ReWalk Robotics Announces Closing of $32.5 Million Registered Direct Offering Priced At Premium to Market

ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”) today announced the closing of its previously announced registered direct offering, priced at-the-market under Nasdaq rules, for the sale of 16,013,518 of the Company’s ordinary shares (or pre-funded warrants to purchase ordinary shares in lieu of ordinary shares), at an effective purchase price of $2.035 per share. ReWalk also issued to the investors unregistered warrants to purchase up to an aggregate amount of 8,006,759 ordinary shares in a concurrent private placement. 

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

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

The gross proceeds from the offering were 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 (v) potential acquisitions of businesses.

The Company’s ordinary shares (or pre-funded warrants to purchase ordinary shares in lieu of ordinary shares) (but not the unregistered warrants or the ordinary shares underlying the unregistered warrants) were 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 were offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and an accompanying base prospectus relating to the ordinary shares (or pre-funded warrants to purchase ordinary shares in lieu of ordinary shares) offered in the registered direct offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and accompanying prospectus relating to the registered direct offering may also be obtained 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 placements@hcwco.com.

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.