ReWalk Robotics (NSDQ:RWLK) announced last week that it entered into definitive agreements to issue its ordinary shares for proceeds totaling about $9 million.
The Yokneam Illit, Israel–based robotic walking assistance company issued more than 4.9 million ordinary shares at a purchase price of $1.8225 per share, while also issuing unregistered warrants to purchase up to nearly 2.5 million ordinary shares. THe warrants will have a term of five and one-half years and will be exercisable immediately following the issuance date at $1.76 per share.
ReWalk expects the offering to close this week and plans to use gross proceeds for sales, marketing and reimbursement expenses related to the development of its ReStore device, as well as broadening third-party payor coverage for the ReWalk Personal device, according to a news release.
Other uses for the proceeds include research and development costs as ReWalk develops a lightweight exo-suit technology for potential home rehab with telehealth features, along with its spinal cord injury device.