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.
STSS Stock Movement on Tuesday
Today’s news brings with it heavy trading of Sharps Technology stock. As of this writing, more than 65 million shares of STSS stock have changed hands. That’s a massive increase compared to the company’s daily average trading volume of about 926,000 shares.
STSS stock is up 193.6% as of Tuesday morning. Investors will note that STSS stock was down 46.4% year-to-date when markets closed on Friday.
Investors seeking out more of the most recent stock market stories today will want to stick around!
We have all of the hottest stock market news on Tuesday! That includes the biggest pre-market stock movers this morning, the latest news for Innovative Eyewear (NASDAQ:LUCY) stock and more. You can find all of that info at the following links!
More Tuesday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
