Full Press Release Details
Medical Announces Settlement and Release Agreement, Effectively Resolving all Associated Legal Matters
of the cash payable to the plaintiffs in the settlement will be covered by Microbot's insurance carrier and will not impact company's
Mass., January 30, 2024 - Microbot Medical Inc. (Nasdaq: MBOT), developer of the innovative LIBERTY Endovascular
Robotic Surgical System, today announced it has signed a Settlement Agreement and Release with Empery Asset Master Ltd., Empery Tax Efficient,
LP, Empery Tax Efficient II, LP, Hudson Bay Master Fund Ltd. that resolves all claims asserted against the Company by these entities
in a lawsuit filed in 2020 relating to a June 2017 securities purchase agreement.
of the cash payable to the plaintiffs in the settlement, representing over half of the settlement amount, will be covered by Microbot's
insurance carrier. This arrangement ensures that the settlement will not impact the company's cash position or its balance sheet.
believe that resolving this matter while maintaining our cash position is in the best interest of our shareholders, as it allows us to
continue to move forward with focus on the upcoming milestones, including our IDE submission with the FDA and planned commencement of
our first in human clinical trial," said Harel Gadot, CEO, President and Chairman of Microbot Medical.
Medical Inc. (NASDAQ: MBOT) is a pre-clinical medical device company that specializes in transformational micro-robotic technologies,
with the goals of improving clinical outcomes for patients and increasing accessibility through the natural and artificial lumens within
LIBERTY Endovascular Robotic Surgical System aims to improve the way surgical robotics are being used in endovascular procedures today,
by eliminating the need for large, cumbersome, and expensive capital equipment, while reducing radiation exposure and physician strain.
The Company believes the LIBERTY Endovascular Robotic Surgical System's remote operation has the potential to be the first system
to democratize endovascular interventional procedures.
information about Microbot Medical is available at http://www.microbotmedical.com.
to future financial and/or operating results, future growth in research, technology, clinical development, and potential opportunities
for Microbot Medical Inc. and its subsidiaries, along with other statements about the future expectations, beliefs, goals, plans, or
prospects expressed by management, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform
Act of 1995 and the Federal securities laws. Any statements that are not historical fact (including, but not limited to statements that
contain words such as "will," "believes," "plans," "anticipates," "expects"
and "estimates") should also be considered to be forward-looking statements. Forward-looking statements involve risks and
uncertainties, including, without limitation, market conditions, risks inherent in the development and/or commercialization of potential
products, including LIBERTY, the outcome of its studies to evaluate LIBERTY, whether the Company's core business focus program
and cost reduction plan are sufficient to enable the Company to continue to focus on its LIBERTY technology while it stabilizes its financial
condition and seeks additional working capital, any failure or inability to recruit physicians and clinicians to serve as primary investigators
to conduct regulatory studies which could adversely affect or delay such studies, uncertainty in the results of pre-clinical and clinical
trials or regulatory pathways and regulatory approvals, disruptions resulting from new and ongoing hostilities between Israel and the
Palestinians, any lingering uncertainty resulting from the COVID-19 pandemic, need and ability to obtain future capital, and maintenance
of intellectual property rights. Additional information on risks facing Microbot Medical can be found under the heading "Risk Factors"
in Microbot Medical's periodic reports filed with the Securities and Exchange Commission (SEC), which are available on the SEC's
web site at www.sec.gov. Microbot Medical disclaims any intent or obligation to update these forward-looking statements, except as required