ReWalk announces $40M stock purchase agreement
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ReWalk's prototype for a system to help stroke patients walk.
ReWalk Robotics has announced a $40-million private placement it intends to use to bolster sales, marketing, product updates and research and development.
Under the agreement, announced last week, the Marlborough medical device manufacturer will raise $40 million through the issuance of 10,921,502 ordinary shares and warrants to purchase up to 5,460,751 ordinary shares, at a purchase price of $3.6625 per share, according to a release from the company.
The funds will be used for a wide variety of purposes, including marketing and sales of its ReStore and Personal 6.0 devices; research and development related to the company’s exo-suit technology; product updates and working capital needs. According to the release, the closing of the private placement was expected this week.
H.C. Wainwright & Co., LLC acted as the sole placement agent for the offering.
The news comes on the back of declining losses, with the company reporting a $13-million loss for 2020, down 17% from the previous year.
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