No worries for now about another offering.. Wearable Devices Ltd. Announces Closing of $16 Million Initial Public Offering
Source: GlobeNewswire Inc.
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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.
The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, the Mudra Inspire, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Metaverse, one of the most rapidly expanding landscapes in the tech industry.
