Sharps Technology (Nasdaq:S.S.T.S.) shares surged on Tuesday after the company announced a potential five-year acquisition deal. nephron.
The agreement makes Nephron the exclusive manufacturer of Sharps Technology's prefilled copolymer syringes, which will see the company purchase at least $188.5 million worth of syringes over the next five years.
The purchase agreement also includes an amended cash consideration between the two parties, including $35 million to be paid in cash at closing, of which $1 million will be paid as an earnest money deposit within 14 days following approval by the seller's senior loan provider.
It is important to note that the five-year purchase agreement with Nefron has not yet gone into effect. It will only become effective once the asset purchase agreement between the two companies is completed.
STSS stock price movements on Tuesday
Today's news has led to active trading in Sharps Technology shares. As of this writing, over 65 million shares of STSS stock have been traded, a significant increase compared to the company's average daily trading volume of around 926,000 shares.
STSS shares were up 193.6% as of Tuesday morning. Investors will note that as of the market close on Friday, STSS shares were down 46.4% year to date.
Investors who want to know more about the latest news on the stock market today should read on.
We bring you the latest news from the stock market on Tuesday! Big movements in pre-market stock prices this morning, Innovative Eyewear (Nasdaq:LucyFor all information, including availability, please see the link below.
Tuesday Stock Market News
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As of the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are solely those of the author, which is subject to InvestorPlace.com copyright. Publication Guidelines.
