Full Press Release Details
ReWalk Robotics Announces Pricing of
Registered Direct Offering for $5 Million
YOKNEAM ILIT, ISRAEL / MARLBOROUGH,
MASS., June 10, 2019 (GLOBE NEWSWIRE) - ReWalk Robotics Ltd. (Nasdaq: RWLK) ("ReWalk" or the
"Company") today announced that it has entered into definitive agreements with institutional
investors providing for the issuance of approximately 833,334 ordinary shares at a purchase price of $6.00 per ordinary
share in a registered direct offering priced at-the-market.
ReWalk will also issue unregistered warrants
to purchase up to approximately 416,667 ordinary shares. The warrants will have a term of 5.5 years, be exercisable immediately
following the issuance date and have an exercise price of $6.00 per ordinary share. The offering is expected to result in
gross proceeds of approximately $5 million.
H.C. Wainwright & Co. is acting
as the exclusive placement agent in connection with this offering.
The closing of the sale of the securities
is expected to take place on or about June 12, 2019, subject to satisfaction of customary closing conditions.
The ordinary shares described above were
offered pursuant to a shelf registration statement on Form S-3 (File No. 333-231305), which was declared effective by the United
States Securities and Exchange Commission (the "SEC") on May 23, 2019. Such ordinary shares may be offered
only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
When filed with the SEC, copies of
the prospectus supplement and the accompanying prospectus relating to the registered direct offering may be obtained at the SEC's
website at http://www.sec.gov. Copies of the prospectus supplement and accompanying prospectus relating to the registered
direct offering may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New
York, NY 10022, by calling (646) 975-6996 or emailing placements@hcwco.com.
The warrants described above were offered
in a private placement pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as
amended (the "Act"), and, along with the ordinary shares issuable upon their exercise, have not been registered under
the Act, and may not be offered or sold in the United States absent registration with the SEC or an applicable
exemption from such registration requirements.
This press release shall not constitute
an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or 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 jurisdiction.
About ReWalk Robotics Ltd.
Ltd. develops, manufactures and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result
of spinal cord injury or stroke. ReWalk's mission is to fundamentally change the quality of life for individuals with lower
limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters
in the U.S., Israel and Germany. For more information on the ReWalk systems, please visit www.rewalk.com.
a registered trademark of ReWalk Robotics Ltd. in Israel and the United States.
a registered trademark of ReWalk Robotics Ltd. in Europe.
Forward-Looking Statements
historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange
Act of 1934. Such forward-looking statements include those relating to the proposed offering of ReWalk's ordinary shares,
including as to the consummation of the offering described above, the size of the offering, the expected proceeds from the offering,
the intended use of proceeds and the timing of the closing of the offering and projections regarding ReWalk's future performance
and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate,"
"assume," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"future," "will," "should," "would," "seek" and similar terms or phrases.
The forward-looking statements contained in this press release are based on management's current expectations, which are
subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of ReWalk's
control. Important factors that could cause ReWalk's actual results to differ materially from those indicated in the forward-looking
statements include, among others: ReWalk's ability to secure capital from equity and debt financings in light of limitations
under its effective registration statement on Form S-3, the price range of its ordinary shares and conditions in the financial
markets, and the risk that such financings may dilute its shareholders or restrict its business; ReWalk's ability to regain
compliance with various continued listing requirements of the Nasdaq Capital Market, its related ability to raise the market
price of its ordinary shares sufficiently through a reverse share split to cure one of several Nasdaq listing deficiencies, and
the risk that its ordinary shares will be delisted if it regains compliance; the risk of decreased liquidity in the market for
ReWalk's ordinary shares and a reduced market capitalization of the Company following the proposed reverse share split, and
the risk of dilution following the proposed related increase in authorized share capital; ReWalk's expectations regarding
future growth, including its ability to increase sales in its existing geographic markets, and to expand to new markets and achieve
its planned expense reductions; the conclusion of ReWalk's management and the previous opinion of ReWalk's auditors
in that there are substantial doubts as to ReWalk's ability to continue as a going concern; ReWalk's ability to maintain
and grow its reputation and the market acceptance of its products; ReWalk's ability to achieve reimbursement from third-party
payors for its products; ReWalk's limited operating history and its ability to leverage its sales, marketing and training
infrastructure; ReWalk's expectations as to its clinical research program and clinical results; ReWalk's ability to
improve its products and develop new products; ReWalk's ability to repay its secured indebtedness; the outcome of ongoing
shareholder class action litigation relating to ReWalk's initial public offering; ReWalk's compliance with medical
device reporting regulations to report adverse events involving its products and the potential impact of such adverse events on
ReWalk's ability to market and sell its products; ReWalk's ability to gain and maintain regulatory approvals; ReWalk's
expectations as to the results of, and the Food and Drug Administration's potential regulatory developments with respect
to, ReWalk's mandatory post-market 522 surveillance study; ReWalk's ability to maintain adequate protection of its
intellectual property and to avoid violation of the intellectual property rights of others; the risk of a cybersecurity attack
or breach of ReWalk's information technology systems significantly disrupting its business operations; ReWalk's ability
to establish a pathway to commercialize its products in China; the risk of substantial dilution resulting from periodic issuances
of its ordinary shares; ReWalk's ability to maintain relationships with existing customers and develop relationships with
new customers; the impact of the market price of ReWalk's ordinary shares on the determination of whether ReWalk is a passive
foreign investment company; and other factors discussed under the heading "Risk Factors" in ReWalk's Annual Report
on Form 10-K for the year ended December 31, 2018 filed with the SEC and other documents subsequently filed
with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof.
Factors or events that could cause ReWalk's actual results to differ from the statements contained herein may emerge from
time to time, and it is not possible for ReWalk to predict all of them. Except as required by law, ReWalk undertakes no obligation
to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.