Sharps Technology, Inc. (NASDAQ: STSS), a medical device and pharmaceutical packaging company, on Monday announced a private investment in public equity or PIPE transaction worth over $400 million, involving the sale of common stock and stapled warrants at $6.50 per unit.
The stapled warrants carry a three-year term with an exercise price of $9.75, while pre-funded warrants tied to SOL contributions will become exercisable once shareholder approval is obtained.
The PIPE is expected to close around August 28, with proceeds primarily intended to acquire SOL in the open market and establish the company's SOL treasury operations, alongside general corporate and working capital needs.
The company has also signed a non-binding letter of intent with the Solana Foundation, under which the foundation will sell $50 million of SOL at a 15% discount to a 30-day time-weighted average price, contingent on a future public offering.
Under the strategy, the company's principal holding will be SOL, the native token of the Solana blockchain.
Solana is the fastest-growing and most-used blockchain, offering roughly 7% staking yields, high transaction volumes, strong developer adoption, and increasing adoption by institutions, stablecoin projects, and Web3 applications.
In the pre-market trading, Sharps technology is 53.91% higher at $11.32 on the Nasdaq.
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