Shares of Sharps Technology Inc. (STSS) are soaring after the firm announced a new Solana (SOL) treasury plan.
The Nasdaq-listed medical device and pharmaceutical packaging company says it will raise more than $400 million through a private placement to accumulate Solana on its balance sheet.
-->STSS shares surged from Thursday’s low of $4.84 to Monday’s high of $13.28, a gain of more than 174. The stock has since retraced and is trading for $12.19 at the time of writing, up 65.74 on the day.
The $400 million private investment in public equity transaction (PIPE) involves investors like ParaFi, Pantera, Monarq, FalconX, Phoenix Capital, Bastion Trading, RockawayX, Syncracy, Borderless, Republic Digital, Arche Capital, CoinFund, Arrington Capital, Quantstamp, CoinList Alpha, Primitive Ventures, Avenir and Hypersphere.
The deal includes the right to purchase shares of common stock at $6.50 per share and attached warrants with a three-year exercise period at $9.75.
The agreement is expected to be finalized on August 28th.
Says the announcement,
“Upon closing, the Company intends to use the net proceeds from the offering primarily to fund the acquisition of SOL in the open market and the establishment of the Company’s SOL treasury operations, as well as for working capital and general corporate purposes.”
The firm also signed a non-binding letter of intent with the Solana Foundation to buy $50 million of SOL at a 15 discount based on a 30-day time-weighted average price.
Says Alice Zhang, Sharps Technology’s newly appointed chief investment officer and board member,
“Global adoption of Solana’s ecosystem is accelerating as it continues to receive institutional support for its vision of a single global market for every tradable asset, making now the right time to establish a digital asset treasury strategy with SOL.
We will have a team with deep ties to the Solana ecosystem and proven founder-level experience in scaling institutional digital asset platforms, which we believe will set the company up for success.”
