Israel-based ReWalk Robotics sold roughly 1.5 million five-year warrants in November 2018 that are now being redeemed for $7.50 apiece, resulting in gross proceeds of $11 million and net proceeds of about $10 million. The warrants were issued on June 5-6, according to an SEC filing.
The company says the proceeds are slated for sales, marketing and reimbursement expenses associated with its ReStore device and third-party payor coverage for the ReWalk Personal device. ReWalk said it also plans to use the funds to further develop its lightweight exo-suit technology for lower limb disabilities.
RWLK shares were down -1.7% to $5.30 apiece in mid-day trading.