[13F-HR] MicroSectors Energy 3x Leveraged ETNs SEC Filing

Rhea-AI Filing Summary

Sharps Technology, Inc. (STSS) has filed Amendment No. 2 to its definitive 2025 proxy statement. The filing simply corrects a prior mis-labeling but leaves all substantive items intact. The August 22 virtual annual meeting will ask holders of the 1,023,214 outstanding common shares (record date 7/17/25) to vote on five proposals:

• Elect six incumbent directors to one-year terms.
• Ratify PKF O’Connor Davies LLP as auditor for FY-25.
• Adopt a 2025 Equity Incentive Plan covering 2 million shares.
• Increase authorized common stock from 1.67 million to 500 million shares via charter amendment.
• Approve any necessary adjournments.

The board unanimously recommends FOR all items. A quorum is one-third of voting power; routine matters (director election, auditor ratification, share-increase) allow broker discretion, whereas the equity plan does not.

Governance highlights: four of six directors are Nasdaq-qualified independents; audit, compensation and nominating committees meet independence and financial-expert rules. 2024 compensation: CEO salary lifted to $600k; aggregate director cash/option fees ≈$0.35 m. A claw-back, anti-hedging and related-party policy are in place.

Capital structure impacts are notable: the proposed 299-fold increase in authorized shares and new 2 m-share plan could enable significant future dilution. The company also issued 5 shares of new Series B Preferred to Executive Chairman Paul Danner for $100 on 7/15/25, but features are undisclosed.

Positive

• Governance compliance: Board committees meet Nasdaq independence and financial-expert standards.
• Capital flexibility: Increasing authorized shares equips the company to fund expansion without immediate debt.

Negative

• Massive dilution risk: Proposed jump to 500 m authorized shares versus 1 m outstanding.
• Equity plan size: 2 m incentive shares could double effective float.
• Insider preferred issuance: 5 Series B shares sold to Executive Chairman with undisclosed rights.
• Auditor turnover: Prior firm resigned Dec-23, often a red flag.

Insights

Corporate Governance Analyst

TL;DR: Governance framework sound, but huge share-increase and insider preferred raise dilution and control flags.

The proxy ticks most Nasdaq boxes: majority-independent committees, audit-committee financial expert, claw-back and anti-hedging policies. Compensation is relatively modest for a micro-cap, though CEO pay jumped 44% YoY. The board seeks 2 m incentive shares—nearly 2× current float—and a 500 m authorized cap, giving it vast financing flexibility but little guidance on intended use. Such latitude, plus the undisclosed rights of the five Series B preferred shares sold to the Executive Chairman, poses potential entrenchment and dilution risk. Shareholders should weigh governance hygiene against dilution magnitude before voting.

Equity Analyst

TL;DR: Share-increase dwarfs current float; upside is capital access, downside is severe dilution.

With only 1.0 m shares outstanding, STSS cannot raise meaningful equity under its current cap. Boosting authorization to 500 m gives headroom for funding growth or acquisitions and satisfies the 2 m-share option pool request. However, absent revenue/earnings guidance, the proposal mainly signals future issuance. Previous auditor resignation (Dec-23) and switch to PKF is neutral but noteworthy. Investors should demand clarity on capital-raising plans and Series B preferred terms before supporting Proposals 3 & 4.

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL

OMB Number:			3235-0006
Estimated average burden
hours per response:			23.8

Report for the Calendar Year or Quarter Ended: 06-30-2025

Check here if Amendment		Amendment Number:
This Amendment (Check only one.):		is a restatement.
		adds new holdings entries.

Institutional Investment Manager Filing this Report:
Name:	BANK OF MONTREAL /CAN/
Address:	1 FIRST CANADIAN PLACE
	TORONTO, A6 M5X 1A1
Form 13F File Number:	028-07640
CRD Number (if applicable):
SEC File Number (if applicable):

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name:		Kathryn Cenac
Title:		Managing Director, Regulatory Solution Group
Phone:		0044-7423-570338
Signature, Place, and Date of Signing:
/s/ Kathryn Cenac			London, X0	08-05-2025
[Signature]			[City, State]	[Date]

Report Type (Check only one.):
X	13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
	13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
	13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

Form 13F Summary Page
	Report Summary:
	Number of Other Included Managers:		11
	Form 13F Information Table Entry Total:		13,024
	Form 13F Information Table Value Total:		213,209,020,027
			(round to nearest dollar)

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]
	No.	Name	Form 13F File No.	CRD No. (if applicable)	SEC File No. (if applicable)	CIK
	1	Bank of Montreal Europe Plc	028-17461			0001674398
	2	BMO Asset Management Inc.	028-16018			0001600094
	3	BMO Bank N.A.				0001526648
	4	BMO CAPITAL MARKETS CORP.	028-17436	000016686	801-73047	0000772028
	5	BMO Capital Markets Ltd				0002037214
	6	BMO Delaware Trust Co	028-16019			0001599965
	7	BMO Family Office, LLC	028-17442	000110264	801-56868	0001673962
	8	BMO NESBITT BURNS INC.	028-16021			0001599966
	9	BMO PRIVATE INVESTMENT COUNSEL INC.	028-16020	000160344	801-74232	0001600095
	10	BMO NESBITT BURNS SECURITIES LTD.				0001047797
	11	Stoker Ostler Wealth Advisors, Inc.	028-11481	000111320	801-54265	0001336488

FAQ

When is Sharps Technology's 2025 annual meeting?

The virtual meeting is scheduled for August 22 2025 at 10:00 a.m. ET via www.virtualshareholdermeeting.com/STSS2025.

What share increase is being proposed for STSS?

Management seeks to raise authorized common shares from 1,666,667 to 500,000,000.

How many shares are in the new 2025 Equity Incentive Plan?

The plan reserves 2,000,000 shares of common stock for options, RSUs and other awards.

Who is Sharps Technology's proposed auditor for FY-2025?

The board proposes retaining PKF O’Connor Davies LLP.

What is the current share count eligible to vote?

There are 1,023,214 common shares outstanding as of the July 17 2025 record date.

Does broker discretion apply to the share-increase vote?

Yes. Proposal 4 is deemed routine, so brokers may vote uninstructed shares.