Sharps Regains Nasdaq Listing Compliance

Rhea-AI Summary

Sharps Technology (NASDAQ: STSS) has successfully regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share for continued listing. The company, which specializes in medical devices and pharmaceutical packaging with patented syringe products, received official notification from Nasdaq on November 13, 2024, confirming their compliance as of November 5, 2024. The achievement was made possible through a reverse stock split supported by shareholders.

Positive

• Regained Nasdaq listing compliance, avoiding potential delisting
• Maintained presence on major exchange, ensuring better market visibility and liquidity

Negative

• Required reverse stock split to meet minimum bid requirement, indicating previous share price weakness

News Market Reaction

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On the day this news was published, STSS declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK, Nov. 18, 2024 (GLOBE NEWSWIRE) -- Sharps Technology, Inc. (NASDAQ: “STSS” and “STSSW”) (“Sharps”), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class syringe products, today announced that on November 13, 2024, the Company was notified by the Nasdaq Stock Market (“Nasdaq”) that the Company had regained compliance with the minimum bid price requirement of $1.00 per share for continued listing on the Nasdaq Stock Market, as set forth in Nasdaq Listing Rule 5550(a)(2) as of November 5, 2024.

The Company’s Chief Executive Officer Robert Hayes stated, “We are extremely pleased with our bid price compliance. We view our listing on Nasdaq to be extremely important to us as a Company as it offers the Company and its shareholders the best opportunity for the future. Further, we want to thank the shareholders for their support of the reverse split that supported Sharps regaining compliance.”

About Sharps Technology:

Sharps Technology is an innovative medical device and pharmaceutical packaging company offering patented, best-in-class smart-safety syringe products to the healthcare industry. The Company’s product lines focus on providing ultra-low waste capabilities, that incorporate syringe technologies that use both passive and active safety features. Sharps also offers products that are designed with specialized copolymer technology to support the prefillable syringe market segment. The Company has a manufacturing facility in Hungary and has partnered with Nephron Pharmaceuticals to expand its manufacturing capacity in the U.S. For additional information, please visit www.sharpstechnology.com.

Forward-Looking Statements:

This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” “poised” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements, include, but are not limited to, statements contained in this press release relating to our business strategy, our future operating results and liquidity, and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy, and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, our ability to raise capital to fund continuing operations; our ability to protect our intellectual property rights; the impact of any infringement actions or other litigation brought against us; competition from other providers and products; our ability to develop and commercialize products and services; changes in government regulation; our ability to complete capital raising transactions; and other factors relating to our industry, our operations and results of operations. Actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance, or achievements. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Investor Relations:
Dave Gentry
RedChip Companies, Inc.
1-800-RED-CHIP (733-2447)
Or 407-644-4256
STSS@redchip.com

FAQ

When did Sharps Technology (STSS) regain Nasdaq compliance?

Sharps Technology regained compliance with Nasdaq's minimum bid price requirement as of November 5, 2024, with official notification received on November 13, 2024.

What was the minimum bid price requirement for Sharps Technology (STSS) to maintain Nasdaq listing?

Sharps Technology needed to maintain a minimum bid price of $1.00 per share to comply with Nasdaq Listing Rule 5550(a)(2).

How did Sharps Technology (STSS) achieve Nasdaq compliance?

Sharps Technology achieved Nasdaq compliance through a reverse stock split that was supported by its shareholders.