Full Press Release Details
Technology Announces Pricing of $3.8 Million Private Placement Priced at the Market
to support the manufacturing of pre-filled specialty syringe systems through its partnership with Nephron Pharmaceuticals
YORK, Feb. 01, 2023 (GLOBE NEWSWIRE) - Sharps Technology, Inc. (the "Company", "Sharps") (NASDAQ: "STSS"
and "STSSW"), an innovative medical device and drug delivery Company offering patented, best-in-class syringe products, today
announced that it entered into a securities purchase agreement with institutional investors for aggregate gross proceeds of approximately
$3.8 million priced at the market under Nasdaq rules. Proceeds will be used to support the manufacturing of pre-filled specialty syringe
systems through its partnership with Nephron Pharmaceuticals.
connection with the offering, the Company will issue 2,248,521 units and pre-funded units at a purchase price of $1.69 per unit priced
at-the-market under Nasdaq rules. The pre-funded units will be sold at the same price less the pre-funded warrant exercise price of $0.001.
Each unit and pre-funded unit consist of one share of common stock (or pre-funded warrant) and one non-tradable warrant exercisable for
one share of common stock at a price of $1.56. The warrants have a term of five years from the issuance date. Gross proceeds were $3.8
million before deducting fees to the placement agent and other offering expenses payable by the Company.
offering is expected to close on or about February 3, 2023, subject to the satisfaction of customary closing conditions.
Capital Corp. is acting as the Exclusive Placement Agent in connection with the offering.
securities described above are being sold in a private placement and have not been registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the "SEC")
or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. Pursuant to
a registration rights agreement with the investor, the Company has agreed to file one or more registration statements with the SEC covering
the resale of the common stock and the common stock issuable upon exercise of the warrants.
press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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.
Technology is a medical device and pharmaceutical packaging company specializing in the development and manufacturing of innovative drug
delivery systems. The company's product lines focus on low waste and ultra-low waste syringe technologies that incorporate both
passive and active safety features. These features protect front line healthcare workers from life-threatening needle stick injuries
and protect the public from needle re-use. Sharps Technology has extensive expertise in specialized prefilled syringe systems and ready
to use processing. The company has a manufacturing facility in Hungary and has partnered with Nephron Pharmaceuticals to expand its manufacturing
capacity in the US. For additional information, please visit www.sharpstechnology.com.
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," 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.
Adam Holdsworth, Managing Director
RedChip Companies Inc.
1-800-RED-CHIP (733-2447)