Brainsway Ltd. (BWAY) Prices 2.5M ADS IPO at $11/ADS

Brainsway Ltd. (NASDAQ: BWAY) (“Brainsway”) today announced that it has priced its initial public offering of 2,500,000 American Depositary Shares (“ADSs”), each representing two ordinary shares of Brainsway, at a public offering price of $11.00 per ADS. The gross proceeds to Brainsway from the offering, before deducting the underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $27.5 million.

The underwriters have been granted an option to purchase up to an additional 375,000 ADSs offered by Brainsway for a period of 30 days after the date hereof.

The ADSs are expected to begin trading on the Nasdaq Global Market (“Nasdaq”) under the symbol “BWAY” on April 17, 2019, and the offering is expected to close on or about April 22, 2019, subject to customary closing conditions.

The ordinary shares of Brainsway are listed on the Tel Aviv Stock Exchange (TASE) under the symbol “BRIN”. On April 15, 2019, the last reported sale price of Brainsway’s ordinary shares on the TASE was NIS 19.65, or $5.52 per share (based on the exchange rate reported by the Bank of Israel on such date, which was NIS 3.561 = US$1.00).

In the offering, Cantor Fitzgerald & Co. is acting as book-running manager and the representative of the underwriters. Raymond James & Associates, Inc. and Oppenheimer & Co. Inc. are also acting as book-running managers, and Ladenburg Thalmann & Co. Inc. is acting as co-manager.

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