Full Press Release Details
Announces Closing of $3.4 Million Bought Deal Offering and Partial Exercise of Underwriter's Option to Purchase Additional
N.Y., August 27, 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 the closing of its previously announced underwritten public offering of 4,531,434 shares of common stock of the
Company, including the partial exercise by the underwriter of the option to purchase an additional 198,100 shares of common stock,
at a price to the public of $0.75 per share.
Wainwright & Co. acted as the sole book-running manager for the offering.
Company had granted to the underwriter a 30-day option to purchase up to an additional 650,000 shares of common stock at the public
offering price, less underwriting discounts and commissions, of which the option to purchase an additional 198,100 shares of common
stock has been exercised. The gross proceeds to NanoVibronix, before deducting underwriting discounts and commissions and offering
expenses, including the partial exercise of the underwriter's option to purchase 198,100 additional shares of common stock,
are approximately $3.4 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.
shares of common stock were 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 was made only by means of a prospectus, including
a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying
prospectus relating to the offering have been filed with the SEC and is available on the SEC's website at http://www.sec.gov
and may be obtained 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.
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.
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.
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 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.
Maas, Managing Principal, Hayden IR, LLC