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]

Financial Performance - As of September 30, 2024, the company had an accumulated deficit of $29,918,777 and a net loss of $4,769,774 for the nine months ended September 30, 2024[109]. - As of September 30, 2024, the Company reported a net loss of $1,685,060, a decrease of 16% from the net loss of $2,022,344 in the same period of 2023[135]. - For the nine months ended September 30, 2024, the net loss was $4,769,774, a 29% decrease from $6,739,999 in 2023[143]. - The Company has not generated significant revenue from syringe product sales since its inception in 2017[109]. - The Company has not generated any significant syringe revenue to date[136]. Operational Challenges - The company has faced delays in the commercialization of the Sharps Provensa product line, with no current timeline for final commercialization[116]. - The company had working capital of $67,820, which is insufficient to fund planned operations for the next 12 months, raising substantial doubt about its ability to continue as a going concern[110]. Research and Development - The company has incurred substantial research and development expenses primarily related to its syringe products and plans to continue these efforts[117]. - Research and Development (R&D) expenses for the three months ended September 30, 2024, decreased to $145,611, down 35% from $225,191 in 2023[137]. Revenue Generation and Sales Agreements - The company has produced commercial quantities of its products and built inventory to support orders in late 2024 and in 2025[113]. - A Purchase Order for the first Securegard sales to a South America distributor was shipped in June 2024, marking the company's entry into international markets[114]. - The company entered into a Supply Agreement with Stericare Solutions for the purchase of 520 million units of 10ml polypropylene Sologard syringes, with expected revenues in excess of $50 million[124]. - The company entered into a cooperative sales and distribution agreement with Roncadelle, appointing each other as exclusive distributors in their respective regions[123]. Stock and Financing Activities - The Company approved a reverse stock split at a ratio of 1-for-22, effective October 16, 2024[128]. - The company’s common stock was at risk of delisting from Nasdaq due to non-compliance with listing rules, but a hearing request was filed to appeal the determination[126]. - The Company plans to seek funding through equity offerings and/or debt financing opportunities[150]. - On September 20, 2024, the Company entered into a securities purchase agreement for an aggregate principal amount of $4,375,000[151]. - The Company offered warrant inducements to certain warrant holders, reducing the exercise price from $14.08 to $7.26 per share, resulting in gross proceeds of $1.9 million[154]. - The Company completed two simultaneous offerings on September 29, 2023, receiving aggregate gross proceeds of approximately $5.6 million, net of $716,000 in expenses[155]. - The Shelf Offering generated net proceeds of approximately $2.5 million, with 164,478 shares issued at an adjusted price of $7.26 per share[156]. - The Private Placement yielded net proceeds of approximately $2.4 million, with PIPE Warrants issued to purchase 397,727 shares at an adjusted exercise price of $7.26[157]. - The Offering completed on February 3, 2023, resulted in net proceeds of approximately $3.2 million, with units priced at $37.18, adjusted to $7.26 by May 30, 2024[158]. - The Company's IPO generated net proceeds of approximately $14.2 million, with $9.0 million recorded in Additional Paid in Capital and $5.2 million as a liability under ASC 815[159]. Cash Flow Analysis - Cash balance as of September 30, 2024, was $2,473,197, down from $3,012,908 as of December 31, 2023[149]. - Cash used in operating activities decreased to $5,172,135 for the nine months ended September 30, 2024, from $6,144,937 in the same period of 2023, due to lower operating expenses[159]. - Cash used in investing activities increased to $1,069,659 in 2024, primarily for fixed assets, compared to $431,379 in 2023[160]. - Cash provided by financing activities was $5,707,946 in 2024, down from $8,029,628 in 2023, reflecting various offerings and warrant exercises[161]. - The Company does not have any off-balance sheet arrangements as defined in Regulation S-K Item 303(a)(4)[162].

Core Viewpoint - Sharps Technology, Inc. is urging shareholders to vote in favor of a reverse stock split proposal to maintain compliance with NASDAQ's minimum bid price requirement and avoid delisting [2][3][4]. Company Overview - Sharps Technology, Inc. is a medical device and pharmaceutical packaging company that specializes in patented syringe products designed for safety and low waste [10]. - The company has a manufacturing facility in Hungary and is collaborating with Nephron Pharmaceuticals to enhance its manufacturing capacity in the U.S. [10]. Reverse Stock Split Proposal - The company is requesting approval for a reverse stock split in the range of 1-for-8 to 1-for-22 to ensure compliance with NASDAQ's minimum price requirement of $1.00 per share [2][3][8]. - A previous approval for a 1-for-8 reverse stock split was granted at a special shareholder meeting on July 15, 2024, but has not yet been implemented [2][3]. - The reverse stock split is expected to help maintain trading volume and attract a broader range of investors, which could facilitate capital access for growth strategies [5][6]. Shareholder Voting - The special shareholder meeting is scheduled for October 7, 2024, and shareholders are encouraged to vote their proxies beforehand [7][9]. - The Board of Directors unanimously supports the reverse stock split proposal and urges all shareholders to vote "FOR" it [7][9].

Core Points - Sharps Technology, Inc. has successfully closed a secured bridge loan financing of approximately $3.5 million [1][2] - The financing involved the sale of securities, where investors received $1,250 in secured notes and shares of common stock for every $1,000 invested, totaling $4,375,000 in principal amount of notes and 5,700,006 shares of common stock [2] - The net proceeds from the offering will be used for general corporate purposes and working capital [2] Company Overview - Sharps Technology is a medical device and pharmaceutical packaging company that specializes in patented smart-safety syringe products [6] - The company focuses on ultra-low waste capabilities and incorporates both passive and active safety features in its syringe technologies [6] - Sharps Technology has a manufacturing facility in Hungary and is collaborating with Nephron Pharmaceuticals to expand its manufacturing capacity in the U.S. [6]

NEW YORK, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (NASDAQ: STSS) (the "Company"), an innovative medical device and pharmaceutical packaging company offering patented, best-inclass syringe products, today announced that it has entered into definitive agreements with institutional investors for a secured bridge loan financing (the "Bridge Financing") of approximately $3.5 million. The Bridge Financing consisted of the sale of approximately $3.5 million in securities, with purchasers agreein ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, $0.0001 par value STSS NASDAQ Capital Market Common Stock Purchase Warrants STSSW NASDAQ Capital Market FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For ...