This stock jumps over 50% on establishment of ‘largest Solana’ treasury
Sharps Technology (NASDAQ: STSS) shares surged in premarket trading on Monday after the company announced plans to establish what it called the “largest Solana (SOL)-based digital asset treasury strategy.” Notably, STSS jumped 54.45% to $11.36 in premarket, up from Friday’s close of $7.36. Despite the sharp move, the stock remains down 98% year to date, though it has gained 45% over the past week. Why STSS stock is rallying The rally followed news of a private placement of more than $400 million, structured as a private investment in public equity (PIPE). The deal involves the sale of common stock and warrants at $6.50 per unit, with attached warrants exercisable for three years at $9.75, roughly 50% above the unit price. Closing is expected around August 28, pending customary conditions. Proceeds from the offering will primarily be used to acquire Solana tokens. Sharps Technology, a medical device and pharmaceutical packaging firm, has also entered into a...