ELMSFORD, N.Y., Aug. 27, 2020 /PRNewswire/ -- NanoVibronix,
Inc., (NASDAQ: NAOV), a medical device company that produces the
UroShield®, PainShield® and WoundShield®, and WoundShield® Surface
Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices,
announced today the closing of its previously announced
underwritten public offering of 4,531,434 shares of
common stock of the Company, including the partial exercise by the
underwriter of the option to purchase an additional 198,100 shares
of common stock, at a price to the public of $0.75 per share.
H.C. Wainwright & Co. acted as the sole book-running
manager for the offering.
The Company had granted to the underwriter a 30-day option
to purchase up to an additional 650,000 shares of common stock
at the public offering price, less underwriting discounts and
commissions, of which the option to purchase an additional 198,100
shares of common stock has been exercised. The gross proceeds
to NanoVibronix, before deducting underwriting discounts and
commissions and offering expenses, including the partial exercise
of the underwriter's option to purchase 198,100 additional shares
of common stock, are approximately $3.4 million. The Company intends to use the
net proceeds from this offering for working capital and other
general corporate purposes, including for the transition of
manufacturing of NanoVibronix's products from China to the United
States.
The shares of common stock were offered by the Company
pursuant to a "shelf" registration statement on Form S-3 (File No.
333-239965) originally filed with the Securities and Exchange
Commission (the "SEC") on July 21,
2020, and declared effective by the SEC on August 11, 2020. The offering of the shares of
common stock was made only by means of a prospectus, including
a prospectus supplement, forming a part of the effective
registration statement. A final prospectus supplement and
accompanying prospectus relating to the offering have
been filed with the SEC and is available on the SEC's
website at http://www.sec.gov and may be obtained by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by
telephone at (646) 975-6996 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About NanoVibronix, Inc.
NanoVibronix, Inc. (NASDAQ: NAOV) is a medical device company
headquartered in Elmsford, New
York, with research and development in Nesher, Israel, focused on developing medical devices
utilizing its patented low intensity surface acoustic wave (SAW)
technology. The proprietary technology allows for the creation of
low-frequency ultrasound waves that can be utilized for a variety
of medical applications, including for disruption of biofilms and
bacterial colonization, as well as for pain relief. The devices can
be administered at home without the assistance of medical
professionals. The Company's primary products include PainShield®,
UroShield® and WoundShield®, all of which are portable devices
suitable for administration at home without assistance of medical
professionals. Additional information about NanoVibronix is
available at: www.nanovibronix.com.
Forward-looking Statements
This press release contains "forward-looking statements." Such
statements may be preceded by the words "intends," "may," "will,"
"plans," "expects," "anticipates," "projects," "predicts,"
"estimates," "aims," "believes," "hopes," "potential" or similar
words. Forward-looking statements are not guarantees of future
performance, are based on certain assumptions and are subject to
various known and unknown risks and uncertainties, many of which
are beyond the Company's control, and cannot be predicted or
quantified, and include, among others, statements regarding the
intended use of net proceeds from the public offering;
consequently, actual results may differ materially from those
expressed or implied by such forward-looking statements. Such risks
and uncertainties include, without limitation, risks and
uncertainties associated with: (i) the geographic, social and
economic impact of COVID-19 on the Company's ability to conduct its
business and raise capital in the future when needed, (ii) market
acceptance of our existing and new products or lengthy product
delays in key markets; (iii) negative or unreliable clinical trial
results; (iv) inability to secure regulatory approvals for the sale
of our products; (v) intense competition in the medical device
industry from much larger, multinational companies,; (vi) product
liability claims; (vii) product malfunctions; (viii) our limited
manufacturing capabilities and reliance on subcontractor
assistance; (ix) insufficient or inadequate reimbursements by
governmental and/or other third party payers for our products; (x)
our ability to successfully obtain and maintain intellectual
property protection covering our products; (xi) legislative or
regulatory reform impacting the healthcare system in the U.S. or in
foreign jurisdictions; (xii) our reliance on single suppliers for
certain product components, (xiii) the need to raise additional
capital to meet our future business requirements and obligations,
given the fact that such capital may not be available, or may be
costly, dilutive or difficult to obtain; (xiv) our conducting
business in foreign jurisdictions exposing us to additional
challenges, such as, e.g., foreign currency exchange rate
fluctuations, logistical and communications challenges, the burden
and cost of compliance with foreign laws, and political and/or
economic instabilities in specific jurisdictions; and (xv) market
and other conditions. More detailed information about the Company
and the risk factors that may affect the realization of forward
looking statements is set forth in the Company's filings with the
Securities and Exchange Commission (SEC), including the Company's
Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
Investors and security holders are urged to read these documents
free of charge on the SEC's web site at: http://www.sec.gov. The
Company assumes no obligation to publicly update or revise its
forward-looking statements as a result of new information, future
events, or otherwise, except as required by law.
View original
content:http://www.prnewswire.com/news-releases/nanovibronix-announces-closing-of-3-4-million-bought-deal-offering-and-partial-exercise-of-underwriters-option-to-purchase-additional-shares-301120026.html
SOURCE NanoVibronix, Inc.