YOKNEAM ILIT, Israel and MARLBOROUGH, Mass., Feb. 10, 2020 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) announced the closing and funding of its previously announced public offering of 4,053,172 units at a price to the public of $1.25 per unit and 1,546,828 pre-funded units at a price to the public of $1.249 per pre-funded unit. The gross proceeds of from the offering, before deducting placement agent fees and offering expenses, are $7.0 million.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
Each unit sold in this offering contains one ordinary share and one common warrant to purchase one ordinary share. Each pre-funded unit sold in this offering contains one pre-funded warrant to purchase one ordinary share at an exercise price of $0.001 per share and one common warrant to purchase one ordinary share. Each common warrant has an exercise price of $1.25 per share, is exercisable immediately and will expire five years from the date of issuance. Each pre-funded warrant is exercisable immediately until all other pre-funded warrants have been exercised.
ReWalk intends to use the net proceeds from the offering for (i) sales, marketing and reimbursement expenses related to market development activities of the ReStore™ device and broadening third-party payor coverage for the ReWalk Personal device, (ii) research and development costs related to developing the Company’s lightweight exo-suit technology for various lower limb disabilities, including stroke and other indications affecting the ability to walk as well as continued development of its spinal cord injury device, and (iii) general corporate purposes.
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. develops, manufactures and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result of spinal cord injury or stroke. ReWalk’s mission is to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters in the U.S., Israel and Germany. For more information on the ReWalk systems, please visit www.rewalk.com.
