SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE
TO
Tender Offer Statement Under Section 14(d)(1)
or 13(e)(1)
of the Securities Exchange Act of 1934
ReWalk
Robotics Ltd.
(Name of Subject Company (Issuer) and Filing
Person (Offeror))
Options to Purchase Ordinary Shares, par
value 0.01 NIS per share
(Title of Class of Securities)
M8216Q-10-1
(CUSIP Number of Class of Securities (Underlying
Ordinary Shares))
ReWalk Robotics, Inc.
200 Donald Lynch Blvd
Marlborough, MA 01752
(508) 251-1154
(Name, Address and Telephone Number of Person
Authorized
to Receive Notices and Communications on
Behalf of Filing Person)
Copies to:
Colin J. Diamond
White & Case LLP
1221 Avenue of the Americas
New York, New York 10020
Tel: (212) 819-820
|
|
Aaron M. Lampert, Adv.
Ephraim Peter Friedman, Adv.
Goldfarb Seligman & Co.
98 Yigal Alon Street
Tel Aviv 6789141, Israel
Tel: +972 (3) 608-9999
|
CALCULATION OF REGISTRATION FEE
Transaction
valuation*
|
|
Amount
of filing fee**
|
$220,000
|
|
$25.50
|
|
*
|
Estimated
solely for purposes of determining the applicable filing fee pursuant to Rule 0-11 of the Securities Exchange Act of 1934, as
amended (“
Rule 0-11
”). This amount assumes that options to purchase an aggregate of 980,483 ordinary
shares of ReWalk Robotics Ltd. having an aggregate value of $220,000 will be exchanged for new restricted share units and cancelled
pursuant to this offer. The aggregate value of such securities was calculated based on the Black-Scholes option pricing model
as of August 31, 2017.
|
|
**
|
The amount of the filing
fee, calculated in accordance with the Rule 0-11 under the Securities Exchange Act of 1934, as amended, and Fee Rate Advisory
No. 1 for fiscal year 2017 (until September 30, 2017), equals $115.90 for each $1,000,000 of the value of the transaction. The
transaction valuation set forth above was calculated for the sole purpose of determining the filing fee, and should not be used
or relied upon for any other purpose.
|
|
¨
|
Check the box if any part
of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid.
Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.
|
Amount Previously Paid:
|
|
Not applicable.
|
Filing party:
|
|
Not applicable.
|
Form or Registration No.:
|
|
Not applicable.
|
Date filed:
|
|
Not applicable.
|
|
¨
|
Check the box if the filing
relates solely to preliminary communications made before the commencement of a tender offer.
|
Check the appropriate boxes below to designate any transactions
to which the statement relates:
|
¨
|
third party tender offer
subject to Rule 14d-1.
|
|
x
|
issuer tender offer subject
to Rule 13e-4.
|
|
¨
|
going-private transaction
subject to Rule 13e-3.
|
|
¨
|
amendment to Schedule 13D
under Rule 13d-2.
|
Check the following box if the
filing is a final amendment reporting the results of the tender offer:
¨
If applicable, check the appropriate
box(es) below to designate the appropriate rule provision(s) relied upon:
¨
Rule
13e-4(i) (Cross-Border Issuer Tender Offer)
¨
Rule
14d-1(d) (Cross-Border Third-Party Tender Offer)
|
Item 1.
|
Summary Term Sheet.
|
The information set forth under the heading
“Summary Term Sheet” in the document entitled “Offer to Exchange Certain Outstanding Options for Restricted
Share Units,” dated September 6, 2017 (as amended from time to time, the “
Offer to Exchange
”), and
attached hereto as Exhibit (a)(1)(A), is incorporated herein by reference.
|
Item 2.
|
Subject Company Information.
|
The name of the issuer is ReWalk Robotics Ltd., an Israeli company
(“
ReWalk
,” the “
Company
,” “
we
” or “
us
”). Our principal
executive offices are located at 3 Hatnufa Street, Floor 6, Yokneam Ilit 2069203, Israel, and our telephone number is +972 (4)
959-0123. The information set forth in the Offer to Exchange under the heading “The Exchange Offer—9. Information about
the Company; Summary Financial Information” is incorporated herein by reference.
