Sharps Technology Stock Rises Following $100M Buyback Program – Find Out More

Sharps Technology Inc. (STSS) announced on Thursday the launch of a share buyback program worth up to $100 million, aiming to repurchase a portion of its outstanding common stock. 

The repurchase authorization will enable the company to acquire shares through either public market purchases or privately negotiated deals, depending on market conditions.

Following the announcement, Sharps Technology's stock traded over 1% higher in Thursday’s premarket and was the third-most trending equity ticker on Stocktwits. Retail sentiment around the stock jumped to ‘bullish’ from ‘bearish’ territory the previous day. Message volume improved to ‘low’ from ‘extremely low’ in 24 hours.  

A bullish Stocktwits user sounded optimistic about the stock’s growth. 

Sharps Technology is a medical device company that now uses a digital asset strategy centered on collecting SOL, the main cryptocurrency of the Solana blockchain. 

In August, Sharps announced that it is looking to establish a Solana digital asset treasury by raising over $400 million in a private placement offering.  

Consequently, in September, Sharps announced its first acquisition of Solana tokens as part of its digital asset treasury strategy. Funded by the recent PIPE equity raise, the company now holds over two million SOL, creating a SOL treasury currently valued at over $400 million.

On Monday, Sharps Technology entered into a partnership with Crypto.com to boost its digital asset treasury management capabilities. Sharps Technology stock has lost over 98% of its value year-to-date. 

Also See: Why Is Nebius Stock Rising Pre-Market Today?

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