ReWalk issues $12M public offering
ReWalk Robotics plans to use the proceeds of a $12 million public offering to fund sales, marketing and research and development activities.
ReWalk Robotics, the maker of the first publicly-available exoskeleton for paraplegics with U.S. headquarters in Marlborough, last week announced a public stock-and-warrants offering of $12 million, with plans to use the proceeds on sales, marketing, and research and development activities.
ReWalk priced its underwritten public offering of 3.25 million units at a price to the public of $3.75 per unit, according to an U.S. Securities & Exchange Commission filing. Each unit consists of one ordinary share of the company and 0.75 of a warrant to purchase one ordinary share with an exercise price of $4.75.
Oppenheimer & Co. Inc. is the sole underwriter for the offering. ReWalk has granted the underwriter a 30-day option to purchase up to 487,500 units sold in the public offering on the same terms and conditions. The offering was expected to close on Wednesday, subject to customary closing conditions.
In September, ReWalk said it has sold more than 250 systems in all, and first received commercial insurance coverage in the U.S. in May. The company has also received reimbursement in Germany.
ReWalk’s quarterly earnings are due to be reported Thursday. The company last week estimated revenue was $1.4 million for the quarter ending Sept 30.
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