Ekso Bionics Holdings Announces Closing of Public Offering of Common Stock
August 12 2016 - 11:00AM
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO), a robotic exoskeleton
company, today announced the closing of its previously announced
public offering of 3,750,000 shares of common stock, at a price to
the public of $4.00 per share. The net proceeds to the Company are
expected to be $13.7 million, after deducting underwriting
discounts and offering expenses payable by the Company. The
underwriters have been granted a 30-day option to purchase an
additional 562,500 shares at the public offering price to cover
over-allotments.
The Company intends to use the net proceeds from this offering
for its operations, including, but not limited to, increasing its
investments (i) in its clinical, sales and marketing initiatives to
accelerate adoption of the Ekso robotic exoskeleton in the
rehabilitation market; (ii) in its research, development and
commercialization activities with respect to an Ekso robotic
exoskeleton for home use and/or (iii) in the development and
commercialization of able-bodied exoskeletons for industrial use,
as well as for working capital and other general corporate
purposes.
Cowen and Company acted as the sole book-running manager for the
offering, SunTrust Robinson Humphrey acted as lead manager in the
offering and B. Riley & Co. acted as co-manager in the
offering.
The offering was made pursuant to an effective shelf
registration statement previously filed with the Securities and
Exchange Commission, or SEC, which was declared effective on July
9, 2015. A final prospectus supplement and accompanying prospectus
describing the terms of the offering were filed with the SEC and
are available on the SEC’s website at www.sec.gov. Copies of the
final prospectus supplement and accompanying prospectus relating to
the offering may be obtained by contacting Cowen and Company, LLC,
c/o Broadridge Financial Services, 1155 Long Island Avenue,
Edgewood, NY, 11717, Attn: Prospectus Department, or by calling
(631) 274-2806.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities of the Company, nor
shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Ekso Bionics
Ekso Bionics designs, develops and sells exoskeletons that have
applications in healthcare, industrial, military, and consumer
markets. Our exoskeleton systems are worn over the user’s clothing
to enhance human strength, endurance and mobility. These systems
serve multiple markets and can be used both by able-bodied users as
well as by persons with physical disabilities. The company and its
partners have sold, rented or leased devices that (a) enable
individuals with neurological conditions affecting gait (for
example, spinal cord injury or stroke) to rehabilitate and to walk
again; (b) allow industrial workers to perform heavy duty work for
extended periods; and (c) permit soldiers to carry heavy loads for
long distances while mitigating lower back, knee, and ankle
injuries. Ekso Bionics is headquartered in Richmond, CA and is
listed on the Nasdaq Capital Market under the symbol EKSO.
Forward Looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking
statements. Forward-looking statements may include, without
limitation, statements regarding the anticipated use of proceeds
from the offering. Such forward-looking statements are not meant to
predict or guarantee actual results, performance, events or
circumstances and may not be realized because they are based upon
the Company's current projections, plans, objectives, beliefs,
expectations, estimates and assumptions and are subject to a number
of risks and uncertainties and other influences, many of which the
Company has no control over. Actual results and the timing of
certain events and circumstances may differ materially from those
described by the forward-looking statements as a result of these
risks and uncertainties. Factors that may influence or contribute
to the inaccuracy of the forward-looking statements or cause actual
results to differ materially from expected or desired results may
include, without limitation, the Company's inability to obtain
adequate financing to fund the Company's operations and necessary
to develop or enhance its technology, the significant length of
time and resources associated with the development of the Company's
products, the Company's failure to achieve broad market acceptance
of the Company's products, the failure of its sales and marketing
organization or partners to market its products effectively,
adverse results in future clinical studies of the Company's medical
device products, the failure to obtain or maintain patent
protection for the Company's technology, failure to obtain or
maintain regulatory approval to market the Company's medical
devices, lack of product diversification, existing or increased
competition, and the Company's failure to implement the Company's
business plans or strategies. These and other factors are
identified and described in more detail in the Company's filings
with the SEC. To learn more about Ekso Bionics please visit us at
www.eksobionics.com. The Company does not undertake to update these
forward-looking statements.
Contact:
Investor Contact:
Debbie Kaster
415-937-5403
investors@eksobionics.com
Media Contacts:
Carrie Yamond / Rajni Dhanjani
212-867-1788
cyamond@lazarpartners.com
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