01:31 PM EDT, 09/24/2024 (MT Newswires) -- Sharps Technology ( STSS ) said Tuesday it closed a $3.5 million secured bridge loan financing in a private placement.

The financing involved sale of securities, with purchasers agreeing to buy $1,250 in secured notes and 1,628.57 of common shares for each $1,000 invested. For a total of $3.5 million secured in financing, the company sold nearly $4.38 million of notes and 5.7 million common shares. No pre-funded warrants were sold.

The medical device and pharmaceutical packaging company plans to use the net proceeds, along with its existing cash, for general corporate purposes and working capital.

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