Microbot Medical Announces Closing of $2.66 Million Registered Direct Offering of Common Stock Priced At-The-Market under Nasdaq Rules

HINGHAM, Mass., May 24, 2023 (GLOBE NEWSWIRE) -- Microbot Medical Inc. (Nasdaq: MBOT) today announced that it has closed its previously announced registered direct offering for the purchase and sale of 1,209,500 shares of the Company’s common stock (or common stock equivalents) at a purchase price of $2.20 per share of common stock priced at-the-market under Nasdaq rules.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering were approximately $2,660,900, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offering for the continued development, commercialization and regulatory activities for the Company’s LIBERTY Robotic System, expansion and development of additional applications derived from the Company’s existing IP portfolio, and for working capital and other general corporate purposes.

The securities described above were offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-250966) previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on December 4, 2020. The offering of the securities 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 was filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained 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 [phone] or e-mail at [e-mail].

In connection with the offering, the Company also amended certain existing warrants to purchase up to an aggregate of 2,044,990 shares of the Company's common stock that were previously issued in October 2022 at an exercise price of $4.64 per share, such that the amended warrants have a reduced exercise price of $2.20 per share and 1,022,495 of the amended warrants will expire on October 25, 2027.

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.