Current Report Filing (8-k)
October 04 2022 - 8:01AM
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2022-09-29
2022-09-29
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT PURSUANT
TO
SECTION 13 OR 15(D) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): September 29, 2022
Sharps
Technology, Inc.
(Exact
Name of Registrant as Specified in Its Charter)
Nevada
(State
or Other Jurisdiction of Incorporation)
001-41355 |
|
82-3751728 |
(Commission File Number) |
|
(IRS Employer Identification
No.) |
105
Maxess Road, Melville, New York 11747
(Address
of Principal Executive Offices)
(631)
574 -4436
(Registrant’s
Telephone Number, Including Area Code)
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement communications
pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common Stock, $0.0001 par
value |
|
STSS |
|
NASDAQ Capital Market |
Common Stock Purchase Warrants |
|
STSSW |
|
NASDAQ Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 |
Entry into a Material Definitive
Agreement. |
On
September 29, 2022, Sharps Technology, Inc. (the “Company”) entered into an agreement (the “Agreement”) with
InjectEZ, LLC (“InjectEZ”), Nephron Pharmaceuticals Corporation (“NPC”), Nephron SC, Inc. (“NSC”),
and Nephron Sterile Compounding Center LLC (“Sterile”) (NPC, NSC, and Sterile are sometimes collectively referred to as “Nephron”),
pursuant to which the Company will provide technical advice and assistance to support manufacturing by InjectEZ, purchase certain
quantities of syringes as the Company may order or require, and collaborate with Nephron on certain related business endeavors.
The
Agreement is for a period of four (4) years, expiring on September 28, 2026 and continues thereafter for successive one (1) year periods.
In
connection with the Agreement, the Company will enter into a manufacturing and supply agreement with InjectEZ regarding the development
and manufacture of high value pre-fillable syringe systems that can be used by the healthcare industry, pharmaceutical markets and including
Nephron on terms agreed upon by the parties. The Agreement will allow for the supply of the pre-fillable systems of different sizes and
with specialized technology that will be compatible with industry standards and technology beginning in early 2023. The Agreement also
allows for further expansion of manufacturing capabilities by the Company working with InjectEZ to support future industry and customer
demand of pre-fillable systems as detailed in the Agreement.
In
connection with the Agreement, the Company will enter into a Pharma Services Program (PSP) with Nephron that will create new business
development growth opportunities for both companies. These opportunities will include the development and sale of next generation drug
delivery systems that will be produced by the Company and can be purchased by healthcare Industry, pharmaceutical markets and Nephron.
In
connection with the Agreement, the Company will enter into a distribution program with Nephron in which the Company can utilize Nephron’s
third party logistics providers in support of distributing, obtaining product qualifications including clinical trials with Nephron’s
healthcare customers for all products developed by the Company.
NPC is a West Columbia, S.C.-based company that develops and produces safe, affordable generic inhalation solutions
and suspension products. NPC also operates an industry-leading 503B Outsourcing Facility division, which produces pre-filled
sterile syringes, luer-lock vials, IV bottles and IV bags for hospitals across America, in an effort to alleviate drug shortage needs.
NPC launched a CLIA-certified diagnostics lab in 2020 where it tests people for COVID-19 and administers vaccinations.
The
foregoing is a summary description of certain terms of the Agreement. For a full description of all terms, please refer to the copy of
the Agreement that is incorporated by reference and filed herewith as Exhibit 10.1.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
Date:
October 04, 2022
|
SHARPS TECHNOLOGY, INC. |
|
|
|
/s/ Robert
M. Hayes |
|
Robert M. Hayes |
|
Chief Executive Officer |
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