Sharps Technology Prices Upsized $20 Million Offering; Shares Fall

MT Newswires Live01-28

Sharps Technology (STSS) shares were down sharply Tuesday after the company said it priced an upsized underwritten public offering, with gross proceeds of nearly $20 million.

The offering includes 14.3 million common units priced at $1.40 per unit, or pre-funded units at $1.3999, with each unit consisting of one share of common stock, or pre-funded warrant, one series A warrant, and one series B warrant.

Both series A and B warrants have an exercise price of $1.75, with series A warrants expiring in 60 months and series B warrants expiring 30 months after stockholder approval, the company said.

Sharps Technology granted Aegis Capital a 45-day over-allotment option for up to 15% more shares and warrants, the company said, adding that the transaction is expected to close around Wednesday.

The company plans to use the net proceeds, along with existing cash, for general corporate purposes and working capital.

Price: 0.45, Change: -1.01, Percent Change: -69.04

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