Business
ReWalk Robotics Announces $32.5 Million Registered Direct Offering Priced At Premium to Market
MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Sept. 27, 2021 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”)
About this update from Lifeward Ltd.
[{"type":"text","content":"MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Sept. 27, 2021 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”) today announced that it has entered into definitive agreements with several institutional investors providing for the issuance of 16,013,518 of the Company’s ordinary shares (or ordinary share equivalents in lieu thereof), at an effective purchase price of $2.035, in a registered direct offering priced at-the-market under Nasdaq Rules. ReWalk has also agreed to issue to the investors unregistered warrants to purchase up to an aggregate amount of 8,006,759 ordinary shares in a concurrent private placement. The offering is expected to close on or about September 29, 2021, subject to satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The warrants will have a term of five and one-half years, be exercisable immediately following the issuance date and have an exercise price of $2.00 per ordinary share. The gross proceeds from the offering are expected to be approximately $32.5 million. The Company intends to use the net proceeds from the offering for the following purposes: (i) sales, marketing and reimbursement expenses related to market development activities of the Company’s ReStore and Personal 6.0 devices, broadening third-party payor and CMS coverage for the ReWalk Personal device and commercializing its new product lines added through distribution agreements; (ii) research and development of the Company’s lightweight exo-suit technology for potential home personal health utilization for multiple indications and future generation designs for ReWalk’s spinal cord injury device; (iii) routine product updates; and (iv) general corporate purposes, including working capital needs and potential acquisitions of businesses. The Company’s ordinary shares (or ordinary share equivalents in lieu thereof) (but not the warrants or the ordinary shares underlying the warrants) are being offered by ReWalk in a registered direct offering pursuant to a “shelf” registration statement on Form S-3 (File No. 333-231305) previously filed with the Securities and Exchange Commission (the “SEC”) on May 9, 2019 and declared effective by the SEC on May 23, 2019. Such ordinary shares may be offered only by means of a prospectus, ...