Sharps Technology announces $400M private placement

Sharps Technology (STSS) announced the pricing of a private placement offering to support its plans to adopt a digital asset treasury strategy under which the principal holding will be SOL, the native digital asset of the Solana blockchain. The offering consists of an over $400 million private investment in public equity transaction for the purchase and sale of common stock and stapled warrants to purchase shares of common stock at a purchase price of $6.50 per unit. The stapled warrants will be exercisable for a period of three years and have an exercise price equal to $9.75. Investors that intend to fund their purchase amount with locked and/or unlocked SOL in the offering will be issued and sold pre-funded warrants and stapled warrants, which warrants will become exercisable immediately following the company’s receipt of stockholder approval. The PIPE transaction is expected to close on or around August 28, 2025, subject to the satisfaction of customary closing conditions. Upon closing, the company intends to use the net proceeds from the offering primarily to fund the acquisition of SOL in the open market and the establishment of the company’s SOL treasury operations, as well as for working capital and general corporate purposes. Sharps Technology has signed a non-binding letter of intent with the Solana Foundation, a non-profit foundation based in Zug, Switzerland, dedicated to the decentralization, adoption, and security of the Solana ecosystem. Under the terms of the LOI, the Solana Foundation has committed, solely from the proceeds of a public offering by the company, to selling $50M of SOL at a 15% discount to a 30-day time-weighted average price, subject to certain conditions being met. Cantor Fitzgerald & Co. served as lead placement agent to the company and Aegis Capital Corp. acted as co-placement agent to the company.