Marlborough, Mass.-based ReWalk is also offering more than 4.5 million ordinary shares which are issuable upon the exercise of outstanding warrants, according to a news release. ReWalk is also registering ordinary shares issuable upon the exercise of outstanding warrants issued to designees of the placement agent of its private placement.
The three types of shares on offer are referred to as the company’s “securities,” and will not provide any proceeds to ReWalk through sales by the selling shareholders. However, ReWalk will receive proceeds from any warrants exercised for cash in the future, which it expects to total approximately $6.2 million. ReWalk said it plans to use net proceeds for sales, marketing and reimbursement expenses related to the market development of its ReStore soft suit robotic exoskeleton device. Additionally, it is looking to broaden third-party payor coverage for its ReWalk Personal device and commercialize new product lines, while also adding funds to R&D and other general corporate purposes.
Original Article: (https://www.massdevice.com/rewalk-robotics-seeks-to-raise-6-2m/)