Microbot Medical Raises a Total of Approximately $11.8 Million in Gross Proceeds from Registered Direct Offering and Previously Announced ATM Facility

Rhea-AI Summary

Microbot Medical (Nasdaq: MBOT) has successfully raised approximately $11.8 million in gross proceeds through multiple offerings. The company completed a registered direct offering of 4,000,001 shares at $1.75 per share, generating about $7 million. Additionally, they issued unregistered short-term series G preferred investment options for up to 8,000,002 shares with an exercise price of $1.75, exercisable for two years.

The company also raised approximately $4.8 million through their at-the-market facility through January 2025. H.C. Wainwright & Co. served as the exclusive placement agent. The proceeds will fund the development and commercialization of the LIBERTY® Robotic System, expand applications from their IP portfolio, and provide working capital for general corporate purposes.

Positive

• Secured $11.8M in total gross proceeds through multiple offerings
• Successfully completed registered direct offering at $1.75 per share
• Additional funding potential through series G preferred investment options
• Clear allocation of funds for LIBERTY® Robotic System development and commercialization

Negative

• Potential dilution from 4,000,001 new shares issued
• Further dilution possible if 8,000,002 investment options are exercised
• Offering priced at market rates indicates premium valuation

News Market Reaction – MBOT

-33.92%

1 alert

-33.92% News Effect

On the day this news was published, MBOT declined 33.92%, reflecting a significant negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

HINGHAM, Mass., Jan. 07, 2025 (GLOBE NEWSWIRE) -- Microbot Medical Inc. (Nasdaq: MBOT) today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules for the purchase and sale of 4,000,001 shares of the Company’s common stock at a purchase price of $1.75 per share of common stock in a registered direct offering priced at-the-market under Nasdaq rules. In addition, in a concurrent private placement, the Company issued unregistered short-term series G preferred investment options. The short-term series G preferred investment options to purchase up to 8,000,002 shares of common stock have an exercise price of $1.75 per share and are immediately exercisable following issuance for a period of two years thereafter.

H.C. Wainwright & Co. acted as the exclusive placement agent for the offerings.

The gross proceeds to the Company from the registered direct offering and concurrent private placement were approximately $7 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The total gross proceeds to the Company from the offerings and the previously announced at-the-market facility, with gross proceeds of approximately $4.8 million raised through January 2025, in each case, prior to deducting agent fees and offering expenses payable by the Company, were approximately $11.8 million. The Company intends to use the net proceeds from the offerings for the continued development, commercialization and regulatory activities for the Company’s LIBERTY^® Robotic System, expansion and development of additional applications derived from the Company’s existing IP portfolio, and for working capital and other general corporate purposes.

The shares of common stock described above (but not the short-term series G preferred investment options issued in the concurrent private placement or the shares of common stock underlying such short-term series G preferred investment options) were offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-275634) previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on December 4, 2023. The offering of the shares of common stock was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering was filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained on the SEC’s website at http://www.sec.gov or 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 short-term series G preferred investment options 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 shares of common stock underlying the short-term series G preferred investment options, were not registered under the Securities Act, or applicable state securities laws. Accordingly, the short-term series G preferred investment options and underlying shares of common stock 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 shall not constitute an offer to sell or a 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 other jurisdiction.

About Microbot Medical
Microbot Medical Inc. (NASDAQ: MBOT) is a pre-commercial stage medical technology company with a vision to improve the quality of care for millions of patients and providers globally. The Company has developed the world’s first single-use, fully disposable endovascular robotic system, which aims to eliminate traditional barriers to accessing advanced robotic systems.

Further information about Microbot Medical is available at http://www.microbotmedical.com.

Safe Harbor
Statements to future financial and/or operating results, future growth in research, technology, clinical development, commercialization and potential opportunities for Microbot Medical Inc. and its subsidiaries, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Any statements that are not historical fact (including, but not limited to statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects” and “estimates”) should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, the intended use of proceeds from the offerings, the Company’s need for and ability to obtain additional working capital to continue its transition to a commercially focused company, market conditions, risks inherent in the development and/or commercialization of the LIBERTY^® Endovascular Robotic Surgical System, uncertainty in the results of regulatory pathways and regulatory approvals, including whether the FDA will grant 510(k) clearance to commercially market the LIBERTY^® Endovascular Robotic Surgical System in the United States, disruptions resulting from new and ongoing hostilities between Israel and the Palestinians and other neighboring countries, need and ability to obtain future capital, and maintenance of intellectual property rights. Additional information on risks facing Microbot Medical can be found under the heading “Risk Factors” in Microbot Medical’s periodic reports filed with the Securities and Exchange Commission (SEC), which are available on the SEC’s web site at www.sec.gov. Microbot Medical disclaims any intent or obligation to update these forward-looking statements, except as required by law.

Investor Contact:
IR@microbotmedical.com

FAQ

How much did Microbot Medical (MBOT) raise in their January 2025 offerings?

Microbot Medical raised approximately $11.8 million in gross proceeds, comprising $7 million from a registered direct offering and $4.8 million from their ATM facility.

What is the exercise price and duration of MBOT's series G preferred investment options?

The series G preferred investment options have an exercise price of $1.75 per share and are exercisable for two years after issuance.

How many new shares did MBOT issue in the January 2025 registered direct offering?

Microbot Medical issued 4,000,001 shares of common stock at $1.75 per share in the registered direct offering.

What will MBOT use the proceeds from the January 2025 offerings for?

The proceeds will be used for development and commercialization of the LIBERTY® Robotic System, expansion of IP portfolio applications, and working capital.

How many potential additional shares could be issued through MBOT's series G preferred investment options?

The series G preferred investment options allow for the purchase of up to 8,000,002 additional shares of common stock.