Sharps Technology Reports New Stock Split Plans and Future Steps

Overview of Sharps Technology's Recent Decisions

Sharps Technology, Inc. (NASDAQ: STSS and STSSW), an innovative player in the medical device field, has announced significant changes to its stock structure. The company is poised to implement a one-for-22 reverse stock split of its common stock, a strategic move that aims to enhance its market positioning and compliance with NASDAQ listing requirements.

Details of the Reverse Stock Split

This reverse stock split will take effect shortly, before the market opens on the Nasdaq Capital Market. The targeted date for this change is set for October 15, 2024. To clarify, this will consolidate the number of shares from approximately 39.5 million to an estimated 1.8 million shares. Such a reduction not only seeks to meet the minimum bid price requirements enforced by the Nasdaq but also signals a shift in the company's operational framework.

Stockholder Approval and Strategic Planning

On October 7, 2024, Sharps held a special meeting where stockholders unanimously supported this proposal, granting the Board of Directors the authority to finalize the amendment for the reverse split. This decision underscores the company’s focus on strategic growth and market credibility.

Implications for Existing Shares

All current shareholders will see their holdings adjusted accordingly. More specifically, all existing shares of common stock will be affected, including options, restricted stock awards, and other associated securities. These changes will require adjustments as outlined in the terms of those securities, reiterating the company's commitment to transparency and equity for all stockholders.

Future Outlook for Sharps Technology

Post-split, the par value of the common stock will remain unchanged at $0.0001 per share, ensuring no alteration to the total authorized shares of common or preferred stock. It's a methodical approach aimed at aligning the company more closely with its operational objectives while maintaining the integrity of share ownership among its stockholders.

About Sharps Technology, Inc.

Sharps Technology stands out as a pioneering company in the medical device and pharmaceutical packaging sectors. It specializes in producing advanced syringe products designed with cutting-edge safety features to cater to healthcare needs. These innovative products minimize waste, signifying a commitment to sustainable practices within the healthcare industry.

Strategic Partnerships and Growth

To further bolster its manufacturing capabilities, Sharps has established a partnership with Nephron Pharmaceuticals. This collaboration is intended to expand its operational footprint within the U.S. and enhance its production capacity, reflecting the company’s robust growth strategy and dedication to innovation.

Conclusion: A New Chapter for Sharps Technology

The execution of the reverse stock split is a pivotal moment for Sharps Technology, as it lays the groundwork for future advancements and compliance in the competitive landscape of medical devices and packaging. This transition is expected to resonate well within the market as stakeholders watch closely for the forthcoming changes.

Frequently Asked Questions

What is the significance of the reverse stock split for Sharps Technology?

The reverse stock split helps Sharps comply with NASDAQ’s minimum bid price requirements while potentially improving its stock market visibility.

When will the reverse stock split take effect?

The reverse stock split is set to take effect on October 15, 2024, before trading begins on the Nasdaq.

How will the reverse split affect stockholders?

All stockholders will have their shares adjusted, but their overall percentage ownership will remain unchanged apart from fractional shares which will be rounded up.

What is Sharps Technology's focus in the market?

Sharps Technology concentrates on developing patented syringe products designed with both passive and active safety features for healthcare applications.

Who can I contact for investor relations inquiries?

For investor relations, you can contact Dave Gentry at RedChip Companies, Inc. by calling 1-800-RED-CHIP or via email at STSS@redchip.com.

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