Sharps Technology raises $5.6M in registered direct and private placement; existing warrant exercise price cut to $0.64

Sharps Technology Inc.

Gross proceeds of ~$5.6M from sale of 4.4M shares and pre-funded warrants at $0.64/share, plus private placement warrants.
Placement agent Aegis Capital Corp. received 8% commission and 1% expense allowance plus $100,000 reimbursement.
Existing warrants (11.5M shares) exercise price reduced from $1.56 to $0.64 due to anti-dilution adjustment.
Concurrent private placement issued units to purchase pre-funded warrants and 8.75M common warrants (5.5-year term).
Proceeds to be used for working capital and general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Sharps Technology Inc. entered into "PIPE Agreement" with certain purchasers valued at approximately $2,827,853 (PIPE Offering aggregate gross proceeds) (effective 2023-09-27).

Action: entry
Agreement: equity purchase
Counterparty: certain purchasers
Value: approximately $2,827,853 (PIPE Offering aggregate gross proceeds)
Effective: 2023-09-27

Exact text from the filing

On September 27, 2023, Sharps Technology, Inc., (the "Company") entered into a Securities Purchase Agreement (the "PIPE Agreement"), with certain purchasers (the "Purchasers"), for the issuance of 4,418,521 shares of common stock which includes 800,000 pre-funded warrants to acquire common stock in a registered direct offering (the "PIPE Offering"), at a purchase price of $0.64 per share priced at-the-market under NASDAQ rules.

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Sharps Technology Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-035242

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