STSSW - Sharps Technology Announces Closing of $5.6 Million Registered Direct and Private Placement | Benzinga
NEW YORK, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (the "Company") (NASDAQ: "STSS" and "STSSW"), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class syringe products, today announced the closing of its previously announced registered direct offering and concurrent private placement with institutional investors. The Company issued 4,418,521 shares of common stock and pre-funded warrants to acquire common stock in a registered direct offering. The purchase price of each share was $0.64. The purchase price for the pre-funded warrants was identical to the purchase price for shares, less the exercise price of $0.001 per share.
In a concurrent private placement, the Company also issued to the same investors units to purchase pre-funded warrants to purchase up to 2,581,479 shares of common stock and common warrants to purchase 8,750,000 shares of common stock at an exercise price of $0.64 per share. The purchase price for each pre-funded unit was $1.073, with an exercise price per pre-funded warrant of $0.001 per share. The private placement warrants will be exercisable immediately subject to registration and will have a 5.5-year term from the initial exercise date. The aggregate warrant coverage of the registered direct and the private placement was 1.25-1. Aggregate gross proceeds to the Company of both transactions were approximately $5.6 million.
The entire transaction was priced at the market under Nasdaq rules.
Sharps expects to use the net proceeds from the offering for working capital and general corporate purposes.
Aegis Capital Corp. acted as Exclusive Placement Agent for the offering.
The registered direct offering is being made pursuant to an effective shelf registration statement on Form S-3 (No. 333-274146) previously filed with the U.S. Securities and Exchange Commission (SEC) and declared effective by the SEC on September 5, 2023. The final prospectus supplement and accompanying prospectus describing the terms of the proposed offering were filed with the SEC and are available on the SEC's website ...