Business
Microbot Medical Inc. Announces $9.59 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules
HINGHAM, Mass., Dec. 26, 2019 (GLOBE NEWSWIRE) -- Microbot Medical Inc. (Nasdaq: MBOT), a medical device company specializing in the design and development of
About this update from Microbot Medical Inc.
[{"type":"text","content":"HINGHAM, Mass., Dec. 26, 2019 (GLOBE NEWSWIRE) -- Microbot Medical Inc. (Nasdaq: MBOT), a medical device company specializing in the design and development of transformational micro-robotic medical technologies, today announced that it has entered into definitive agreements with certain institutional investors for the purchase in a registered direct offering of 912,858 shares of its common stock, at a purchase price per share of $10.50, priced at-the-market under Nasdaq rules.\n The closing of the offering is expected to occur on or about December 27, 2019, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The gross proceeds to Microbot, before deducting placement agent fees and other offering expenses, are expected to be approximately $9.59 million. Microbot currently intends to use the net proceeds from this offering for the continuous development and regulatory activities for its SCS device for the treatment of hydrocephalus and NPH; continue the development of the Company’s LIBERTY robotic system, including its expansion through addition of complementary assets to it either through internal development, in-license or acquisitions; expand and develop additional applications deriving from its existing IP portfolio, either through internal development, in-license or acquisition; and for working capital and other general corporate purposes. The shares of common stock are being offered by Microbot pursuant to a “shelf” registration statement on Form S-3 that was originally filed on March 31, 2017 and declared effective by the Securities and Exchange Commission (“SEC”) on April 14, 2017 and the base prospectus contained therein (File No. 333-217076). The offering of the shares of common stock is being made only by means of a prospectus supplement that forms a part of the registration statement. A final prospectus supplement and accompanying base prospectus relating to the shares of common stock being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying base prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at 646-975-6996 or e-mail at placements@hc...