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

MARLBOROUGH, Mass. and YOKNEAM ILIT, Israel, July 06, 2020 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”) today announced the closing of its previously announced registered direct offering of approximately 4,938,278 of the Company’s ordinary shares, at a purchase price of $1.8225 per ordinary share, priced at-the-market under Nasdaq Rules. ReWalk also issued unregistered warrants to purchase up to an aggregate amount of 2,469,139 ordinary shares. 

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

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

The gross proceeds from the offering are 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) were 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 were offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Electronic copies of the prospectus supplement and accompanying prospectus relating to the registered direct offering 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 email at [e-mail].