Lifeward Announces Reverse Share Split

Reverse split initiated to regain compliance with Nasdaq listing requirements

Financial guidance for 2024 and profitability target for 2026 on existing capital remain unchanged

MARLBOROUGH, Mass. and YOKNEAM ILLIT, Israel, March 13, 2024 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (DBA Lifeward), (Nasdaq: LFWD) (“Lifeward” or the “Company”), a global market leader delivering life-changing solutions to revolutionize what is possible in rehabilitation, recovery, and the pursuit of life’s passions in the face of physical limitation or disability, today announced that effective with the open of the market on Friday, March 15, 2024, the Company will complete a 1-for-7 reverse split of its ordinary shares.

On September 13, 2023, the Company’s shareholders voted to authorize the Company’s Board of Directors to determine whether to effect a reverse share split of the Company’s ordinary shares and, if so, to set a ratio to be effective on a date to be determined by the Board. The Company’s shareholders also voted to authorize the Company’s Board of Directors to approve conforming amendments to the Company’s Articles of Association to reflect any such reverse share split. The Board has now resolved to set the reverse share split at the ratio of 1-for-7 shares, and to amend the Company’s Articles of Association accordingly. As a result, every seven (7) issued ordinary shares will automatically combine into one (1) ordinary share.

The Company believes that implementing the reverse split will assist in its efforts to meet the Nasdaq continued listing standards and to have its ordinary shares remain listed and traded on Nasdaq. In particular, the Company expects the reverse split to increase the per share price and bid price of its ordinary shares above the minimum $1.00 per share threshold required by Nasdaq.

The Company’s ordinary shares will be assigned a new CUSIP number (M8216Q119) and are expected to begin trading on a split-adjusted basis on Friday, March 15, 2024.

The reverse split will reduce the authorized and outstanding number of the Company’s ordinary shares while increasing the par value of the ordinary shares in reverse proportion to the decrease in the number of authorized shares. No certificates or scrip representing fractional ordinary shares will be issued upon consummation of the reverse split, and such fractional share interests will not entitle the owner thereof to vote or to any rights of a holder of the Company’s ordinary shares. All fractional shares to which a shareholder would be entitled will be rounded down to the nearest whole number.