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Melville, NY-based Sharps Technology Inc., a manufacturer of medical instruments and apparatus with a market capitalization of just $4.09 million, is facing delisting from the NASDAQ Capital Market. The company received a notification from NASDAQ on Wednesday, March 12, 2025, for failing to meet the minimum bid price requirement. According to InvestingPro data, the stock has lost over 94% of its value in the past year, with shares currently trading at $0.34. According to NASDAQ Listing Rule 5550(a)(2), the bid price of Sharps Technology’s securities closed below $1.00 per share for over 30 consecutive business days.
The typical 180-day compliance period to rectify the bid price deficiency is not available to Sharps Technology due to a 1-for-22 reverse stock split conducted on October 16, 2024. InvestingPro analysis reveals the company’s concerning financial health, with a weak overall score of 1.61 out of 5, primarily due to rapid cash burn and negative EBITDA of -$7.89 million in the last twelve months. NASDAQ rules specify that a company which has executed a reverse stock split within the past year, or multiple splits with a cumulative ratio of 250 to one over two years, is not eligible for the compliance period.
Sharps Technology plans to appeal this decision and will request a hearing with the NASDAQ Hearings Panel, which will delay the delisting process until a final determination is made. The company’s common stock and warrants, traded under the symbols "STSS" and "STSSW" respectively, will continue to be listed on NASDAQ pending the outcome of the hearing.
The company’s future on the NASDAQ Capital Market hinges on its ability to convince the Panel of its strategies to meet the exchange’s requirements. However, there is no guarantee that Sharps Technology will be successful in regaining compliance with the minimum bid price rule or any other listing criteria. InvestingPro subscribers have access to 11 additional key insights about Sharps Technology, including detailed analysis of its valuation metrics and growth prospects.
This development comes as a significant challenge for Sharps Technology, which is incorporated in Nevada and headquartered in Melville, New York. The information regarding this notice of potential delisting is based on the company’s recent SEC filing.
In other recent news, Sharps Technology, Inc. announced the pricing of a public offering aimed at raising approximately $20 million. This offering includes 14,285,714 units, each consisting of a share of common stock or a pre-funded warrant, and accompanying warrants to purchase additional shares. The offering price is set at $1.40 per common unit, with pre-funded units priced slightly lower due to the warrant exercise price. The proceeds are intended for general corporate purposes and working capital. Additionally, Sharps Technology held its annual shareholder meeting, where six directors were elected to the company’s Board, and a new equity incentive plan was approved. Shareholders also ratified the appointment of PKF O’Connor Davies LLP as the independent registered public accounting firm. The company addressed the handling of fractional shares from a recent reverse stock split. These developments provide insight into Sharps Technology’s strategic and financial planning.
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