NEW YORK, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (NASDAQ:STSS) (the "Company"), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class syringe products, today announced that it has entered into definitive agreements with institutional investors for a secured bridge loan financing (the "Bridge Financing") of approximately $3.5 million.
The Bridge Financing consisted of the sale of approximately $3.5 million in securities, with purchasers agreeing to buy, 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 Stock") or pre-funded warrants ("Pre-funded Warrants") in lieu of shares of Common Stock, for an aggregate of $4,375,000 in principal amount of the Notes and 5,700,006 shares of Common Stock. The Pre-Funded Warrants will be immediately exercisable, at a price of $0.0001, subject to registration and may be exercised at any time until exercised in full. For each Pre-Funded Warrant sold in the offering, the number of shares of Common Stock in the offering will be decreased on a one-for-one basis.
Aggregate gross proceeds to the Company are expected to be approximately $3.5 million, before deducting fees and expenses. The transaction is expected to close on or about September 23, 2024, subject to the satisfaction of customary closing conditions. The Company expects to use the net proceeds from the offering, together with its existing cash, for general corporate purposes and working capital.
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