This Tender Offer Statement on Schedule TO relates to an offer
by the Company (the “
Exchange Offer
”) made to certain employees and consultants of the Company and its subsidiaries
ReWalk Robotics, Inc., a Delaware company, and ReWalk Robotics GmbH, a German company, for the right to exchange certain of their
outstanding options to purchase ordinary shares, par value NIS 0.01 per share, granted under the ReWalk Robotics Ltd. 2014 Incentive
Compensation Plan (the “
2014 Plan
”), for new restricted share units (the “
New RSUs
”), also
to be granted under the 2014 Plan. Outstanding stock options, whether vested or unvested, may be tendered for exchange pursuant
to this Exchange Offer only if (i) they were granted an exercise price above $6.35, the 52-week high closing price of our ordinary
shares at the time of the commencement of this Exchange Offer as reported on The NASDAQ Stock Market LLC, (ii) they will not expire
before the expiration of the Exchange Offer
and
(iii) they are held by persons who are, on the date of commencement and
expiration of this Offer to Exchange, residents of the United States, Israel, Germany or the United Kingdom and are not otherwise
ineligible to participate in the Exchange Offer. Eligible holders must be employed by us or our subsidiaries or providing services
to us or our subsidiaries on the date the Exchange Offer commences and must remain employed or continue providing services through
the date the New RSUs are granted.
As of August 31, 2017, Eligible Options to purchase an aggregate
of 980,483 ordinary shares were outstanding. The information set forth in the Offer to Exchange under the headings “Summary
Term Sheet,” “Risks Related to the Exchange Offer” and the headings under “The Exchange Offer” titled
“1. Number of Options; Expiration Date,” “5. Acceptance of Options for Exchange and Grant of New RSUs”
and “8. Source and Amount of Consideration; Terms of New RSUs” is incorporated herein by reference.
|
(c)
|
Trading Market and Price.
|
The information set forth in the Offer to Exchange under the
heading “The Exchange Offer—7. Price Range of Ordinary Shares” is incorporated herein by reference.
|
Item 3.
|
Identity and Background of Filing Person.
|
The information set forth under Item 2(a) above and in the
Offer to Exchange under the heading “The Exchange Offer—10. Interests of Directors and Officers; Transactions and
Arrangements Concerning the Eligible Options” is incorporated herein by reference. The Company is both the filing
person and the subject company.
|
Item 4.
|
Terms of the Transaction.
|
The information set forth in the Offer to Exchange under “Summary
Term Sheet,” “Risks Related to the Exchange Offer” and the headings under “The Exchange Offer” titled
“1. Number of Options; Expiration Date,” “2. Purpose of the Exchange Offer,” “3. Procedures for Surrendering
Eligible Options,” “4. Change in Election; Withdrawal of Participation,” “5. Acceptance of Options for
Exchange and Grant of New RSUs,” “6. Conditions of the Exchange Offer,” “8. Source and Amount of Consideration;
Terms of New RSUs,” “9. Information About the Company; Summary Financial Information,” “11. Status of Options
Acquired in the Exchange Offer; Accounting Consequences of the Exchange Offer,” “12. Legal Matters; Regulatory Approvals,”
“13. Material Income Tax Consequences” and “14. Extension of the Exchange Offer; Termination; Amendment”
is incorporated herein by reference.
The information set forth in the Offer to Exchange under
the heading “The Exchange Offer—10. Interests of Directors and Officers; Transactions and Arrangements Concerning
the Eligible Options” is incorporated herein by reference.
|
Item 5.
|
Past Contacts, Transactions, Negotiations and Agreements.
|
|
(e)
|
Agreements Involving the Subject Company’s Securities.
|
The information set forth in the Offer to Exchange under
the heading “Summary Term Sheet” and under the headings under “The Exchange Offer” titled “8.
Source and Amount of Consideration; Terms of New RSUs” and “10. Interests of Directors and Officers; Transactions
and Arrangements Concerning the Eligible Options” is incorporated herein by reference. The 2014 Plan, pursuant to which
the Eligible Options were granted, is filed herewith as Exhibit (d)(1)(A) and incorporated herein by reference.
|
Item 6.
|
Purposes of the Transaction and Plans or Proposals.
|
The Exchange Offer is being conducted for compensatory purposes
as described in the Offer to Exchange. The information set forth in the Offer to Exchange under the headings “Summary Term
Sheet” and “The Exchange Offer—2. Purpose of the Exchange Offer” is incorporated herein by reference.
|
(b)
|
Use of Securities Acquired.
|
The information set forth in the Offer to Exchange under the
headings “The Exchange Offer—2. Purpose of the Exchange Offer,” “The Exchange Offer—5. Acceptance
of Options for Exchange and Grant of New RSUs” and “The Exchange Offer—11. Status of Options Acquired in the
Exchange Offer; Accounting Consequences of the Exchange Offer” is incorporated herein by reference.
