ReWalk Robotics Announces Full Exercise of Underwriter’s Option to Purchase Additional Ordinary Shares in Follow-on Public Offering
YOKNEAM ILIT, Israel and MARLBOROUGH, Mass., Nov. 28, 2017 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (RWLK) (“ReWalk” or the “Company”) today announced that National Securities Corporation (“National”), the underwriter of ReWalk’s underwritten public offering of ordinary shares, exercised in full its option to purchase 1,028,550 additional ordinary shares at a price to the public of $1.05 per ordinary share for total proceeds (after underwriting discounts and commissions and before expenses) of $998,979.19. After the exercise of the option, the total number of ordinary shares sold by ReWalk in the offering increased from 6,857,000 to 7,885,550.
National, a wholly-owned subsidiary of National Holdings Corporation (NHLD), acted as sole book-running manager of the offering. National exercised the option on November 22, 2017, after the offering of the 6,857,000 base shares closed on November 21, 2017, and the offering of the shares subject to the option closed on November 27, 2017.
ReWalk intends to use the net proceeds from the offering for (i) sales, marketing and reimbursement expenses related to market development activities and broadening third-party payor coverage and (ii) research and development costs related to developing its lightweight “soft suit” exoskeleton technology for various lower limb disabilities, including stroke and other indications affecting the ability to walk.
The offering was made under an effective registration statement on file with the Securities and Exchange Commission (the “SEC”). The final prospectus disclosing the final terms of the offering may be obtained from National Securities Corporation, Attention: Marguerite Rogers, 200 Vesey Street, 25th Floor, New York, NY 10281, by telephone at (212) 417-8227, or by email at prospectusrequest@nationalsecurities.com. The final prospectus is also available on the SEC’s website at www.sec.gov.
