Business
ReWalk Robotics Announces Closing of Acquisition of AlterG
Combined Company Expected to Expand Access for Patients to Innovative Rehabilitation Technologies for Use in Clinics and the Home Charles Remsberg Appointed
About this update from Lifeward Ltd.
[{"type":"text","content":"Combined Company Expected to Expand Access for Patients to Innovative Rehabilitation Technologies for Use in Clinics and the Home Charles Remsberg Appointed Chief Sales Officer at ReWalk Robotics MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILLIT, Israel, Aug. 11, 2023 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or “the Company”), a leading provider of innovative technologies that enable mobility and wellness in rehabilitation and daily life for individuals with neurological conditions, today announced closing of the previously announced acquisition of AlterG, Inc. (“AlterG”), a leading innovator and leading provider of Anti-Gravity systems for use in physical and neurological rehabilitation. ReWalk paid a purchase price of approximately $19 million in cash (subject to customary adjustments for net working capital, indebtedness, cash, and transaction expenses). The transaction also provides for two potential earnout payments to be made by ReWalk based on a percentage of AlterG’s year-over-year revenue growth during each of the two consecutive trailing twelve-month periods following the closing. AlterG develops, manufactures, and markets Anti-Gravity systems, which use unique, gravity-defying, NASA-derived Differential Air Pressure technology to reduce the effects of gravity and allow people to move in new ways with finely calibrated support and reduced pain. AlterG systems can be found in more than 4,000 facilities around the world and have helped millions to safely and consistently reach their goals and achieve better mobility outcomes. “We are exceedingly pleased to have now formally combined the unique and complementary strengths of our two organizations,” said Larry Jasinski, Chief Executive Officer (“CEO”) of ReWalk. “We now look forward to applying our respective competencies and leveraging our synergies to expand clinician and patient access to the innovative technologies within our combined portfolio.” In conjunction with the closing of the transaction, Charles Remsberg, former CEO of AlterG, was appointed as Chief Sales Officer of ReWalk. The Compensation Committee of the Board of Directors of ReWalk approved the grant of an aggregate of 200,000 Restricted Stock Units as an inducement material to Mr. Remsberg’s entering into employment with ReWalk in accordance with Nasdaq Listing Rule 5635(c)(4), sub...