Microbot Medical Inc. Announces $10 Million Registered Direct Offering Priced At-the-Market under Nasdaq Rules
December 27 2019 - 12:30PM
Microbot Medical Inc. (Nasdaq: MBOT), a medical device company
specializing in the design and development of transformational
micro-robotic medical technologies, today announced that it has
entered into definitive agreements with certain institutional
investors for the purchase in a registered direct offering of
952,383 shares of its common stock, at a purchase price per share
of $10.50, priced at-the-market under Nasdaq rules.
The closing of the offering is expected to occur
on or about December 30, 2019, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The gross proceeds to Microbot, before deducting
placement agent fees and other offering expenses, are expected to
be approximately $10 million. Microbot currently intends to use the
net proceeds from this offering for the continuous development and
regulatory activities for its SCS device for the treatment of
hydrocephalus and NPH; continue the development of the Company’s
LIBERTY robotic system, including its expansion through addition of
complementary assets to it either through internal development,
in-license or acquisitions; expand and develop additional
applications deriving from its existing IP portfolio, either
through internal development, in-license or acquisition; and for
working capital and other general corporate purposes.
The shares of common stock are being offered by
Microbot pursuant to a “shelf” registration statement on Form S-3
that was originally filed on March 31, 2017 and declared effective
by the Securities and Exchange Commission (“SEC”) on April 14, 2017
and the base prospectus contained therein (File No. 333-217076).
The offering of the shares of common stock is being made only by
means of a prospectus supplement that forms a part of the
registration statement. A final prospectus supplement and
accompanying base prospectus relating to the shares of common stock
being offered will be filed with the SEC. Electronic copies of the
final prospectus supplement and accompanying base prospectus may be
obtained, when available, on the SEC’s website at
http://www.sec.gov or 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.
This press release shall not constitute an offer
to sell, or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Microbot Medical,
Inc.
Microbot Medical Inc. (NASDAQ: MBOT) is a
pre-clinical medical device company that specializes in
transformational micro-robotic technologies, focused primarily on
both natural and artificial lumens within the human body.
Microbot’s current proprietary technological platforms provide the
foundation for the development of a Multi Generation Pipeline
Portfolio (MGPP).
Microbot Medical was founded in 2010 by Harel
Gadot, Prof. Moshe Shoham, and Yossi Bornstein with the goals of
improving clinical outcomes for patients and increasing
accessibility through the use of micro-robotic technologies.
Further information about Microbot Medical is available at
http://www.microbotmedical.com.
Safe Harbor
Statements pertaining to the registered direct
offering, timing, the amount and anticipated use of proceeds and
statements pertaining to future financial and/or operating results,
future growth in research, technology, clinical development, and
potential opportunities for Microbot Medical Inc. and its
subsidiaries, along with other statements about the future
expectations, beliefs, goals, plans, or prospects expressed by
management, constitute forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and
the Federal securities laws. Any statements that are not historical
fact (including, but not limited to statements that contain words
such as “will,” “believes,” “plans,” “anticipates,” “expects” and
“estimates”) should also be considered to be forward-looking
statements. Forward-looking statements involve risks and
uncertainties, including, without limitation, market conditions and
the satisfaction of customary closing conditions, risks inherent in
the development and/or commercialization of potential products,
including LIBERTY, the outcome of its studies to evaluate the SCS
and other existing and future technologies, uncertainty in the
results of pre-clinical and clinical trials or regulatory pathways
and regulatory approvals, need and ability to obtain future
capital, and maintenance of intellectual property rights.
Additional information on risks facing Microbot
Medical can be found under the heading “Risk Factors” in
Microbot Medical’s periodic reports filed with the Securities and
Exchange Commission (SEC) and in the prospectus supplement related
to the registered direct offering to be filed with the SEC,
which are or will be available on the SEC’s web site
at www.sec.gov. Microbot Medical disclaims any intent or
obligation to update these forward-looking statements, except as
required by law.
Investor Contact:
Michael PolyviouEVC Groupmpolyviou@evcgroup.com732-933-2754
Microbot Medical (NASDAQ:MBOT)
Historical Stock Chart
From Feb 2024 to Mar 2024
Microbot Medical (NASDAQ:MBOT)
Historical Stock Chart
From Mar 2023 to Mar 2024