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Sharps Technology Inc. (NASDAQ:STSS) announced that its board of directors approved a share repurchase program authorizing the repurchase of up to $100 million of the company’s outstanding common stock - a significant amount considering the company’s current market capitalization of $178 million. The program was approved on October 2 by the board and allows the company to repurchase shares in the open market or through negotiated transactions. The announcement comes as the stock has seen a 98.92% decline year-to-date, according to InvestingPro data.
As part of the initiative, on Monday, Sharps Technology entered into an Open Market Share Repurchase Agreement with Cantor Fitzgerald & Co. Under the agreement, Cantor Fitzgerald will act as a non-exclusive agent to facilitate the repurchase of shares in accordance with Rule 10b-18 of the Securities Exchange Act of 1934. The company will pay the broker a commission of $0.02 for each share repurchased. The agreement remains effective until terminated by either party upon written notice.
The company stated that the timing and amount of share repurchases will depend on available capital resources, financial and operational performance metrics, market conditions, securities law limitations, and other factors. The repurchase program does not obligate Sharps Technology to acquire any specific number of shares.
This information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Sharps Technology has announced a strategic collaboration with Coinbase Global, Inc., expanding its Solana digital asset treasury strategy. The company has acquired over 2 million SOL tokens, valued at more than $400 million. Additionally, Sharps Technology has settled litigation with Barry Berler and several associated companies, resolving all claims without any admission of fault or liability. In a significant financial move, the company has also announced a $100 million stock repurchase program, allowing for the acquisition of its outstanding common stock through various transactions. Furthermore, Sharps Technology has extended the deadline for its resale registration statement filing following a waiver and consent agreement with certain securities holders. Lastly, the company has partnered with Jupiter Exchange to utilize its staking infrastructure, aiming to stake a portion of its SOL holdings through Jupiter’s validator and liquid staking token platform. These developments highlight Sharps Technology’s active engagement in both its digital asset strategy and corporate financial maneuvers.
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