Medical device company Sharps Technology announced the closing of its initial public offering at $4.25 on Friday. The company has patented, best-in-class, single use smart safety syringe products. The common stock and warrants began trading on The Nasdaq Capital Market under the symbols “STSS” and “STSSW,” respectively.
Sharps Provensa™ is their premier line of smart safety syringes. The firm says that offer solutions to global healthcare crises such as the 1-2 billion syringe shortage forecasted by the World Health Organization (WHO) in November 2021. Our Ultra-Low Waste™ syringes offer a solution to minimize vaccine waste while offering reliable needlestick protection. Sharps Technology syringes are patented and comply with US regulatory and WHO guidelines. Our safety syringes are currently being produced at our ISO certified, FDA-cleared facility for medical device production with CE mark approval.
The IPO is for 3,750,000 common units. Each common unit is being offered at a public offering price per common unit of $4.25 and consists of one share of common stock, par value $0.0001 and two warrants, to purchase one share of common stock for each whole warrant, with an initial exercise price of $4.25 per share.
The gross proceeds of the offering are expected to be approximately $16 million before deducting underwriting discounts and commissions and offering expenses. The offering closed on April 19, 2022, subject to satisfaction of customary closing conditions.
In addition, the Company has granted Aegis Capital Corp. (“Aegis”) a 45-day option to purchase up to such number of (i) additional shares of common stock equal to 15% of number of units sold in the offering, and/or (ii) additional warrants equal to 15% of the number of warrants underlying units sold in the offering, in each case solely to cover over-allotments, if any.
The purchase price to be paid per additional share of common stock will be equal to the public offering price of one common unit less the purchase price for the two warrants included within the common unit, as applicable, less the underwriting discount. The purchase price to be paid per additional warrant will be $0.01. If Aegis exercises the option to purchase only such warrants, additional proceeds will be nominal. If Aegis exercises the option in full for common stock, the total gross proceeds of the offering including overallotment are expected to be approximately $18.3 million before deducting underwriting discounts and commissions and offering expenses.
About Sharps Technology, Inc.
Sharps Technology, Inc. is a medical device company addressing global issues while engineering a safer future for healthcare providers and people everywhere through compassionate innovation. Sharps Provensa™ is the Company’s premier line of smart safety syringes that eliminate accidental needlestick injuries, prevent needle reuse, and reduce wasted medicine and vaccines—while retaining the intuitive simplicity of traditional syringes. Please visit SharpsTechnology.com to learn more.
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