Sharps Technology Announces Continued Listing on Nasdaq Pending Results of an Upcoming Special Shareholders’ Meeting
September 12 2024 - 8:00AM
Sharps Technology, Inc., (NASDAQ: STSS and STSSW) (“Sharps
Technology” or the “Company”), an innovative medical device and
pharmaceutical packaging company offering patented, best-in-class
syringe products, announced today that the Company has secured
approval from The Nasdaq Stock Market (“Nasdaq” or the “Exchange”)
to maintain its listing, subject to conditions outlined below.
On September 9, 2024, Sharps Technology received
a Determination Letter from Nasdaq confirming the Company's
continued listing on the Exchange. This follows the August 13,
2024, hearing with the Nasdaq Hearings Panel, where the Company
presented its compliance plan.
At the August hearing, the Company’s senior
management and outside counsel outlined its compliance plan to
address a bid price deficiency. Previously, the Company had been
granted an extension to resolve the deficiency, wherein the Company
agreed to conduct a reverse split and obtained shareholder approval
at a ratio of up to one share for eight. After obtaining
shareholder approval, a new Exchange rule was proposed that would
subject a company with a bid price deficiency to immediate
delisting if the same company had experienced a bid price
deficiency in the previous 12 months. As a result of this proposed
rule, the Company determined to seek shareholder approval for a
reverse split at a higher ratio to improve its chances of
maintaining compliance with the bid price rule on a long-term
basis.
The Nasdaq Hearings Panel has granted the
Company a brief exception to complete a reverse split and cure its
bid price deficiency. Accordingly, the Company expects to complete
a reverse stock split and regain compliance with the bid price rule
within the exception period granted by the Panel.
About Sharps Technology
Sharps Technology is an innovative medical
device and pharmaceutical packaging company offering patented,
best-in-class smart-safety syringe products to the healthcare
industry. The Company’s product lines focus on providing ultra-low
waste capabilities, that incorporate syringe technologies that use
both passive and active safety features. Sharps also offers
products that are designed with specialized copolymer technology to
support the prefillable syringe market segment. The Company has a
manufacturing facility in Hungary and is partnering with Nephron
Pharmaceuticals to expand its manufacturing capacity in the U.S.
For more information about Sharps Technology, please visit the
website at: http://sharpstechnology.com.
FORWARD-LOOKING STATEMENTS:
This press release contains “forward-looking
statements”. Forward-looking statements reflect our current view
about future events. When used in this press release, the words
“anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,”
“plan,” “poised” or the negative of these terms and similar
expressions, as they relate to us or our management, identify
forward-looking statements. Such statements, include, but are not
limited to, statements contained in this press release relating to
our business strategy, our future operating results and liquidity,
and capital resources outlook. Forward-looking statements are based
on our current expectations and assumptions regarding our business,
the economy, and other future conditions. Because forward–looking
statements relate to the future, they are subject to inherent
uncertainties, risks, and changes in circumstances that are
difficult to predict. Our actual results may differ materially from
those contemplated by the forward-looking statements. They are
neither statements of historical fact nor guarantees of assurance
of future performance. We caution you therefore against relying on
any of these forward-looking statements. Important factors that
could cause actual results to differ materially from those in the
forward-looking statements include, without limitation, our ability
to raise capital to fund continuing operations; our ability to
protect our intellectual property rights; the impact of any
infringement actions or other litigation brought against us;
competition from other providers and products; our ability to
develop and commercialize products and services; changes in
government regulation; our ability to complete capital raising
transactions; and other factors relating to our industry, our
operations and results of operations. Actual results may differ
significantly from those anticipated, believed, estimated,
expected, intended, or planned. Factors or events that could cause
our actual results to differ may emerge from time to time, and it
is not possible for us to predict all of them. We cannot guarantee
future results, levels of activity, performance, or achievements.
The Company assumes no obligation to update any forward-looking
statements in order to reflect any event or circumstance that may
arise after the date of this release.
Investor Relations:Dave GentryRedChip Companies,
Inc.1-800-RED-CHIP (733-2447)Or 407-644-4256STSS@redchip.com
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