MELVILLE, N.Y., May 14, 2026 /PRNewswire/ -- Sharps Technology, Inc. ("Sharps Technology" or the "Company") (NASDAQ: STSS) today announced that its Board of Directors has adopted a limited duration stockholder rights plan (the "Rights Plan") to protect stockholder interests.
The Board adopted the Rights Plan following recent accumulations of the Company's common stock in order to protect the interests of the Company and its stockholders. The Rights Plan is intended to better ensure that all stockholders have the opportunity to realize the value of their investment. Further, it is designed to reduce the likelihood that any person or group could obtain control of the Company through open market accumulation or other tactics without paying an appropriate control premium. The Rights Plan also provides the Board with sufficient time to make informed judgments and take actions that are in the best interests of the Company and its stockholders. It does not deter the Board from considering any offer or proposal that is fair and otherwise in the best interest of Sharps Technology's stockholders.
"The Board determined that adopting the Rights Plan is a prudent measure to guard against tactics to gain control of Sharps Technology without appropriately recognizing the full value of the Company," said Paul Danner, Executive Chair of the Board. "We remain focused on executing our transformational strategy and taking actions that we believe will drive long-term value for all stockholders."
In connection with the Rights Plan, Sharps Technology will issue, by means of a dividend, one preferred share purchase right for each outstanding share of Sharps Technology common stock to stockholders of record as of the close of business on May 26, 2026. Initially, these rights will not be exercisable and will trade with, and be represented by, the shares of Sharps Technology common stock. The Rights Plan has an expiration date of May 12, 2027, although the Board may consider whether to terminate the Rights Plan earlier than such date if warranted.
The Rights Plan is similar to other rights plans adopted by publicly held companies. Under the Rights Plan, the rights generally will become exercisable only if a person or group (including a group of persons who are acting in concert with each other) acquires beneficial ownership of 15% or more of Sharps Technology's common stock in a transaction not approved by Sharps Technology's Board of Directors. In that situation, each holder of a right (other than the acquiring person or group, whose rights will become void and will not be exercisable) will have the right to purchase, upon payment of the exercise price of $10.00 per right (both the exercise price and the number of shares for which a right is exercisable being subject to adjustment from time to time as set forth in the Rights Plan) and in accordance with the terms of the Rights Plan, a number of shares of Sharps Technology's common stock having a market value of twice such price. In addition, if Sharps Technology is acquired in a merger or other business combination after an acquiring person acquires 15% or more of Sharps Technology's common stock, each holder of the right would thereafter have the right to purchase, upon payment of the then-current exercise price and in accordance with the terms of the Rights Plan, a number of shares of common stock of the acquiring person having a market value of twice such price. The acquiring person or group will not be entitled to exercise these rights.
Additional details regarding the Rights Plan are contained in the Company's Quarterly Report on Form 10-Q filed today with the U.S. Securities and Exchange Commission.
Ellenoff Grossman & Schole LLP is serving as legal counsel to Sharps Technology.
About Sharps Technology
Sharps Technology is a medical device sales and distribution company focused on delivering best-in-class safety syringe solutions to the healthcare industry. The Company's current product offerings include ultra-low waste syringe technologies designed with active safety and re-use prevention features, underscoring its commitment to safer clinical outcomes and sustainable, eco-friendly product design.
The Company has adopted a digital asset treasury strategy focused on accumulating SOL, the native digital asset of the Solana blockchain, leveraging capital markets raises to power on-chain yield generation with the Solana Ecosystem.
Forward-Looking Statements
This press release contains certain forward-looking statements, including but not limited to those relating to the Company's Rights Plan. Forward-looking statements are based on the Company's current expectations and assumptions. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors, market and other conditions and risks identified from time to time in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual reports on Form 10-K, under the caption "Risk Factors."
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SOURCE Sharps Technology Inc
