ReWalk Robotics Launches Public Offering of Ordinary Shares
October 17 2017 - 7:45AM
ReWalk Robotics Ltd. (Nasdaq:RWLK) (“
ReWalk” or
the “
Company”) today announced the commencement of
its underwritten public offering of ordinary shares of the Company.
All of the ordinary shares in the offering are to be sold by
ReWalk.
Canaccord Genuity Inc. is acting as sole
book-running manager of the offering, and National Securities
Corporation is acting as co-manager. ReWalk intends to grant the
underwriters a 30‑day option to purchase up to an additional 15% of
the ordinary shares sold in the public offering on the same terms
and conditions.
ReWalk intends to use the net proceeds from the
offering for (i) sales, marketing and reimbursement expenses
related to market development activities and broadening third-party
payor coverage and (ii) research and development costs related to
developing its lightweight “soft suit” exoskeleton technology for
various lower limb disabilities, including stroke and other
indications affecting the ability to walk.
A registration statement relating to the
above-referenced securities has been filed with the Securities and
Exchange Commission (the “SEC”) but has not yet
become effective. These securities may not be sold nor may offers
to buy the securities be accepted prior to the time the
registration statement becomes effective. Copies of the preliminary
prospectus relating to these securities may be obtained from
Canaccord Genuity Inc., Attention: Equity Syndicate Department, 99
High Street, Boston, Massachusetts 02110, by telephone at (617)
371-3900, or by email at prospectus@canaccordgenuity.com. The
preliminary prospectus is also available on the SEC’s website at
www.sec.gov. The final terms of the offering will be disclosed in a
final prospectus to be filed with the SEC and made available on the
SEC’s website at www.sec.gov.
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 the securities discussed in this press release 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 ReWalk Robotics Ltd.
ReWalk Robotics Ltd. develops, manufactures and
markets wearable robotic exoskeletons for individuals with spinal
cord injury. Our 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.
ReWalk® is a registered trademark of ReWalk Robotics Ltd. in
Israel.
Forward-Looking Statements
In addition to historical information, this
press release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995, Section 27A of the U.S. Securities Act of 1933, and Section
21E of the U.S. Securities Exchange Act of 1934. Such
forward-looking statements may include projections regarding
ReWalk’s future performance and, in some cases, may be identified
by words like “anticipate,” “assume,” “believe,” “continue,”
“could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“potential,” “predict,” “project,” “future,” “will,” “should,”
“would,” “seek” and similar terms or phrases. The forward-looking
statements contained in this press release are based on
management’s current expectations, which are subject to
uncertainty, risks and changes in circumstances that are difficult
to predict and many of which are outside of ReWalk’s control.
Important factors that could cause ReWalk’s actual results to
differ materially from those indicated in the forward-looking
statements include, among others: ReWalk’s expectations regarding
future growth, including its ability to increase sales in its
existing geographic markets, expand to new markets and achieve its
planned expense reductions; the conclusion of ReWalk’s management
for the financial statements for the second quarter of 2017 and for
fiscal 2016, and the opinion of ReWalk’s auditors in their report
on the Company’s financial statements for fiscal 2016, that there
are substantial doubts as to ReWalk’s ability to continue as a
going concern; ReWalk’s ability to maintain and grow its reputation
and the market acceptance of its products; ReWalk’s ability to
achieve reimbursement from third-party payors for its products;
ReWalk’s expectations as to its clinical research program and
clinical results; ReWalk’s expectations as to the results of, and
the Food and Drug Administration’s potential regulatory
developments with respect to, ReWalk’s mandatory post-market 522
surveillance study; the outcome of ongoing shareholder class action
litigation relating to ReWalk’s initial public offering; ReWalk’s
ability to repay its secured indebtedness; ReWalk’s ability to
improve its products and develop new products; ReWalk’s ability to
maintain adequate protection of its intellectual property and to
avoid violation of the intellectual property rights of others;
ReWalk’s ability to gain and maintain regulatory approvals;
ReWalk’s ability to secure capital from its equity and debt
financings in light of limitations under its Form S-3, the price
range of its ordinary shares and conditions in the financial
markets, and the risk that such financings may dilute ReWalk’s
shareholders or restrict its business; ReWalk’s ability to use
effectively the proceeds of any offerings of its ordinary shares;
ReWalk’s ability to maintain relationships with existing customers
and develop relationships with new customers; the impact of the
market price of ReWalk’s ordinary shares on the determination of
whether ReWalk is a passive foreign investment company; ReWalk’s
compliance with medical device reporting regulations to report
adverse events involving its products and the potential impact of
such adverse events on ReWalk’s ability to market and sell its
products; and other factors discussed under the heading “Risk
Factors” in ReWalk’s Annual Report on Form 10-K for the year
ended December 31, 2016, as amended, filed with the U.S.
Securities and Exchange Commission and other documents subsequently
filed with or furnished to the U.S. Securities and Exchange
Commission. Any forward-looking statement made in this press
release speaks only as of the date hereof. Factors or events that
could cause ReWalk’s actual results to differ from the statements
contained herein may emerge from time to time, and it is not
possible for ReWalk to predict all of them. Except as required by
law, ReWalk undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future developments or otherwise.
Investor Contact:
Lisa M. WilsonPresidentIn-Site Communications, Inc.T:
212-452-2793E: lwilson@insitecony.com
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