UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 Entry into a Material Definitive Agreement.
On July 24, 2024, Sharps Technology, Inc., a Nevada corporation (the “Company”), entered into a Supply Agreement (the “Supply Agreement”) with Stericare Solutions, LLC, a Texas limited liability company, (“Stericare”), pursuant to which Stericare agreed to purchase 520 million units of 10ml PP Sologard syringes from the Company. The specific purchase price is confidential and redacted from the Supply Agreement filed herewith but revenues are expected in excess of $50M. Pursuant to the Supply Agreement, Stericare has agreed to purchase 520 million units of 10ml PP Sologard syringes in the following increments: 40 million units in the first year, and 120 million units every year for the remaining life of the Supply Agreement. The Supply Agreement has a five (5) year term commencing upon the initial delivery of product to the point of entry in USA, targeted for November 1, 2024 (the “Initial Term”). Upon expiration of the Initial Term, the Supply Agreement will automatically renew for additional one (1) year periods (each, a “Renewal Term”), unless a party gives the other party written notice of termination at least ninety (90) days prior to the end of the Initial Term or Renewal Term. The Agreement may be terminated by either party upon written notice to the other party if the other party breaches any material term or condition of this Agreement and fails to cure such breach within thirty (30) days after receipt of written notice thereof. The Agreement may be terminated by either party upon written notice to the other party if the other party becomes insolvent, makes an assignment for the benefit of creditors, or a petition under any bankruptcy or insolvency Law is filed by or against such party and is not dismissed within 120 days. If either party is acquired by a competitor of the other party, then either party can terminate the Agreement with six (6) months written notice.
The foregoing is a summary description of certain terms of the Supply Agreement. For a full description of all terms, please refer to the copy of the Supply Agreement that is incorporated by reference and filed herewith as Exhibit 1.0.
Item 7.01 Regulation FD Disclosure
On July 25, 2024, Sharps Technology, Inc. (the “Company”) issued a press release announcing that it has entered into a five-year agreement with Stericare Solutions, LLC to supply them with customized 10mL SoloGard syringes, thus selling out the available manufacturing capacity for the 10mL SoloGard disposable syringe in the Company’s EU facility.
A copy of the press release is furnished hereto as Exhibit 99.1 and incorporated herein by reference.
Exhibits 9.01 Financial Statements and Exhibits
| Exhibit No. | Description | |
| 10.1 | Supply Agreement, dated July 24, 2024, by and among Sharps Technology, Inc. and Stericare Solutions, LLC | |
| 99.1 | Press Release dated July 25, 2024 | |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) |
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: July 25, 2024
| SHARPS TECHNOLOGY, INC. | |
| /s/ Robert Hayes | |
| Robert Hayes | |
| Chief Executive Officer |