Lifeward, previously known as ReWalk Robotics, declared today an agreement to sell ordinary shares amounting to $5 million in proceeds. The enterprise located in Marlborough, Massachusetts, has agreed to issue and sell over 1.8 million shares, each priced at $2.75. Simultaneously, the company plans a placement of unregistered short-term warrants, offering the potential acquisition of an additional 1.8 million ordinary shares. These warrants come with a three-year term and match the same exercise price.
The anticipated closing date for this offering is around January 8, 2025, contingent on standard closing conditions. H.C. Wainwright & Co. acts as the sole placement agent for this transaction.
Specializing in the creation of robotic exoskeletons and other devices for physical rehabilitation and recovery, Lifeward estimates the offering’s gross proceeds to be approximately $5 million, before accounting for agent fees and related expenses. The company intends to channel the net proceeds towards ongoing commercial activities, working capital, and general corporate objectives.
In recent years, Lifeward has embarked on a transformative journey. The company officially transitioned from ReWalk to “Lifeward” in January 2024, aligning with their strategy to broaden their offerings.
As part of this transformation, the company gained attention by acquiring the anti-gravity technology company AlterG in August 2023. In June, they rolled out their new AlterG NEO anti-gravity treadmill catering to physical rehabilitation needs. They further announced a new board chair in July and introduced the AlterG treadmill to the German market in September.
Lifeward’s CEO, Larry Jasinski, discussed the advantages of this rebranding with MassDevice last year – you can read the discussion here.