The company is looking to raise over $400 million in a private placement offering and said that it intends to use the net proceeds primarily to fund the acquisition of SOL in the open market and the establishment of its SOL treasury operations.
Medical device company Sharps Technology, Inc. (STSS) on Monday announced that it is looking to establish a Solana digital asset treasury by raising over $400 million in a private placement offering.
The offering will support the company’s plans to adopt a digital asset treasury strategy under which the principal holding will be SOL, the native digital asset of the Solana blockchain, the company said.
The offering consists of an over $400 million private investment in public equity transaction for the purchase and sale of common stock and stapled warrants to purchase shares of common stock at a purchase price of $6.50 per unit. The stapled warrants will be exercisable for a period of three years and have an exercise price equal to $9.75.
Investors include ParaFi, Pantera, Monarq, FalconX, Phoenix Capital, Bastion Trading, RockawayX, Syncracy, Borderless, Republic Digital, Arche Capital, CoinFund, Arrington Capital, Quantstamp, CoinList Alpha, Primitive Ventures, Avenir, Hypersphere, and more, the company said.
On Stocktwits, retail sentiment around STSS stock jumped from ‘bullish’ to ‘extremely bullish’ territory over the past 24 hours, while message volume rose from ‘high’ to ‘extremely high’ levels. The stock traded 54% higher in the pre-market session at the time of writing.
A Stocktwits user sees the stock crossing $13 on Monday.
Another user expressed confidence in the company’s future.
The company said that it 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. Chief Investment Officer Alice Zhang highlighted that Solana’s ecosystem is accelerating.
“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,” Zhang said.
STSS stock is down by 99% this year and has lost nearly all its value over the past 12 months.
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