les actionnaires auront droit à recevoir le nombre d'actions arrondi au nombre entier supérieur.
Sharps Technology (NASDAQ: STSS) hat einen Reverse Stock Split im Verhältnis eins zu 22 für ihre Stammaktien angekündigt, der am 15. Oktober 2024 um 23:59 Uhr Eastern Time in Kraft tritt. Die Aktien des Unternehmens werden voraussichtlich am 16. Oktober 2024 unter dem gleichen Symbol 'STSS' im Nasdaq Capital Market nach dem Split gehandelt. Dieser Schritt zielt hauptsächlich darauf ab, Sharps in Übereinstimmung mit der Mindestkursanforderung von Nasdaq zu bringen.
Der Reverse Split wird die Anzahl der ausgegebenen und im Umlauf befindlichen Stammaktien von etwa 39,5 Millionen auf 1,8 Millionen reduzieren. Er betrifft alle ausgegebenen und im Umlauf befindlichen Aktien sowie ausstehende Optionen, beschränkte Aktienauszeichnungen, Warrants und andere Wertpapiere. Die genehmigte Anzahl von Aktien und der Nennwert bleiben unverändert. Es werden keine Bruchaktien ausgegeben, und Aktionäre haben Anspruch auf die Anzahl der auf die nächste ganze Zahl aufgerundeten Aktien.
- Potential compliance with Nasdaq's minimum bid price requirement
- Stockholder approval obtained for the reverse stock split
- Maintenance of Nasdaq listing, which could improve investor visibility and liquidity
- Significant reduction in the number of outstanding shares from 39.5 million to 1.8 million
- Possible negative market perception of reverse stock splits
- Potential short-term stock price volatility following the split
Insights
The announcement of a 1-for-22 reverse stock split by Sharps Technology is a significant development, primarily aimed at maintaining Nasdaq listing compliance. This move will drastically reduce the number of outstanding shares from about 39.5 million to 1.8 million, potentially increasing the stock's per-share price.
While reverse splits don't directly impact a company's market value, they can have mixed implications:
- Positive: It may attract institutional investors who have minimum share price requirements.
- Negative: It could be perceived as a sign of financial distress, potentially deterring some investors.
The effectiveness of this strategy in maintaining Nasdaq compliance and improving investor perception remains to be seen. Shareholders should monitor the stock's performance post-split and any changes in trading volume or institutional ownership.
The reverse stock split decision by Sharps Technology reflects broader market challenges faced by small-cap companies in maintaining exchange listings. This move could have several market implications:
- Increased visibility: A higher share price might attract more analyst coverage and institutional interest.
- Liquidity concerns: Reduced share count could potentially decrease trading volume and liquidity.
- Market perception: Investors often view reverse splits skeptically, associating them with struggling companies.
The success of this strategy will largely depend on Sharps' ability to demonstrate strong fundamentals and growth potential post-split. Investors should closely watch for any changes in market sentiment, trading patterns and the company's ability to maintain compliance with Nasdaq requirements in the coming months.
NEW YORK, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (NASDAQ: “STSS” and “STSSW”) ("Sharps"), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class syringe products, today announced that it will effect a one-for-22 reverse stock split (the "reverse split") of its common stock, par value
The reverse split is primarily intended to bring Sharps into compliance with the minimum bid price requirement for maintaining its listing on the Nasdaq. The new CUSIP number for the Common Stock following the reverse split will be 82003F200.
At Sharps’ special meeting of stockholders on October 7, 2024 (the "Special Meeting"), Sharps’ stockholders approved the proposal to authorize Sharps’ Board of Directors (the "Board"), in its sole and absolute discretion, to file a certificate of amendment (the "Amendment") to Sharps’ amended and restated certificate of incorporation to effect the reverse split at a ratio to be determined by the Board, not to exceed a 1-for-22 reverse split. On August 19, 2024, the Board approved the reverse split at a ratio of one-for-8 up to 1-for-22, and the Amendment has been filed with the Secretary of State of the State of Nevada, which will become effective on October 15, 2024, at 11:59 PM Eastern Time, before the opening of trading on the Nasdaq.
The reverse split will affect all issued and outstanding shares of Common Stock. All outstanding options, restricted stock awards, warrants and other securities entitling their holders to purchase or otherwise receive shares of Common Stock will be adjusted as a result of the reverse split, as required by the terms of each security. The number of shares available to be awarded under Sharps’ 2023 Equity Incentive Plan, will also be appropriately adjusted. Following the reverse split, the par value of the Common Stock will remain unchanged at
The reverse split will reduce the number of shares of Common Stock issued and outstanding from approximately 39.5 million shares to approximately 1.8 million shares.
About Sharps Technology:
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 has partnered with Nephron Pharmaceuticals to expand its manufacturing capacity in the U.S. For additional information, please visit www.sharpstechnology.com.
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
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