Sharps Technology, Inc. Closes $3.5 Million Bridge Financing – Sharps Technology (NASDAQ:STSS), Sharps Technology (NASDAQ:STSSW)

NEW YORK, Sept. 24, 2024 (GLOBE NEWSWIRE) — Sharps Technology, Inc. STSS (the “Company”), an innovative medical device and pharmaceutical packaging company offering best-in-class proprietary syringe products, today announced the closing of its previously announced secured bridge loan financing (the “Bridge Financing”) of approximately $3.5 million.

The Bridge Financing consisted of the sale of approximately $3.5 million of securities, with the purchasers agreeing to purchase, for each $1,000 invested, $1,250 in aggregate principal amount of secured notes (the “Notes”) and 1,628.57 shares of common stock (“Common Shares”), for an aggregate principal amount of $4,375,000 in notes and 5,700,006 shares of common stock. No pre-funded warrants were sold in the Bridge Financing. Total gross proceeds to the Company were approximately $3.5 million, before deducting fees and expenses. The transaction closed on September 24, 2024. The Company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital.

Aegis Capital Corp. acted as exclusive placement agent for the private placement. Sichenzia Ross Ference Carmel LLP acted as U.S. legal counsel to the Company. Kaufman & Canoles, PC acted as legal counsel to Aegis Capital Corp.

The securities described above were sold in a private placement transaction that did not involve a public offering and were not registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the Common Shares.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such 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 premium, patented safety smart syringes for the healthcare industry. The company’s product lines focus on providing ultra-low waste capabilities, incorporating syringe technologies that utilize both passive and active safety features. Sharps also offers products engineered 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 on 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, but not limited to, 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 materially affect current plans. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may differ materially 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 United States securities laws, the Company does not intend to update any of the forward-looking statements to conform them to actual results.

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