Lifeward Announces Closing of $5 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
Lifeward (Nasdaq: LFWD) has announced the closing of a $5 million registered direct offering priced at-the-market under Nasdaq rules. The company issued 1,818,183 ordinary shares at $2.75 per share, along with unregistered warrants to purchase an equal number of shares in a concurrent private placement. The warrants have a three-year term, are immediately exercisable at $2.75 per share.
H.C. Wainwright & Co. served as the exclusive placement agent. The company plans to use the net proceeds for continuing commercial efforts, working capital, and general corporate purposes. The offering was conducted under a previously filed S-3 shelf registration statement, while the warrants were issued privately under Section 4(a)(2) of the Securities Act.
Lifeward (Nasdaq: LFWD) ha annunciato la chiusura di un'offerta diretta registrata da 5 milioni di dollari, prezzata al mercato secondo le normative Nasdaq. L'azienda ha emesso 1.818.183 azioni ordinarie a 2,75 dollari per azione, insieme a warrant non registrati per l'acquisto di un numero uguale di azioni in un collocamento privato concomitante. I warrant hanno una durata di tre anni e sono esercitabili immediatamente a 2,75 dollari per azione.
H.C. Wainwright & Co. ha servito come agente di collocamento esclusivo. L'azienda prevede di utilizzare il ricavato netto per continuare gli sforzi commerciali, il capitale circolante e scopi aziendali generali. L'offerta è stata condotta sotto una dichiarazione di registrazione S-3 precedentemente depositata, mentre i warrant sono stati emessi privatamente secondo la Sezione 4(a)(2) del Securities Act.
Lifeward (Nasdaq: LFWD) ha anunciado el cierre de una oferta directa registrada de 5 millones de dólares, fijada a precio de mercado según las normas de Nasdaq. La compañía emitió 1,818,183 acciones ordinarias a 2.75 dólares por acción, junto con warrants no registrados para comprar un número igual de acciones en una colocación privada concurrente. Los warrants tienen un plazo de tres años y son ejercitables de inmediato a 2.75 dólares por acción.
H.C. Wainwright & Co. actuó como agente exclusivo de colocación. La empresa planea utilizar los ingresos netos para continuar sus esfuerzos comerciales, capital de trabajo y fines corporativos generales. La oferta se realizó bajo un estado de registro S-3 previamente presentado, mientras que los warrants se emitieron privadamente bajo la Sección 4(a)(2) de la Ley de Valores.
라이프워드 (Nasdaq: LFWD)는 나스닥 규정에 따라 시장 가격으로 책정된 500만 달러 규모의 등록 직접 공모 마감 소식을 발표했습니다. 회사는 주당 2.75달러에 1,818,183주의 보통주를 발행했으며, 동시 진행된 사모 배치에서 동일 수량의 주식을 구매할 수 있는 등록되지 않은 워런트를 함께 발행했습니다. 이 워런트는 3년의 유효 기간을 가지며, 주당 2.75달러에 즉시 행사할 수 있습니다.
H.C. Wainwright & Co.는 독점적인 배치 에이전트 역할을 담당했습니다. 회사는 순수익을 상업적 노력 지속, 운영 자본 및 일반 기업 목적에 사용할 계획입니다. 이번 공모는 이전에 제출된 S-3 선반 등록 성명서에 따라 진행되었으며, 워런트는 증권법 섹션 4(a)(2) 아래에서 사적으로 발행되었습니다.
Lifeward (Nasdaq: LFWD) a annoncé la clôture d'une offre directe enregistrée de 5 millions de dollars, tarifée au prix du marché conformément aux règles de Nasdaq. La société a émis 1.818.183 actions ordinaires à 2,75 dollars par action, ainsi qu'un nombre égal de warrants non enregistrés pour l'achat d'actions dans le cadre d'un placement privé concomitant. Les warrants ont une durée de trois ans et sont immédiatement exerçables à 2,75 dollars par action.
H.C. Wainwright & Co. a agi en tant qu'agent exclusif de placement. La société prévoit d'utiliser le produit net pour continuer les efforts commerciaux, le fonds de roulement et des fins d'entreprise générales. L'offre a été réalisée dans le cadre d'une déclaration d'enregistrement S-3 précédemment déposée, tandis que les warrants ont été émis en privé conformément à l'article 4(a)(2) de la loi sur les valeurs mobilières.
Lifeward (Nasdaq: LFWD) hat den Abschluss eines 5 Millionen Dollar umfassenden registrierten Direktangebots bekannt gegeben, das gemäß den Nasdaq-Regeln zum Marktpreis festgelegt wurde. Das Unternehmen hat 1.818.183 Stammaktien zu einem Preis von 2,75 Dollar pro Aktie ausgegeben, zusammen mit nicht registrierten Warrants zum Kauf einer gleichen Anzahl von Aktien im Rahmen einer parallelen privaten Platzierung. Die Warrants haben eine dreijährige Laufzeit und sind sofort zu einem Preis von 2,75 Dollar pro Aktie ausübbar.
