Sharps Technology appoints Paul Danner as executive chairman, updates board roles

Sharps Technology Inc. (NASDAQ:STSS), currently trading at $5.80 and showing signs of undervaluation according to InvestingPro Fair Value metrics, announced that its Board of Directors has appointed Paul Danner as executive chairman, effective June 30. Danner replaces Soren Christiansen, who previously served as non-executive chairman.

In connection with Danner’s appointment and his change in independence status, the Board named Timothy Ruemler as chairman of the Audit Committee. Additionally, Soren Christiansen has been appointed to take Danner’s former seat on the Compensation Committee.

The company disclosed these leadership changes in a statement filed with the Securities and Exchange Commission on Thursday. InvestingPro subscribers can access 12 additional key insights about STSS’s financial health and market performance.

In other recent news, Sharps Technology Inc. has begun shipping its smart-safety syringe products, marking its transition to generating commercial revenue. The company fulfilled a $400,000 purchase order under a $50 million supply agreement with a U.S.-based firm and delivered SecureGard syringes for a $100,000 order in Hungary. These initial shipments total approximately $500,000 in purchase commitments, signaling Sharps’ shift to commercial operations. Additionally, Sharps Technology executed a 1-for-300 reverse stock split, consolidating its shares to potentially boost perceived value and meet stock exchange requirements. The company also regained compliance with Nasdaq’s listing rules after adopting a required executive compensation recovery policy. Furthermore, Sharps reported a significant exercise of its Series B Warrants, with 97% exercised on a cashless basis, part of a public offering that raised approximately $20 million. These developments indicate a period of strategic financial maneuvers and operational growth for Sharps Technology.

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