Lifeward Cancels Its Extraordinary General Meeting of Shareholders

Rhea-AI Summary

Lifeward (Nasdaq: LFWD) has cancelled its Extraordinary General Meeting of Shareholders that was scheduled for January 13, 2025. The company's Board of Directors has withdrawn the proposals outlined in their Definitive Proxy Statement, which was filed with the SEC on November 25, 2024. The Board plans to present these proposals at a future meeting later in 2025.

Positive

• None.

Negative

• Cancellation of scheduled shareholder meeting indicates potential corporate governance uncertainty
• Delay in voting on important proposals could impact company's strategic initiatives

Insights

Legal Expert

The cancellation of an Extraordinary General Meeting (EGM) without prior notice, especially on the same day it was scheduled to occur, raises significant corporate governance concerns. The meeting was set to address proposals detailed in their November proxy statement and such a last-minute cancellation could indicate internal disagreements or developing situations requiring reconsideration of the proposed measures. For a micro-cap company with a market value of $16.7 million, this type of corporate action signals potential instability in decision-making processes.

The Board's intention to defer these proposals to a future meeting in 2025 suggests they may be reworking the terms or addressing shareholder concerns. This situation warrants careful scrutiny of the underlying reasons, as shareholders' rights to vote on important corporate matters have been temporarily suspended. The lack of specific explanation for the cancellation does not align with best practices in corporate transparency.

MARLBOROUGH, Mass. and YOKNEAM ILIT, Israel, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Lifeward Ltd. (Nasdaq: LFWD) (“Lifeward” or the “Company”), today announced that it has cancelled its previously announced Extraordinary General Meeting of Shareholders that had been scheduled for January 13, 2025. The Board of Directors of Lifeward (the “Board”) has withdrawn from consideration by the shareholders of the Company the proposals set forth in the Company’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on November 25, 2024. The Company’s Board intends to present these proposals at a subsequent meeting in 2025.

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 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. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from the Company’s current expectations. These and other risks 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 Ltd.
E: media@golifeward.com

Lifeward Investor Contact:
Mike Lawless
Chief Financial Officer
Lifeward Ltd.
E: ir@golifeward.com

FAQ

Why did Lifeward (LFWD) cancel its January 13, 2025 Extraordinary General Meeting?

Lifeward's Board of Directors withdrew the proposals from shareholder consideration and plans to present them at a subsequent meeting in 2025.

When were the original LFWD shareholder meeting proposals filed with the SEC?

The proposals were filed in Lifeward's Definitive Proxy Statement on Schedule 14A with the SEC on November 25, 2024.

When will LFWD hold its rescheduled shareholder meeting?

While specific date is not provided, the Board intends to present the proposals at a subsequent meeting in 2025.

What proposals were withdrawn from LFWD's January 2025 shareholder meeting?

The specific proposals that were withdrawn were not detailed in the announcement, but they were originally outlined in the company's November 25, 2024 Definitive Proxy Statement.