Sharps Technology Announces $100 Million Share Buyback Plan

Doohyun Hwang

Summary

Sharps Technology announced plans for a share buyback of up to $100 million.
The company has already raised over $400 million in PIPE investment and said it holds about 2 million SOL.
However, STSS stock has been declining after surging at the end of August and is currently reported at $6.52.

Sharps Technology, which operates a Solana (SOL)-based Digital Asset Treasury (DAT), announced plans for a share buyback program of up to $100 million.

On the 2nd (local time), Sharps Technology said in a press release, "Through this share buyback program it may purchase shares in the open market and in negotiated transactions." Share buybacks are typically used by management to boost investor confidence and defend the share price when they believe the company's value is undervalued.

In August, Sharps Technology announced plans to become the world's largest Solana DAT and raised more than $400 million in PIPE (Private Investment in Public Equity) investments. At the time, investors including ParaFi Capital and Pantera Capital participated.

The company currently holds approximately 2 million SOL, which is about $448 million. However, STSS stock surged to $16 at the end of August and has since declined; it is currently $6.52 according to Yahoo Finance, down 4% from the previous day.

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