Ra'anana-based medical devices company ReWalk Robotics Ltd.(Nasdaq:RWLK) is revising its shelf prospectus for a debt offering of up to $100 million. That prospectus was issued in October, but the company has since begun reporting as a US company, and is therefore revising its shelf prospectus to comply with the rules applying to its new status.
Under the revised version, in addition to a possible $100 million debt issue, company shareholders can sell 4.4 million shares at their current value of $47 million. ReWalk says that it plans to use the money from the issue (if it takes place) for general business needs. ReWalk recently ensured itself a $20 million line of credit from the Kreos Capital fund, of which it has already used $12 million. At the end of 2015, before the line of credit was obtained, ReWalk had $17.9 million in cash.
ReWalk, which has developed a robot device for those with spinal cord injuries as a replacement for a wheelchair, is traded at a $127 million market cap. The company held its IPO in September 2014 at $12 a share, and its shares have had a negative 12.7% return since then. The company share price soared to a peak of over $37 following the offering.
At its low point, the share was traded at $5.80, but the share again surged after the US Department of Veterans Affairs (VA) issued a national policy for the evaluation, training and procurement of ReWalk personal exoskeleton systems for all qualifying veterans. ReWalk finished 2015 with $3.7 in revenue and a $23.1 million non-GAAP net loss. The company's CEO is Larry Jasinski.
Published by Globes [online], Israel business news - www.globes-online.com - on March 1, 2016
© Copyright of Globes Publisher Itonut (1983) Ltd. 2016
You comment was recieved and soon will be published.
Thank you for posting your comment, which will be reviewed for publication.
Load more comments