MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Dec. 03, 2020 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK), today announced that it has entered into securities purchase agreements with certain institutional and other accredited investors to raise $8.0 million through the issuance of 5,579,776 its ordinary shares and warrants to purchase up to 4,184,832 ordinary shares, at a purchase price of $1.43375 per share and associated warrant, in a private placement priced “at-the-market” under Nasdaq Rules. 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 $1.34 per ordinary share.
H.C. Wainwright & Co. is acting as the sole placement agent for the offering.
The Company intends to use the net proceeds for: (i) sales, marketing and reimbursement expenses related to market development activities of its ReStore device, broadening third-party payor coverage for its ReWalk Personal device and commercializing its new product lines added through distribution agreements; (ii) research and development activities; and (iii) general corporate purposes, including working capital needs. The closing of the private placement is expected to occur on or about December 7, 2020, subject to satisfaction of customary closing conditions.
The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
Under an agreement with the investors, the Company is required to file an initial registration statement with the Securities and Exchange Commission (the “SEC”) covering the resale of the ordinary shares to be issued to the investors (including the shares underlying the warrants) no later than 15 days after today and to use best efforts to have the registration statement declared effective as promptly as practical thereafter, and in any event no later than 90 days after today in the event of a “full review” by the SEC.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.
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.
