ReWalk announces $9M registered direct offering
Photo | Grant Welker
ReWalk's Marlborough headquarters
ReWalk Robotics in Marlborough announced on Wednesday it has entered into definitive agreements with several institutional investors providing for the issuance of nearly 5 million of the company’s ordinary shares, at a purchase price of $1.8225, as part of a registered direct offering, according to a press release.
ReWalk also agreed to issue investors unregistered warrants to purchase up to 2.5 million ordinary shares. The offering is expected to close on Monday, with projected gross proceeds totalling $9 million. ReWalk plans to use the proceeds for sales, marketing and reimbursement expenses related to market development activities for the manufacturer’s ReStore device, according to the release.
This will help broaden third-party payor coverage for ReWalk’s personal device and commercialize its new product lines, per the announcement.
The warrants will have a term of five and a half years and be exercisable immediately after issuance.
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