ReWalk Robotics Ltd (RWLK)

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ReWalk Robotics Announces $9.0 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules

July 01 2020 - 06:00AM

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 approximately 4,938,278 of the Company’s ordinary shares, at a purchase price of $1.8225, 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 2,469,139 ordinary shares. The offering is expected to close on or about July 6, 2020, 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 $1.76 per ordinary share.

The gross proceeds from the offering are expected to be approximately $9.0 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 device, broadening third-party payor coverage for the ReWalk Personal device and commercializing its new product lines added through distribution agreements; (ii) research and development costs related to the Company’s products maintenance, as well as developing its lightweight exo-suit technology for potential home rehab with tele-heath features. as well as continued development of its spinal cord injury device; and (iii) general corporate purposes.