Ekso Bionics® Raises $34 Million in Fully-Financed Rights Offering
September 07 2017 - 09:00AM
Ekso Bionics Holdings, Inc. (NASDAQ:EKSO) (“Ekso” or “Ekso
Bionics”), an industry leader in exoskeleton technology for medical
and industrial use, today announced the final results of its
previously announced rights offering, which expired on August 31,
2017. Through wide participation, the offering was fully
financed and Ekso raised $34.0 million of gross proceeds, including
a $20.5 million investment by Puissance Capital Management
(“Puissance Capital”).
“We believe that this financing reflects growing
excitement within the investment community for the potential of our
products and technologies,” said Thomas Looby, President and Chief
Executive Officer of Ekso Bionics. “The capital raised
through this financing will provide us with additional resources to
further advance the adoption and development of our innovative
exoskeleton solutions in both the rehabilitation and industrial
verticals. We are pleased to have Puissance Capital as a new
investor as they share our vision for innovating products that will
establish a new industry and will help us develop our presence in
Asia.”
Rights holders subscribed for an aggregate of
13,463,942 common shares in the rights offering, and 20,536,058
common shares will be issued to Puissance Capital. Common shares
will be delivered to subscribers in the rights offering on or about
September 7, 2017. Excess subscription funds will be returned by
VStock Transfer, LLC, the subscription agent in the rights
offering, to subscribing rights holders as soon as practicable.
In connection with this investment, Ted Wang,
Ph.D., CIO of Puissance Capital Management, is expected to join the
Ekso Board of Directors. Puissance Capital Management is a
global asset manager founded in 2015 with offices in the U.S. and
China. Prior to founding the firm, Dr. Wang was a Partner of
Goldman, Sachs & Co in New York. During his 18-year
tenure at the firm he held many leadership positions including as a
member of the Goldman Sachs Risk Committee. Prior to joining
Goldman, Dr. Wang co-founded Xeotron Corp., a company specializing
in DNA biochips in Texas. Dr. Wang holds a Ph.D. in Physics from
the University of Minnesota, an MBA from the University of Texas,
Austin, and a BS from Fudan University, China.
Ekso intends to use the net proceeds from the
rights offering (i) to continue with clinical, sales and marketing
initiatives to accelerate adoption of Ekso in the rehabilitation
market and broaden the Ekso footprint into Asia, (ii) to support
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, and for working capital and other general corporate
purposes.
The rights offering was made pursuant to a
Registration Statement on Form S-3 that was filed with the
Securities and Exchange Commission (SEC) and became effective on
June 16, 2017. For questions about the rights offering, contact
VStock Transfer, LLC, the information agent for the rights
offering, at (212) 828-8436.
About Ekso Bionics®Ekso Bionics
is a leading developer of exoskeleton solutions that amplify human
potential by supporting or enhancing strength, endurance and
mobility across medical, industrial and defense applications.
Founded in 2005, the company continues to build upon its
unparalleled expertise to design some of the most cutting-edge,
innovative wearable robots available on the market. Ekso Bionics is
the only exoskeleton company to offer technologies that range from
helping those with paralysis to stand up and walk, to enhancing
human capabilities on job sites across the globe, to providing
research for the advancement of R&D projects intended to
benefit U.S. defense capabilities. The company is headquartered in
the Bay Area and is listed on the Nasdaq Capital Market under the
symbol EKSO. For more information, visit: www.eksobionics.com.
Forward-Looking StatementsAny
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 (i) the ability to manage successfully and
complete the rights offering, (ii) the expected proceeds of the
offering, (iii) the anticipated use of proceeds from the offering,
if successful, and (iv) the assumptions underlying or relating to
any statement described in points (i), (ii) or (iii) above. 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 our 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 our sales and marketing
organization or partners to market our 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.
Investor Contact:
Matthew Ventimiglia
212-599-1265
investors@eksobionics.com
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