BrainsWay Ltd. Announces Closing of $45.2 Million Underwritten Public Offering of American Depositary Shares Including Full Exercise of Underwriters’ Option to Purchase Additional American Depositary Shares

CRESSKILL, N.J. and JERUSALEM, March 01, 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 the closing of its previously announced underwritten public offering of 5,315,300 American Depositary Shares (“ADSs”), upsized to include 693,300 ADSs sold pursuant to the underwriters’ exercise in full of their option to purchase additional ADSs, at a price to the public of $8.50 per ADS. The gross proceeds to BrainsWay from the offering, before deducting underwriting discounts and commissions and offering expenses, were approximately $45.2 million.

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

The ADSs were offered pursuant to a "shelf" registration statement on Form F-3 (File No. 333-248601), including a base prospectus, that was previously filed by BrainsWay and as was declared effective by the Securities and Exchange Commission (the “SEC”) on October 16, 2020. A final prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering has been filed with the SEC and is available on the website of the SEC at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to and describing the terms of the offering may also be obtained from: Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26^th Floor, New York, New York 10004, by telephone at 212-667-8055, or by email at [e-mail].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, 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.

About BrainsWay

BrainsWay is a commercial stage medical device company focused on the development and sale of non-invasive neurostimulation products using the Company’s proprietary Deep Transcranial Magnetic Stimulation (Deep TMS) platform technology. The Company received marketing authorization from the U.S. Food and Drug Administration (FDA) for its products for a variety of patient populations, including in 2013 for patients with major depressive disorder (MDD), in 2018 for patients with obsessive-compulsive disorder (OCD), and in 2020 for patients with smoking addiction. BrainsWay is currently conducting clinical trials of Deep TMS in various psychiatric, neurological, and addiction disorders.