Sharps Technology, Inc. (Nasdaq: STSS, STSSW) announced the completion of a private placement of common stock and stapled warrants, raising more than $400 million. The company said total proceeds could reach $1 billion if all warrants are exercised. The financing involved participation from global financial institutions and digital asset investors.
Sharps Technology will use most of the funds to acquire SOL, the native token of the Solana blockchain, as part of a new digital asset treasury strategy. Additional proceeds will be directed to working capital and other corporate purposes.
To support the plan, Sharps Technology signed a non-binding letter of intent with the Solana Foundation, which includes a commitment to sell $50 million of SOL at a discount, subject to conditions and dependent on future public offerings.
Sharps Technology stated it will provide updates on its SOL holdings and performance for transparency. The company also confirmed that it will continue its core business activities in medical device distribution alongside the new digital asset strategy.
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