How ReWalk Is Capitalizing on Its Big Win
ReWalkshares took a step back on Monday after the firm announced that it would be pricing a registered direct offering for $5 million. This comes after the stock had a phenomenal week when the FDA cleared ReWalk’s ReStore soft exo-suit…
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ReWalk Robotics Ltd. (NASDAQ: RWLK) shares took a step back on Monday after the firm announced that it would be pricing a registered direct offering for $5 million. This comes after the stock had a phenomenal week when the U.S. Food and Drug Administration (FDA) cleared ReWalk’s ReStore soft exo-suit system.
According to the firm, it has entered into definitive agreements with institutional investors providing for the issuance of approximately 833,334 shares at a purchase price of $6.00 per share in a registered direct offering priced at-the-market.
ReWalk also will 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.
Note that this offering is expected to result in gross proceeds of approximately $5 million.
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Shares of ReWalk were last seen down about 15% at $5.82, in a 52-week range of $2.46 to $33.75. The consensus price target is $4.00.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
