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Sharps Technology, Inc. (STSS) announced the pricing of a private placement offering exceeding $400 million to support plans for a digital asset treasury strategy focused on SOL, the native digital asset of the Solana blockchain.
The offering consists of a private investment in public equity transaction for common stock and stapled warrants at $6.50 per unit. The warrants are exercisable for three years with an exercise price of $9.75. The transaction is expected to close around August 28, 2025, subject to customary closing conditions.
Investors in the placement include ParaFi, Pantera, Monarq, FalconX, Phoenix Capital, Bastion Trading, RockawayX, Syncracy, Borderless, Republic Digital, Arche Capital, CoinFund, Arrington Capital, Quantstamp, CoinList Alpha, Primitive Ventures, Avenir, and Hypersphere.
The company plans to use net proceeds primarily to acquire SOL in the open market and establish SOL treasury operations, along with working capital and general corporate purposes. Sharps Technology signed a non-binding letter of intent with the Solana Foundation, under which the foundation committed to selling $50 million of SOL at a 15% discount to a 30-day time-weighted average price from proceeds of a public offering by the company.
Alice Zhang has been appointed as Chief Investment Officer and board member. James Zhang, co-founder of Jambo, will serve as strategic advisor and consultant. The company stated it will work with asset managers including Monarq Asset Management, ParaFi, and Pantera to grow the digital asset treasury.
Sharps Technology is a medical device and pharmaceutical packaging company that offers safety syringe products to the healthcare industry. The company’s existing business focuses on ultra-low waste syringe technologies with passive and active safety features.
Cantor Fitzgerald & Co. served as lead placement agent, with Aegis Capital Corp. as co-placement agent. Madison Global Partners, LLC served as financial advisor to the company.