Sharps also received an initial qualification purchase order for DisGard™ single-use Sharps Recovery System Company transitions to revenue producing with second purchase order, bringing total recent orders to approximately $500,000 for the quarter NEW YORK, May 06, 2025 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (NASDAQ: “STSS” and “STSSW”) (“Sharps”), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class smart-safety syringe products to the healthcare industry ...

Milestone order marks first commercial revenue for Sharps Technology under multi-year, 500-million syringe agreementInvestments in best-in-class manufacturing equipment position Sharps to offer differentiated high-volume syringe production to meet long-term contract demand NEW YORK, April 30, 2025 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (NASDAQ: “STSS” and “STSSW”) (“Sharps”), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class smart-safety syringe products ...

Core Points - Sharps Technology, Inc. will implement a 1-for-300 reverse stock split effective April 27, 2025, to comply with Nasdaq's minimum bid price requirement [1][2] - The reverse split will reduce the authorized common shares from 500,000,000 to 1,666,667, and it was approved by the Board without shareholder consent [3] Company Overview - Sharps Technology is a medical device and pharmaceutical packaging company that specializes in patented smart-safety syringe products aimed at the healthcare industry [4] - The company focuses on ultra-low waste capabilities and incorporates both passive and active safety features in its syringe technologies [4] - Sharps also produces products designed with specialized copolymer technology for the prefillable syringe market segment and operates a manufacturing facility in Hungary [4]

Financial Performance - The company incurred net losses of $9,296,202 and $9,841,638 for the years ended December 31, 2024 and 2023, respectively[129]. - The company has not generated any revenue to date[170]. - Annual revenue for the most recently completed fiscal year was less than $100 million, allowing the company to maintain its smaller reporting company status[183]. Revenue Generation and Offerings - The company generated no revenue since its inception in 2017 until the fourth quarter of 2022, when it began building inventory of syringe products[129]. - The company raised approximately $20.0 million in gross proceeds from the 2025 Offering, with net proceeds of approximately $18.2 million after expenses[133]. - The 2025 Offering included 14,285,714 units, generating gross proceeds of $12.6 million from Common Units and $7.4 million from Pre-Funded Units[134]. - The company completed an Initial Public Offering on April 19, 2022, raising net proceeds of approximately $14.2 million[132]. - The company entered into a securities purchase agreement on September 20, 2024, for an aggregate principal amount of $4,375,000, resulting in gross proceeds of approximately $3.5 million[138]. Expenses and Financial Position - The company has incurred significant research and development expenses, primarily related to its syringe products, and expects these expenses to increase in the foreseeable future[131]. - Research and Development (R&D) expenses increased to $2,471,762 in 2024 from $1,605,547 in 2023, representing a 54% increase[171]. - General and Administrative (G&A) expenses decreased to $7,154,948 in 2024 from $8,521,103 in 2023, a reduction of 16%[172]. - Net interest expense changed from income of $138,118 in 2023 to an expense of $1,664,712 in 2024, a change of 1,305%[173]. - Cash balance decreased to $864,041 in 2024 from $3,012,908 in 2023, indicating a significant reduction in liquidity[176]. - Working capital deficit increased to $2,011,678 in 2024 from a working capital of $1,145,569 in 2023[176]. - Net cash used in operating activities was $6,929,545 in 2024, down from $8,507,300 in 2023[178]. - Net cash used in investing activities increased to $1,163,137 in 2024 from $698,277 in 2023[179]. - Net cash provided by financing activities decreased to $5,907,407 in 2024 from $8,029,628 in 2023[180]. Compliance and Regulatory Status - The company received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, and is awaiting a hearing date for its appeal[141]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to take advantage of various reporting exemptions[181]. - The company will cease to be an emerging growth company if annual gross revenue exceeds $1.07 billion or if the market value of common stock held by non-affiliates exceeds $700 million[182]. - The company is also a "smaller reporting company," with a market value of stock held by non-affiliates and gross proceeds from the IPO being less than $700 million[183]. - As a smaller reporting company, the company may present only the two most recent fiscal years of audited financial statements in its Annual Report on Form 10-K[183]. - The company intends to utilize exemptions from certain disclosure requirements available to both emerging growth and smaller reporting companies[183]. - The company has not issued more than $1.0 billion in non-convertible debt securities in the previous three-year period[182]. - The company may face a less active trading market for its common shares if investors find the reduced disclosures less attractive[182]. - The company is not required to provide quantitative and qualitative disclosures about market risk as a smaller reporting company[184]. Distribution Agreement - The company has a distribution agreement that was mutually terminated on February 5, 2025, with no economic benefit obtained from it[140].

