Why Is Sharps Technology (STSS) Stock Up

 

• Sharps Technology (STSS) stock is up alongside a five-year purchase agreement.
• This covers $188.5 million of syringes made by it.
• That agreement is with Nephron.

Sharps Technology (NASDAQ:STSS) stock is rocketing higher on Tuesday after the company announced a potential five-year purchase agreement with Nephron.

This agreement has Nephron making Sharps Technology its exclusive pre-filled copolymer syringe manufacturer. That will see it purchase a minimum of $188.5 million of syringes over those five years.

The purchase agreement also includes an amendment to the cash consideration between the two companies. That includes $35 million payable in cash on closing. $1 million of that will be payable as a deposit within 14 days of approval by the seller’s senior lender.

It’s worth noting that the five-year purchase agreement with Nephron hasn’t gone into effect just yet. Instead, it will only do so after the completion of an asset purchase agreement between the two companies.

https://investorplace.com/2024/05/why-is-sharps-technology-stss-stock-up-194-today/