NEW YORK, Sept. 24, 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 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 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"), for an aggregate of $4,375,000 in principal amount of the Notes and 5,700,006 shares of Common Stock. No Pre-Funded Warrants were sold in the Bridge Financing. Aggregate 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 U.S. counsel to the Company. Kaufman & Canoles, P.C. acted as counsel to Aegis Capital Corp.
The securities described above were sold in a private placement transaction not involving a public offering and ...
