BrainsWay Ltd. Announces Pricing of $39,287,000 Underwritten Offering of American Depositary Shares

CRESSKILL, N.J. and JERUSALEM, Feb. 23, 2021 (GLOBE NEWSWIRE) -- BrainsWay Ltd. (NASDAQ & TASE: BWAY) (“BrainsWay” or the “Company”), a global leader in the advanced noninvasive treatment of brain disorders, today announced it has priced an underwritten public offering of 4,622,000 American Depositary Shares, each representing two ordinary shares, at an offering price of $8.50 per American Depositary Share. The gross proceeds from the offering will be approximately $39,287,000, before deducting underwriting discounts and commissions and estimated offering expenses. BrainsWay has also granted the underwriters a 30-day option to purchase up to an additional 693,300 American Depositary Shares on the same terms and conditions. The closing of the offering is expected to take place on February 25, 2021, subject to the satisfaction of customary closing conditions.

Oppenheimer & Co. Inc. is acting as the sole book-running manager for the offering. Ladenburg Thalmann & Co. Inc. and Northland Capital Markets are acting as co-managers for the offering.

BrainsWay intends to use the net proceeds of the offering, together with its existing cash and cash equivalents, for commercial expansion and general corporate purposes, which may include working capital, research and development activities, commercialization and marketing activities, regulatory matters, capital investment and/or other related purposes.

The securities described above are being offered by BrainsWay pursuant to a shelf registration statement (File No. 333-248601) previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”) on October 16, 2020, and the accompanying prospectus contained therein. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC, and are available on the SEC’s website at http://www.sec.gov. When available, copies of the final prospectus supplement and accompanying prospectus relating to and describing the terms of the offering will be available on the website of the SEC and may also be obtained from: Oppenheimer & Co. Inc. at 85 Broad Street, 26th Floor, New York, NY 10004, Attention: Equity Syndicate Prospectus Department, by e-mail at [e-mail] or by calling [phone].