ReWalk Robotics (NSDQ:RWLK) announced that it closed its previously announced public offering with the gross proceeds reaching $7 million.
The Yokneam Illit, Israel–based robotic walking assistance company offered more than 4 million units of stock to the public at $1.25 per unit, along with more than 1.5 million pre-funded units at $1.249 per unit, according to a news release. H.C. Wainwright acted as the exclusive placement agent in the offering.
Each unit contains one ordinary share and one common warrant to purchase an ordinary share, while each pre-funded unit includes one pre-funded warrant to purchase an ordinary share at an exercise price of $0.001 per share, as well as a common warrant to purchase one ordinary share.
ReWalk said in the news release that the funds raised in the offering are earmarked for sales, marketing and reimbursement expenses related to market development activities for its ReStore soft exo-suit designed for use in stroke rehabilitation, along with third-party payor coverage for the ReWalk Personal device.
Other funds are slated to go toward research and development costs for ReWalk’s exo-suit technology for various lower limb disabilities and the continued development of its spinal cord injury device, as well as other general corporate purposes.
