Ekso Bionics Announces $7.89 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
June 08 2020 - 8:00AM
Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company”), an
industry leader in exoskeleton technology for medical and
industrial use, today announced that it has entered into definitive
agreements with several institutional and accredited investors for
the issuance and sale of an aggregate of 1,747,704 of its shares of
common stock, at a purchase price of $4.5145 per share, in a
registered direct offering priced at-the-market under Nasdaq Rules.
The Company has also agreed to issue to the investors in a
concurrent private placement warrants to purchase up to an
aggregate of 873,852 shares of common stock. The closing of the
offering is expected to occur on or about June 10, 2020,
subject to the satisfaction of customary closing conditions.H.C.
Wainwright & Co. is acting as the exclusive placement agent for
the offering. The warrants have an exercise price equal to $5.18
per share, are exercisable immediately and will expire five and
one-half years from the issuance date. The gross proceeds from the
offering are expected to be approximately $7.89
million. The Company intends to use the net proceeds from the
offering for working capital purposes and other general corporate
purposes. The shares of common stock described above (but not the
warrants or the shares of common stock underlying the
warrants) are being offered and sold by the Company in a
registered direct offering pursuant to a “shelf” registration
statement on Form S-3 (Registration No. 333-218517), including an
accompanying base prospectus, previously filed with, and declared
effective by, the Securities and Exchange Commission (the “SEC”) on
June 16, 2017. The offering of the shares of common stock will be
made only by means of a prospectus supplement to the base
prospectus that forms a part of the registration statement. A final
prospectus supplement and accompanying prospectus relating to the
registered direct offering of the shares of common stock described
above (but not the warrants or the shares of common stock
underlying the warrants) will be filed with the SEC and will be
available on the SEC's website located at http://www.sec.gov.
Electronic copies of the prospectus supplement and the accompanying
prospectus may also be obtained by contacting H.C. Wainwright &
Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by
phone at 646-975-6996 or e-mail at placements@hcwco.com. The
warrants described above were offered in a private placement under
Section 4(a)(2) of the Securities Act of 1933, as amended (the
“Act"), and Regulation D promulgated thereunder. The offer and sale
of the warrants and the shares of common stock underlying the
warrants have not been registered under the Act, or applicable
state securities laws. Accordingly, the warrants and the underlying
shares of common stock may not be offered or sold in the United
States except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the Act
and such applicable state securities laws.This press release shall
not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such 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® is a leading developer of
exoskeleton solutions that amplify human potential by supporting or
enhancing strength, endurance, and mobility across medical and
industrial applications. Founded in 2005, the Company continues to
build upon its industry-leading 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. The Company is headquartered in the San Francisco Bay
Area and is listed on the Nasdaq Capital Market under the symbol
EKSO. For more information, visit: www.eksobionics.com or follow
@EksoBionics on Twitter.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 (i) market and other
conditions, (ii) the closing of the offering, (iii) the
satisfaction of closing conditions, (iv) the use of proceeds, and
(iv) the assumptions underlying or relating to any statement
described in points (i) through (iv) 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, adverse regulatory or stockholder actions, the
Company's inability to obtain adequate future financing to fund the
Company's operations and necessary to develop or enhance the
Company’s 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 the Company’s sales and
marketing efforts or of partners to market the Company’s products
effectively, adverse results in future clinical studies of the
Company's medical device products, the failure of the Company to
obtain or maintain patent protection for the Company's technology,
the failure of the Company to obtain or maintain regulatory
approval to market the Company's medical devices, lack of product
diversification, existing or increased competition, disruptions in
the Company’s supply chain due to the outbreak of the COVID-19
virus, adverse regulatory decisions related to the China JV 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 the Company’s website at
www.eksobionics.com or refer to the Company’s Twitter page at
@EksoBionics. The Company does not undertake to update these
forward-looking statements, except as required by law.
Investor Contact:David
Carey212-867-1768investors@eksobionics.com
Media Contact:Carrie Yamond
Mas917-371-2320cmas@eksobionics.com
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