Sharps Technology announces $3.5M bridge financing

Sharps Technology has entered into definitive agreements with institutional investors for a secured bridge loan 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 and 1,628.57 shares of common stock or 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. Aegis Capital Corp. is acting as Exclusive Placement Agent for the private placement. Sichenzia Ross Ference Carmel LLP is acting as U.S. counsel to the Company. Kaufman & Canoles, P.C. is acting as counsel to Aegis Capital Corp.