Street Calls of the Week
NEW YORK - Sharps Technology, Inc. (NASDAQ:STSS), currently valued at $180.35 million, announced Thursday a stock repurchase program to acquire up to $100 million of its outstanding common stock. The company’s shares, trading at $6.78, have experienced significant volatility this year, with a -98.9% year-to-date return according to InvestingPro data.
The program will allow the medical device sales and distribution company to repurchase shares through open market and negotiated transactions, according to a company press release. The timing, amount, and method of share repurchases will depend on market conditions and other factors.
This announcement follows the company’s previously disclosed Solana digital asset treasury strategy. Sharps Technology reported it has acquired over 2 million SOL tokens as part of this initiative.
The company describes itself as a medical device sales and distribution business that has adopted a digital asset treasury strategy focused on accumulating SOL, the native digital asset of the Solana blockchain.
The stock repurchase program reflects the company’s approach to capital allocation as it pursues both traditional financial instruments and digital asset strategies.
Sharps Technology trades on the Nasdaq under the ticker STSS. The company did not specify a timeframe for completing the repurchase program in its announcement.
In other recent news, Sharps Technology announced a significant private placement exceeding $400 million to establish what it describes as the largest Solana digital asset treasury strategy. This private investment in public equity (PIPE) transaction involves the sale of common stock and warrants, with the transaction expected to close around August 28. Additionally, Sharps Technology entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. and Aegis Capital Corp., allowing the company to offer and sell shares of its common stock for an aggregate sales price of up to $236.6 million. Cantor Fitzgerald will act as the principal and sole designated sales agent in this arrangement.
In other developments, Sharps Technology partnered with Jupiter Exchange to utilize Jupiter’s staking infrastructure as part of its treasury management approach, planning to stake a portion of its SOL holdings through native staking and the JupSOL platform. The company also announced a strategic partnership with Web3 brand Pudgy Penguins to expand its exposure in the Solana digital asset treasury space. This collaboration will integrate Pudgy Penguins’ intellectual property with Sharps Technology’s operations. Furthermore, the company entered a waiver and consent agreement with certain holders of its securities to extend the deadline for filing its initial resale registration statement with the SEC.
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