Core Viewpoint - The company emphasizes the importance of shareholders voting 'FOR' the proposed reverse stock split to maintain its Nasdaq listing and avoid delisting to the OTC Markets [1][4][6]. Group 1: Importance of Voting - A positive shareholder vote is crucial for Sharps Technology to comply with Nasdaq's minimum bid price requirement of $1.00 per share [7]. - The company has scheduled a special shareholder meeting on March 28, 2025, urging shareholders to submit their proxy votes beforehand [5]. - The Board of Directors unanimously supports the reverse stock split proposal and encourages all shareholders to vote in favor [5][6]. Group 2: Consequences of Delisting - Failure to approve the reverse stock split could lead to delisting from Nasdaq, resulting in trading on the OTC Markets, which may significantly reduce liquidity [2][4]. - Delisting could adversely affect the value of the company's securities and complicate trading volume, making it harder for investors to buy and sell shares [6][8]. - Maintaining a Nasdaq listing is essential for sustaining interest from analysts and brokers, which is vital for the company's growth initiatives [6][8]. Group 3: Reverse Stock Split Process - If approved, the reverse stock split will reduce the number of outstanding shares while maintaining the same percentage interest for shareholders [7]. - This mechanism is often used by companies to regain compliance with exchange listing requirements [7]. - The company has filed a Definitive Proxy Statement with the SEC regarding the reverse stock split proposal [8]. Group 4: Company Overview - Sharps Technology is a medical device and pharmaceutical packaging company specializing in patented syringe products with safety features [9]. - The company focuses on ultra-low waste capabilities and has a manufacturing facility in Hungary [9].

Core Insights - The company has successfully closed a $20 million financing round, strengthening its balance sheet and eliminating debt, positioning it for growth in 2025 and beyond [1] - Strategic agreements for SoloGard and SecureGard products are expected to drive revenue, with initial revenue generation anticipated in the second half of 2025 [2][3][8] Financing and Financial Position - The $20 million financing will be utilized for operating and capital expenditures, enhancing the company's financial stability [1] - The company has paid down its debt to zero, improving its balance sheet significantly [1] Product Development and Agreements - A five-year agreement with a U.S. medical products company aims to supply at least 500 million SoloGard syringes, potentially generating around $50 million [2] - Deliveries for SecureGard safety syringes have commenced, with qualification processes underway with major healthcare networks in Europe, including Penta Hospitals International [3] Manufacturing and Expansion - The company is expanding its manufacturing capabilities in Hungary, adding advanced machinery and increasing workforce to meet rising demand for its products [4] - Collaborations with government and private investment sources in Hungary are ongoing to enhance manufacturing capacity [4] Market Demand and Innovation - There is a growing demand for innovative injection solutions, particularly in areas such as vaccines and biologics, which the company aims to capitalize on [5] - The company is committed to advancing innovation in the syringe market, focusing on ultra-low waste capabilities and safety features [10] Strategic Partnerships - Negotiations for a manufacturing project in South Carolina are ongoing, with the company actively seeking partners to expand U.S. capacity [6]

Core Insights - The company has successfully raised $20 million in financing, which has strengthened its balance sheet and allowed it to pay down debt to zero, positioning it for growth in 2025 and beyond [1] - The company is focused on advancing operations in Hungary through agreements for SoloGard and SecureGard products, while also pursuing business development initiatives in the U.S. [1] Group 1: Financial Position and Strategy - The recent financing provides working capital for operating and capital expenditures, enabling the company to enhance manufacturing capabilities and accelerate qualification and shipments under existing agreements [1] - The company aims to drive revenue from its agreements and is committed to strategic growth, operational efficiency, and value creation [1] Group 2: Product Development and Agreements - A five-year agreement with a U.S. medical products company for SoloGard syringes is expected to generate approximately $50 million over its lifetime, with revenue generation anticipated in the second half of 2025 [2] - Deliveries for SecureGard safety syringes have commenced for qualification purposes in Europe, particularly with Penta Hospitals International, the largest hospital chain in Central and Eastern Europe [3] Group 3: Manufacturing Expansion - The financing allows the company to expand operations in Hungary by adding advanced machinery and increasing workforce to meet the growing demand for its products [4] - The company is collaborating with government and private investment sources in Hungary to enhance its manufacturing footprint [4] Group 4: Market Demand and Innovation - There is a growing demand for innovative injection solutions, with injectables being the preferred delivery method for various therapies, including vaccines and biologics [5] - The company is committed to advancing innovation in the syringe space and will continue to update stakeholders on its expansion efforts [5] Group 5: Future Growth Opportunities - The company is focused on driving significant revenue from both SecureGard and SoloGard projects, with early production on track for the second half of 2025 [7] - SecureGard shipments are expected to begin in the second quarter of 2025, indicating a positive revenue transition for the company [7]

