ReWalk Robotics Announces Full Exercise of Underwriter’s Option to Purchase Additional Ordinary Shares in Follow-on Public...
November 28 2017 - 6:50AM
ReWalk Robotics Ltd. (Nasdaq:RWLK) (“
ReWalk” or
the “
Company”) today announced that National
Securities Corporation (“
National”), the
underwriter of ReWalk’s underwritten public offering of ordinary
shares, exercised in full its option to purchase 1,028,550
additional ordinary shares at a price to the public of $1.05 per
ordinary share for total proceeds (after underwriting discounts and
commissions and before expenses) of $998,979.19. After the exercise
of the option, the total number of ordinary shares sold by ReWalk
in the offering increased from 6,857,000 to 7,885,550.
National, a wholly-owned subsidiary of National
Holdings Corporation (NASDAQ:NHLD), acted as sole book-running
manager of the offering. National exercised the option on November
22, 2017, after the offering of the 6,857,000 base shares closed on
November 21, 2017, and the offering of the shares subject to the
option closed on November 27, 2017.
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.
The offering was made under an effective
registration statement on file with the Securities and Exchange
Commission (the “SEC”). The final prospectus
disclosing the final terms of the offering may be obtained from
National Securities Corporation, Attention: Marguerite Rogers, 200
Vesey Street, 25th Floor, New York, NY 10281, by telephone at (212)
417-8227, or by email at prospectusrequest@nationalsecurities.com.
The final prospectus is also 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 third 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 offerings of securities; 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 ability to
comply with the continued listing requirements of the NASDAQ
Capital Market and the risk that its ordinary shares will be
delisted if it cannot do so; 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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