Full Press Release Details
ReWalk Robotics Announces Proposed Public
Offering of Ordinary Shares
YOKNEAM ILIT, ISRAEL / MARLBOROUGH, MA,
February 20, 2019 - ReWalk Robotics Ltd. (Nasdaq: RWLK) ("ReWalk" or the "Company")
today announced that it intends to offer and sell, subject to market and other conditions, its ordinary shares in a public offering. The
offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed,
or as to the actual size or terms of the offering.
H.C. Wainwright & Co. is acting as
the exclusive placement agent for the offering. The offering is being conducted as a "best efforts" offering and the
placement agent is not obligated to purchase any securities.
ReWalk intends to use the net proceeds
from the offering for (i) sales, marketing and reimbursement expenses related to market development activities and broadening third-party
payor coverage and (ii) research and development costs related to, in the shorter term, its ReStore exo-suit designed to
assist patients who have had a stroke, and, in the longer term, expansion of the Company's technological platform to address
other medical indications affecting the ability to walk.
A shelf registration statement on Form
S-3 (Registration No. 333-209833) relating to the public offering of the ordinary shares described above was filed by the Company
with the Securities and Exchange Commission (the "SEC") and was declared effective on May 9, 2016. A preliminary prospectus
supplement describing the terms of the offering will be filed with the SEC and will form a part of the effective registration statement.
Copies of the preliminary prospectus and the accompanying prospectus relating to the offering may be obtained, when available,
at the SEC's website at www.sec.gov or from H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022,
by telephone at (646) 975-6996 or by email at placements@hcwco.com.
shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities discussed
in this press release in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or jurisdiction.
About ReWalk Robotics Ltd.
ReWalk Robotics 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
ReWalk is a registered trademark
of ReWalk Robotics Ltd. in Israel.
Forward-Looking Statements
In addition to 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 size of the offering, the expected net 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: market conditions and the satisfaction of customary closing conditions related to the offering;
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
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