Core Viewpoint - Sharps Technology, Inc. has successfully closed a public offering, raising approximately $20.0 million in gross proceeds before expenses [1]. Group 1: Offering Details - The offering included 14,285,714 Common Units, each comprising one share of Common Stock or one Pre-Funded Warrant, along with Series A and Series B Registered Common Warrants, both with an exercise price of $1.75 [2]. - The public offering price per Common Unit was set at $1.40, with Pre-Funded Units priced at $1.3999 [2]. - Aegis Capital Corp. was granted a 45-day option to purchase additional shares and warrants, with Aegis exercising this option for 2,142,857 Series A and Series B Warrants on the closing date [3]. Group 2: Company Background - Sharps Technology is an innovative medical device and pharmaceutical packaging company, focusing on patented smart-safety syringe products that emphasize ultra-low waste capabilities [6]. - The company operates a manufacturing facility in Hungary and is collaborating with Nephron Pharmaceuticals to enhance its manufacturing capacity in the U.S. [7].

Core Viewpoint - Sharps Technology, Inc. has announced a public offering expected to raise approximately $20 million, aimed at supporting its operations and working capital needs [1][4]. Offering Details - The offering includes 14,285,714 Common Units, each comprising one share of Common Stock or one Pre-Funded Warrant, along with Series A and Series B Registered Common Warrants, both with an exercise price of $1.75 [2]. - The public offering price per Common Unit is set at $1.40, with Pre-Funded Units priced at $1.3999 [2]. - Aegis Capital Corp. has been granted a 45-day option to purchase additional shares and warrants, up to 15% of the total sold in the offering [3]. Financial Proceeds and Use - The gross proceeds from the offering are anticipated to be around $20 million, with the transaction expected to close on or about January 29, 2025 [4]. - The net proceeds will be utilized for general corporate purposes and working capital [4]. Company Overview - Sharps Technology specializes in innovative medical devices and pharmaceutical packaging, focusing on patented syringe products with advanced safety features [8]. - The company operates a manufacturing facility in Hungary and is collaborating with Nephron Pharmaceuticals to enhance its manufacturing capacity in the U.S. [8].

Core Insights - Sharps Technology, Inc. has signed a significant sales agreement worth over $50 million with a U.S.-based pharmaceutical company for the supply of customized 10mL SoloGard syringes, which will lead to the production of at least 500 million syringes and full utilization of current manufacturing capacity [1][3] - The company anticipates initial production and commercial deliveries to commence in Q1 2025, with a phased ramp-up throughout the year [1] - Sharps has also secured new sales agreements with a European medical supply company for the sale of 1mL and 3mL SecureGard inventory, with expectations to sell all available inventory in the coming months [2] Sales and Revenue Projections - The Hungary facility is projected to generate up to $400,000 in revenue in December 2024, with internal revenue targets of over $5 million in 2025, $15 million in 2026, and $20 million in 2027 [4] - The expansion in Hungary will increase the annual production capacity for SecureGard to over 100 million units and SoloGard to over 125 million units [4] Market Demand and Growth - There is a growing demand for Sharps' injection solutions due to the preference for injectables in various therapies, including vaccines and biologics, as well as challenges faced by competitors, such as increased tariffs and quality issues with Chinese syringes [3] - The company is exploring collaborations with Hungarian investment opportunities to support the expansion of manufacturing capacity [3] Manufacturing and Compliance - Sharps is in the process of acquiring manufacturing assets at the InjectEZ facility in Columbia, SC, with updates expected after the new year [5] - The company has regained compliance with NASDAQ's listing rules, as confirmed in a notification received on November 13, 2024 [6]