- Sharps Technology (STSS, Financial) announces a 1-for-300 reverse stock split effective April 27, 2025.
- This action is intended to comply with Nasdaq’s minimum bid price requirement.
- Authorized shares will be reduced from 500,000,000 to 1,666,667.
Sharps Technology, Inc. (STSS), an innovative medical device and pharmaceutical packaging company, has announced a reverse stock split of its common stock at a ratio of 1-for-300, which will take effect on April 27, 2025, at 11:59 PM Eastern Time. Following this, the company's stock will trade on a post-reverse split basis starting April 28, 2025, under the ticker symbol 'STSS' on the Nasdaq Capital Market.
The primary purpose of this reverse stock split is to ensure compliance with Nasdaq's minimum bid price requirement, a necessary condition for maintaining Sharps' listing on the exchange. As part of the reverse split, the number of authorized common shares will be reduced significantly from 500,000,000 to 1,666,667, a move authorized by the Board of Directors without shareholder approval, based on the provisions within Nevada Revised Statutes Section 78.207.
This strategic decision reflects Sharps Technology's commitment to sustaining its market position and ensuring eligibility for continued trading on Nasdaq. While this reverse split does not impact the company's other stock classes, it signals a structural realignment aimed at bolstering its stock's market performance.
