Full Press Release Details
NanoVibronix Announces $2.5 Million Bought
ELMSFORD, N.Y., August 24, 2020 (PR NEWSWIRE)
- NanoVibronix, Inc., (NASDAQ: NAOV), a medical device company that produces the UroShield , PainShield
and WoundShield , and WoundShield Surface Acoustic Wave (SAW) Portable Ultrasonic Therapeutic Devices, announced today
that it has entered into an underwriting agreement with H.C. Wainwright & Co., LLC under which the underwriter has agreed
to purchase on a firm commitment basis 3,333,334 shares of common stock of the Company, at a price to the public of $0.75 per
share, less underwriting discounts and commissions. The closing of the offering is expected to occur on or about August 27, 2020,
subject to satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the
sole book-running manager for the offering.
The Company also has granted to the underwriter
a 30-day option to purchase up to an additional 500,000 shares of common stock at the public offering price, less underwriting
discounts and commissions. The gross proceeds to NanoVibronix, before deducting underwriting discounts and commissions and offering
expenses and assuming no exercise of the underwriter's option to purchase additional common stock, are expected to be approximately
$2.5 million. The Company intends to use the net proceeds from this offering for working capital and other general corporate purposes,
including for the transition of manufacturing of NanoVibronix's products from China to the United States.
The shares of common stock are being offered
by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-239965) originally filed with
the Securities and Exchange Commission (the "SEC") on July 21, 2020, and declared effective by the SEC on August 11,
2020. The offering of the shares of common stock is being made only by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A preliminary prospectus supplement and accompanying prospectus relating
to, and describing the terms of, the offering will be filed with the SEC and will be available on the SEC's website at http://www.sec.gov.
Electronic copies of the preliminary prospectus supplement and accompanying prospectus may also be obtained, when available, by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (646) 975-6996 or
e-mail at placements@hcwco.com.
This press release shall not constitute an
offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state
or other 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 other jurisdiction.
About NanoVibronix, Inc.
NanoVibronix, Inc. (NASDAQ: NAOV) is a medical
device company headquartered in Elmsford, New York, with research and development in Nesher, Israel, focused on developing medical
devices utilizing its patented low intensity surface acoustic wave (SAW) technology. The proprietary technology allows for the
creation of low-frequency ultrasound waves that can be utilized for a variety of medical applications, including for disruption
of biofilms and bacterial colonization, as well as for pain relief. The devices can be administered at home without the assistance
of medical professionals. The Company's primary products include PainShield , UroShield and WoundShield , all
of which are portable devices suitable for administration at home without assistance of medical professionals. Additional information
about NanoVibronix is available at: www.nanovibronix.com.
Forward-looking Statements
This press release contains "forward-looking
statements." Such statements may be preceded by the words "intends," "may," "will,"
"plans," "expects," "anticipates," "projects," "predicts," "estimates,"
"aims," "believes," "hopes," "potential" or similar words. Forward-looking statements
are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks
and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified, and include, among
others, statements regarding the completion of the public offering, the satisfaction of customary closing conditions related to
the public offering and the intended use of net proceeds from the public offering; consequently, actual results may differ materially
from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation,
risks and uncertainties associated with: (i) the geographic, social and economic impact of COVID-19 on the Company's ability
to conduct its business and raise capital in the future when needed, (ii) market acceptance of our existing and new products or
lengthy product delays in key markets; (iii) negative or unreliable clinical trial results; (iv) inability to secure regulatory
approvals for the sale of our products; (v) intense competition in the medical device industry from much larger, multinational
companies,; (vi) product liability claims; (vii) product malfunctions; (viii) our limited manufacturing capabilities and reliance
on subcontractor assistance; (ix) insufficient or inadequate reimbursements by governmental and/or other third party payers for
our products; (x) our ability to successfully obtain and maintain intellectual property protection covering our products; (xi)
legislative or regulatory reform impacting the healthcare system in the U.S. or in foreign jurisdictions; (xii) our reliance on
single suppliers for certain product components, (xiii) the need to raise additional capital to meet our future business requirements
and obligations, given the fact that such capital may not be available, or may be costly, dilutive or difficult to obtain; (xiv)
our conducting business in foreign jurisdictions exposing us to additional challenges, such as, e.g., foreign currency exchange
rate fluctuations, logistical and communications challenges, the burden and cost of compliance with foreign laws, and political
and/or economic instabilities in specific jurisdictions; and (xv) market and other conditions. More detailed information about
the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company's
filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly
Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site
at: http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result
of new information, future events, or otherwise, except as required by law.
Brett Maas, Managing Principal, Hayden IR,
SOURCE: NanoVibronix, Inc.