Sharps Technology stock soars on $400M Solana treasury plan
Sharps Technology announced a $400 million raise to launch a Solana treasury, sending its shares soaring Monday as more health sector firms pivot into digital assets.
Shares of Sharps Technology nearly doubled Monday after the medical device maker announced a $400 million move to fund a new treasury strategy built around Solana’s native token. The stock jumped 96% from $7.40 to an intraday high of $14.53 before easing to $12.01 at this writing.
Sharps signed a letter of intent with the Solana Foundation to purchase Solana (SOL) tokens via a private investment in public equity (PIPE) transaction — a type of financing deal where accredited investors buy shares of a publicly traded company at a discount to the current market price.
The deal, expected to close on or around Aug. 28, would see Sharps acquire $50 million worth of SOL tokens at a 15% discount to their 30-day average price.