Business
Wearable Devices Ltd. Announces Closing of $16 Million Initial Public Offering
Yokne’am Illit, Israel, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (the “Company”), a growth company developing a non-invasive neural input
About this update from Wearable Devices Ltd.
[{"type":"text","content":"Yokne’am Illit, Israel, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (the “Company”), a growth company developing a non-invasive neural input interface technology for B2B and B2C customers, announced today the closing of its initial public offering of 3,750,000 common units. Each common unit was offered at a public offering price per common unit of $4.25 and consists of one ordinary share and two warrants to purchase one ordinary share each, with an initial exercise price of $4.00 per share. The gross proceeds of the offering were approximately $16 million before deducting underwriting discounts and commissions and offering expenses. In addition, the Company has granted Aegis Capital Corp. (“Aegis”) a 45-day option to purchase up to such number of additional ordinary shares equal to 15% of the number of units sold in the offering and up to such number of additional warrants equal to 30% of the number of units sold in the offering, solely to cover over-allotments, if any. The purchase price to be paid per additional ordinary share will be equal to the public offering price of one unit (less $0.01 allocated to each warrant), less the underwriting discount. The purchase price to be paid per additional warrant will be $0.01. On September 13, 2022, Aegis exercised its over-allotment option with respect to 1,125,000 warrants to purchase 1,125,000 ordinary shares. The ordinary shares and common warrants began trading on The Nasdaq Capital Market on September 13, 2022, under the symbols “WLDS” and “WLDSW”, respectively. Aegis Capital Corp. is acting as the sole book-running manager for the offering. A registration statement on Form F-1 (No. 333-262838) relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (the “SEC”) on September 12, 2022. The offering was made only by means of the Registration Statement and the preliminary prospectus contained therein. Copies of the final prospectus may be obtained on the SEC's website, www.sec.gov, or by contacting Aegis Capital Corp., Attention: Syndicate Department, 1345 Avenue of the Americas, 27th floor, New York, NY 10105, by email at [email protected], or by telephone at (212) 813-1010. This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of th...