ReWalk Robotics Announces $9.0 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules

MARLBOROUGH, Mass. and YOKNEAM ILIT, Israel, July 01, 2020 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”) today announced that it has entered into definitive agreements with several institutional investors providing for the issuance of approximately 4,938,278 of the Company’s ordinary shares, at a purchase price of $1.8225, in a registered direct offering priced at-the-market under Nasdaq Rules. ReWalk has also agreed to issue to the investors unregistered warrants to purchase up to an aggregate amount of 2,469,139 ordinary shares. The offering is expected to close on or about July 6, 2020, subject to satisfaction of customary closing conditions.

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

The warrants will have a term of five and one-half years, be exercisable immediately following the issuance date and have an exercise price of $1.76 per ordinary share.

The gross proceeds from the offering are expected to be approximately $9.0 million. The Company intends to use the net proceeds from the offering for the following purposes: (i) sales, marketing and reimbursement expenses related to market development activities of the Company’s ReStore device, broadening third-party payor coverage for the ReWalk Personal device and commercializing its new product lines added through distribution agreements; (ii) research and development costs related to the Company’s products maintenance, as well as developing its lightweight exo-suit technology for potential home rehab with tele-heath features. as well as continued development of its spinal cord injury device; and (iii) general corporate purposes.

The Company’s ordinary shares (but not the warrants or the ordinary shares underlying the warrants) are being offered by ReWalk in a registered direct offering pursuant to a “shelf” registration statement on Form S-3 (File No. 333- 231305) previously filed with the Securities and Exchange Commission (the “SEC”) on May 9, 2019 and declared effective by the SEC on May 23, 2019. Such ordinary shares may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Once filed with the SEC, copies of the prospectus supplement and accompanying prospectus relating to the registered direct offering 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 [phone] or email at [e-mail].