H.C. Wainwright & Co. diente als exklusiver Platzierungsagent. Das Unternehmen plant, die Nettoerlöse für die Fortsetzung kommerzieller Bemühungen, Betriebskapital und allgemeine Unternehmenszwecke zu verwenden. Die Platzierung wurde unter einem zuvor eingereichten S-3 Regalregistrierungsformular durchgeführt, während die Warrants privat gemäß Abschnitt 4(a)(2) des Securities Act ausgegeben wurden.
- Secured $5 million in gross proceeds through equity offering
- Warrants issued at no discount to market price ($2.75)
- Immediate access to capital for commercial operations and working capital
- Potential dilution from 1,818,183 new shares issued
- Additional dilution risk from 1,818,183 warrant shares if exercised
- Offering-related expenses will reduce net proceeds available to company
Insights
This
The structure of this offering - combining immediate shares with three-year warrants - suggests a challenging capital raising environment. While the company gains immediate working capital, the warrant overhang could pressure the stock price. The at-the-market pricing indicates pricing power in negotiations, though using H.C. Wainwright as placement agent lends credibility to the transaction.
The stated use of proceeds for 'commercial efforts and working capital' implies near-term cash flow concerns. With a market cap of about
Breaking down the market implications, this financing structure sends mixed signals about Lifeward's current position. The simultaneous registered direct offering and private placement of warrants suggests a strategic attempt to secure funding while providing potential upside for investors through the warrant coverage.
Key market considerations include:
- The chosen
$2.75 price point for both shares and warrants indicates current market constraints - The immediate exercisability of warrants could create selling pressure
- The three-year warrant term provides a lengthy overhang on the stock
MARLBOROUGH, Mass. and YOKNEAM ILIT, Israel, Jan. 08, 2025 (GLOBE NEWSWIRE) -- Lifeward Ltd. (Nasdaq: LFWD) (“Lifeward” or the “Company”), a global market leader delivering life-changing solutions to revolutionize what is possible in rehabilitation, recovery, and the pursuit of life’s passions in the face of physical limitation or disability, today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules for the issuance and sale of an aggregate of 1,818,183 of the Company’s ordinary shares at a purchase price of
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The gross proceeds to the Company from the offering were approximately
The Company’s ordinary shares (but not the warrants issued in the private placement or the ordinary shares underlying such warrants) were offered and sold by the Company pursuant to a “shelf” registration statement on Form S-3 (Registration No. 333-263984), including a base prospectus, previously filed with the Securities and Exchange Commission (“SEC”) on March 30, 2022, and declared effective by the SEC on May 16, 2022. The ordinary shares issued in the registered direct offering were offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and the accompanying base prospectus relating to, and describing the terms of, the registered direct offering were filed with the SEC and are available on the SEC's website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying base prospectus relating to the registered direct offering may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.
The warrants described above were issued in a concurrent private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder and, along with the ordinary shares underlying the warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the warrants and underlying ordinary shares may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Lifeward
Lifeward designs, develops, and commercializes life-changing solutions that span the continuum of care in physical rehabilitation and recovery, delivering proven functional and health benefits in clinical settings as well as in the home and community. Our mission at Lifeward is to relentlessly drive innovation to change the lives of individuals with physical limitations or disabilities. We are committed to delivering groundbreaking solutions that empower individuals to do what they love. The Lifeward portfolio features innovative products including the ReWalk Exoskeleton, the AlterG Anti-Gravity System, the MyoCycle FES System, and the ReStore Exo-Suit.
Founded in 2001, Lifeward has operations in the United States, Israel, and Germany. For more information on the Lifeward product portfolio, please visit GoLifeward.com.
Lifeward®, ReWalk®, ReStore® and Alter G® are registered trademarks of Lifeward Ltd. and/or its affiliates.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements may include statements related to the intended use of proceeds from the registered direct offering and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "should," "would," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of Lifeward’s control. Important factors that could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements are more fully discussed in the Company’s periodic filings with the SEC, including the risk factors described under the heading "Risk Factors" in the Company’s annual report on Form 10-K and 10-K/A for the year ended December 31, 2023 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause the Company’s actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for the Company to predict all of them. Except as required by law, Lifeward undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
Lifeward Media Relations:
Kathleen O’Donnell
VP Marketing & New Business Development
Lifeward
E: media@golifeward.com
Lifeward Investor Contact:
Mike Lawless
Chief Financial Officer
Lifeward
E: ir@golifeward.com
FAQ
How much did Lifeward (LFWD) raise in its January 2024 offering?
What are the terms of LFWD's warrants issued in January 2024?
How will Lifeward (LFWD) use the proceeds from its $5M offering?
How many new shares did LFWD issue in its January 2024 offering?
Who was the placement agent for LFWD's January 2024 offering?
