ReWalk Robotics (RWLK) Announces 16.01M Share Direct Offering at $2.035/sh

ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”) today announced that it has entered into definitive agreements with several institutional investors providing for the issuance of 16,013,518 of the Company’s ordinary shares (or ordinary share equivalents in lieu thereof), at an effective purchase price of $2.035, in a registered direct offering priced at-the-market under Nasdaq Rules. ReWalk has also agreed to issue to the investors unregistered warrants to purchase up to an aggregate amount of 8,006,759 ordinary shares in a concurrent private placement. The offering is expected to close on or about September 29, 2021, subject to satisfaction of customary closing conditions.

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

The warrants will have a term of five and one-half years, be exercisable immediately following the issuance date and have an exercise price of $2.00 per ordinary share.

The gross proceeds from the offering are expected to be approximately $32.5 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 and Personal 6.0 devices, broadening third-party payor and CMS coverage for the ReWalk Personal device and commercializing its new product lines added through distribution agreements; (ii) research and development of the Company’s lightweight exo-suit technology for potential home personal health utilization for multiple indications and future generation designs for ReWalk’s spinal cord injury device; (iii) routine product updates; and (iv) general corporate purposes, including working capital needs and potential acquisitions of businesses.

The Company’s ordinary shares (or ordinary share equivalents in lieu thereof) (but not the warrants or the ordinary shares underlying the warrants) are being 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 may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Once filed with the SEC, electronic copies of the final prospectus supplement and accompanying prospectus relating to the registered direct offering may be obtained, when available, 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 (212) 856-5711 or email at [email protected].

The warrants and the ordinary shares issuable upon exercise of the warrants (as described above) are being offered in a private placement pursuant to the exemptions provided in Section 4(a)(2) under the Securities Act of 1933, as amended (the “Act”), and Rule 506(b) promulgated thereunder. Neither these warrants nor the ordinary shares issuable upon exercise of the warrants are being registered under the Act, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. 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 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 jurisdiction.

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