Sharps Technology (STSS) Closes $3.5M Bridge Financing

Sharps Technology, Inc. (NASDAQ: STSS) 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 have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The securities were offered only to accredited investors. Pursuant to a registration rights agreement with the investors, the Company has agreed to file one or more registration statements with the SEC covering the resale of the Common Stock.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy 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.

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