The information set forth in the Offer to Exchange under the
heading “The Exchange Offer—2. Purpose of the Exchange Offer” is incorporated herein by reference.
|
Item 7.
|
Source and Amount of Funds or Other Consideration.
|
The information set forth in the Offer to Exchange under the
headings “The Exchange Offer—8. Source and Amount of Consideration; Terms of New RSUs” and “The Exchange
Offer—15. Fees and Expenses” is incorporated herein by reference.
The information set forth in the Offer to Exchange under the
headings “The Exchange Offer—6. Conditions of the Exchange Offer” and “The Exchange Offer—14. Extension
of the Exchange Offer; Termination; Amendment” is incorporated herein by reference.
Not applicable.
|
Item 8.
|
Interest in Securities of the Subject Company.
|
|
(a)
|
Securities Ownership.
|
The information set forth in the Offer to Exchange under
the heading “The Exchange Offer—10. Interests of Directors and Officers; Transactions and Arrangements Concerning
the Eligible Options” is incorporated herein by reference.
|
(b)
|
Securities Transactions.
|
The information set forth in the Offer to Exchange under
the heading “The Exchange Offer—10. Interests of Directors and Officers; Transactions and Arrangements Concerning
the Eligible Options” is incorporated herein by reference.
|
Item 9.
|
Person/Assets, Retained, Employed, Compensated or Used.
|
|
(a)
|
Solicitations or Recommendations.
|
Not applicable.
|
Item 10.
|
Financial Statements.
|
|
(a)
|
Financial Information.
|
The information set forth in the Offer to Exchange under
the headings “The Exchange Offer—9. Information About the Company; Summary Financial Information” and
“The Exchange Offer—Additional Information” is incorporated herein by reference. The Company’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2016, as amended on Form 10-K/A, can also be accessed
electronically through the website of the Securities and Exchange Commission (the “
SEC
”) at
http://www.sec.gov.
|
(b)
|
Pro Forma Information.
|
Not applicable.
|
Item 11.
|
Additional Information.
|
|
(a)
|
Agreements, Regulatory Requirements and Legal Proceedings.
|
The information set forth in the Offer to Exchange under the
headings “Risks Related to the Exchange Offer,” “The Exchange Offer—10. Interests of Directors and Officers;
Transactions and Arrangements Concerning the Options” and “The Exchange Offer—12. Legal Matters; Regulatory Approvals”
is incorporated herein by reference.
|
(c)
|
Other Material Information.
|
Not applicable.
The Exhibit Index included in this Schedule TO is incorporated
herein by reference.
|
Item 13.
|
Information Required by Schedule 13E-3.
|
Not applicable.
SIGNATURE
After due inquiry and to the best of my
knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
|
REWALK ROBOTICS LTD.
|
|
|
|
|
By:
|
/s/ Kevin Hershberger
|
|
|
Name: Kevin Hershberger
|
|
|
Title: Chief Financial Officer
|
Date: September 6, 2017
EXHIBIT INDEX
Exhibit
Number
|
|
Description
|
|
|
|
(a)(1)(A)
|
|
Offer to Exchange Certain Outstanding Options for Restricted
Share Units, dated September 6, 2017.
|
|
|
|
(a)(1)(B)
|
|
Form of e-mail to be sent to eligible employees and consultants upon commencement of the Exchange Offer.
|
|
|
|
(a)(1)(C)
|
|
Form of notice of election to participate in the Exchange Offer.
|
|
|
|
(a)(1)(D)
|
|
Form of notice of withdrawal from participation in the Exchange Offer.
|
|
|
|
(a)(1)(E)
|
|
Form of e-mail regarding confirmation of receipt of notice of election.
|
|
|
|
(a)(1)(F)
|
|
Form of e-mail regarding confirmation of receipt of notice of withdrawal.
|
|
|
|
(a)(1)(G)
|
|
Form of reminder e-mail to eligible employees and consultants
regarding the Exchange Offer.
