Sharps Technology Inc. (NASDAQ:STSS) shares are trading higher Wednesday after two major announcements fueled investor enthusiasm.
What To Know: According to filings, insiders purchased a combined 840,000 shares at prices ranging from $6.41 to $8.06, a move that suggested strong internal confidence and helped drive momentum in the stock.
The company also announced a private placement exceeding $400 million. Sharps said the proceeds will primarily be used to acquire SOL, the native token of the Solana blockchain, and to set up its digital asset treasury operations, alongside general corporate purposes.
As part of the announcement, Sharps signed a letter of intent with the Solana Foundation. The foundation committed to selling $50 million of SOL to the company at a 15% discount to a 30-day average price once conditions are met. Leadership changes were also revealed, with Alice Zhang appointed Chief Investment Officer and James Zhang brought on as a strategic advisor. Both have ties to Solana's institutional network.
"Solana defines the standard for digital infrastructure, providing a high-throughput, low-cost, real-time settlement layer for everything from blue-chip equities to bonds to private assets," said Alice Zhang in the press release, outlining why the company is making the pivot.
The stock is moving on the combination of insider purchases and the announcement of a large Solana-focused treasury strategy backed by institutional investors.
STSS Price Action: Sharps Technology shares were up 52.26% at $14.82 at the time of writing, according to Benzinga Pro.
Read Next:
Image Via Shutterstock.
