Israeli medical device company ReWalk Robotics Ltd. revealed that it has completed its underwritten public offering of 12.4 million units and 26.2 million pre-funded units at a price to the public of $0.30 per common unit and $0.29 per pre-funded unit.
ReWalk will receive aggregate gross proceeds of approximately $12.1 million from the offering, including the full exercise of the underwriters' option to purchase additional securities.
ReWalk plans to use the net the funds from the offering for sales, marketing and reimbursement expenses related to market development activities and broadening third-party payor coverage.
The company will also use the proceeds for research and development costs related to developing its lightweight soft suit exoskeleton technology, repayment of certain outstanding indebtedness and other related payments.