|
|
|
|
(a)(1)(H)
|
|
Form of email to be sent to grantees of New RSUs providing notice of award of New RSUs.
|
|
|
|
(a)(1)(I)
|
|
Employee Presentation.
|
|
|
|
(a)(2)
|
|
Not applicable.
|
|
|
|
(a)(3)
|
|
Not applicable.
|
|
|
|
(a)(4)
|
|
Not applicable.
|
|
|
|
(a)(5)
|
|
Not applicable.
|
|
|
|
(b)
|
|
Not applicable.
|
|
|
|
(d)(1)(A)
|
|
ReWalk Robotics Ltd. Incentive Compensation Plan
(incorporated by reference to Exhibit 10.16 to the Company’s registration statement on Form F-1/A (File No. 333-197344), filed with the SEC on August 20, 2014).**
|
|
|
|
(d)(1)(B)
|
|
Amended and Restated Shareholders’ Rights Agreement, dated July 14, 2014, among the Company and the other parties named therein (incorporated by reference to Exhibit 10.9 to the Company’s registration statement on Form F-1/A (File No. 333-197344), filed with the SEC on July 16, 2014).
|
|
|
|
(d)(1)(C)
|
|
Form of warrant issued in connection with the Company’s follow-on offering (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed with the SEC on October 31, 2016).
|
|
|
|
(d)(1)(D)
|
|
Loan Agreement, dated December 30, 2015, between the Company and Kreos Capital V (Expert Fund) Limited (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 4, 2016).
|
|
|
|
(d)(1)(E)
|
|
Warrant, dated December 30, 2015, between the Company and Kreos Capital V (Expert Fund) Limited (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on January 4, 2016).
|
|
|
|
(d)(1)(F)
|
|
First Amendment, dated June 9, 2017, to Loan Agreement, dated December 30, 2015, between ReWalk Robotics Ltd. and
Kreos Capital V (Expert Fund) Limited
(incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on August
3
, 2017)
.
|
|
|
|
(d)(1)(G)
|
|
Secured Convertible Promissory Note, dated June 9, 2017, issued to Kreos Capital V (Expert Fund) Limited (incorporated by reference to Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 3, 2017).
|
|
|
|
(d)(1)(H)
|
|
2014 Incentive Compensation Plan Form of Option Award Agreement for employees and executives (incorporated by reference to Exhibit 10.18 to the Company’s Annual Report on Form 10-K filed with the SEC on February 29, 2016, as amended on May 6, 2016).**
|
(d)(1)(I)
|
|
2014 Incentive Compensation Plan Form of Restricted Stock Unit Award Agreement for employees and executives (incorporated by reference to Exhibit 10.19 to the Company’s Annual Report on Form 10-K filed with the SEC on February 29, 2016, as amended on May 6, 2016).**
|
|
|
|
(d)(1)(J)
|
|
2014 Incentive Compensation Plan Form of Restricted Stock Unit Award Agreement for non-Israeli non-employee directors (incorporated by reference to Exhibit 10.20 to the Company’s Annual Report on Form 10-K filed with the SEC on February 29, 2016, as amended on May 6, 2016).**
|
|
|
|
(d)(1)(K)
|
|
2014 Incentive Compensation Plan Form of Option Award Agreement for Israeli non-employee directors (incorporated by reference to Exhibit 10.21 to the Company’s Annual Report on Form 10-K filed with the SEC on February 17, 2017, as amended on April 27, 2017).**
|
|
|
|
(d)(1)(L)
|
|
2014 Incentive Compensation Plan Form of Option Award Agreement for non-Israeli non-employee directors (incorporated by reference to Exhibit 10.22 to the Company’s Annual Report on Form 10-K filed with the SEC on February 17, 2017, as amended on April 27, 2017).**
|
|
|
|
(d)(1)(M)
|
|
Equity Distribution Agreement, dated May 10, 2016, between the Company and Piper Jaffray & Co., as Agent (incorporated by reference to Exhibit 1.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 10, 2016).
|
|
|
|
(g)
|
|
Not applicable.
|
|
|
|
(h)
|
|
Not applicable.
|
|
**
|
Management
contract or compensatory plan, contract or arrangement.
|
ReWalk Robotics (NASDAQ:RWLK)
Historical Stock Chart
From Mar 2024 to Apr 2024
ReWalk Robotics (NASDAQ:RWLK)
Historical Stock Chart
From Apr 2023 to Apr 2024