ReWalk Robotics Announces Results of 2022 Annual Meeting

Rhea-AI Summary

ReWalk Robotics Ltd. (Nasdaq: RWLK) announced the results of its 2022 Annual Meeting, where shareholders re-elected key directors and declined proposals from Creative Value Capital Limited Partnership. The Board appointed Hadar Levy, who has experience in corporate finance and healthcare, to enhance its composition. The company aims to improve shareholder value by increasing access to wearable robotic exoskeletons through expanded reimbursement in the U.S. and Germany. The results will be filed on Form 8-K with the SEC.

Positive

• Appointment of Hadar Levy to the Board to enhance corporate governance.
• Shareholders re-elected experienced directors, ensuring stability in leadership.
• Commitment to increase access to wearable robotic exoskeletons through expanded reimbursement.

Negative

• Shareholders did not approve proposals from Creative Value Capital, potentially leading to ongoing governance challenges.
• Uncertainties associated with future clinical trials could impact product development and market acceptance.

MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Aug. 02, 2022 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Company”), a leading manufacturer of robotic medical technology for people with lower extremity disabilities, today announced the results of the Company's 2022 Annual Meeting of Shareholders (the “Annual Meeting”) based on the final tabulation of votes certified by an independent Inspector of Elections. At the Annual Meeting, shareholders voted to reelect Chief Executive Officer Larry Jasinski, Dr. John William Poduska and Randel Richner to the Board of Directors (the “Board”). Shareholders did not vote to approve the proposals put forth by Creative Value Capital Limited Partnership (“CVC”).

To advance shareholders’ interests, the Board has decided to appoint Hadar Levy to the Board. Mr. Levy, who has additive experience in corporate finance and the broader healthcare sector, has agreed to immediately join as a director. The Board thanks CVC for putting forth Mr. Levy as a candidate. Over the next year, the Company also intends to reduce the size of its Board and continue to evaluate director refreshment opportunities.

Jeff Dykan, Chairman of ReWalk’s Board, commented:

“We are grateful to our shareholders for their support at the Annual Meeting and appreciate the constructive dialogue we have had with many of them in the preceding months. With the addition of Hadar, we believe our Board possesses the right mix of essential skill sets and backgrounds that are directly applicable to the Company’s needs. As we approach key milestones in the near-term, we look forward to continued engagement with our shareholders. We remain committed to enhancing shareholder value by pursuing increased access to wearable robotic exoskeletons through expanded reimbursement coverage in the U.S. and Germany and will provide updates as appropriate.”

Hadar Levy commented:

“Improving people’s lives through commercializing novel technologies has always been a driving force in my career, and ReWalk has done an excellent job of developing and obtaining regulatory clearances for its innovative products. I am honored to join the company’s Board and look forward to working with my fellow directors and the executive management team in order to achieve the Company’s long-term strategic objectives and enhance shareholder value.”

The final results of the Annual Meeting and all relevant information will be reported on a Form 8-K that will be filed with the U.S. Securities and Exchange Commission.

About Hadar Levy

Mr. Levy started his career at Deloitte LLP, and, since then, has had an extensive career in the medical device industry. He has served in key positions at GE Healthcare, Notal Vision, Amdocs and BrainsWay, where he led financial and commercialization activities and oversaw the implementation of growth and development of key products. Mr. Levy holds a BA in Accounting and Economics, an LLM degree from Bar-Ilan University, and is a Certified Public Accountant.

About ReWalk Robotics Ltd.

ReWalk Robotics Ltd. develops, manufactures and markets wearable robotic exoskeletons for individuals with lower limb disabilities as a result of spinal cord injury or stroke. ReWalk’s mission is to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters in the U.S., Israel and Germany. For more information on the ReWalk systems, please visit rewalk.com.

ReWalk® and ReStore® are registered trademarks of ReWalk Robotics Ltd. in the United States and other jurisdictions.

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, and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements may include projections regarding ReWalk's future performance 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 ReWalk's control. Important factors that could cause ReWalk's actual results to differ materially from those indicated in the forward-looking statements include, among others: uncertainties associated with future clinical trials and the clinical development process, the product development process and FDA regulatory submission review and approval process; the adverse effect that the COVID-19 pandemic has had and may continue to have on the Company’s business and results of operations; ReWalk's ability to have sufficient funds to meet certain future capital requirements, which could impair the Company's efforts to develop and commercialize existing and new products; ReWalk's ability to maintain compliance with the continued listing requirements of the Nasdaq Capital Market and the risk that its ordinary shares will be delisted if it cannot do so; ReWalk’s ability to maintain and grow its reputation and the market acceptance of its products; ReWalk's ability to achieve reimbursement from third-party payors, including CMS, for its products; ReWalk's limited operating history and its ability to leverage its sales, marketing and training infrastructure; ReWalk's expectations as to its clinical research program and clinical results; ReWalk's expectations regarding future growth, including its ability to increase sales in its existing geographic markets and expand to new markets; ReWalk's ability to obtain certain components of its products from third-party suppliers and its continued access to its product manufacturers; ReWalk's ability to improve its products and develop new products; ReWalk's compliance with medical device reporting regulations to report adverse events involving the Company's products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such adverse events on ReWalk's ability to market and sell its products; ReWalk's ability to gain and maintain regulatory approvals; ReWalk's ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; the risk of a cybersecurity attack or breach of the Company's IT systems significantly disrupting its business operations; ReWalk's ability to use effectively the proceeds of its offerings of securities; and other factors discussed under the heading "Risk Factors" in ReWalk's annual report on Forms 10-K and 10-K/A for the year ended December 31, 2021 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 ReWalk's actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for ReWalk to predict all of them. Except as required by law, ReWalk undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

Contacts

Investors:

Morrow Sodali
Michael Verrechia / Eric Kamback, 203-658-9400
m.verrechia@morrowsodali.com / e.kamback@morrrowsodali.com

Media:

Longacre Square Partners
Greg Marose / David Reingold
gmarose@longacresquare.com / dreingold@longacresquare.com

FAQ

What were the outcomes of ReWalk Robotics' 2022 Annual Meeting?

Shareholders re-elected key directors and did not approve proposals from Creative Value Capital.

Who was appointed to the Board of ReWalk Robotics?

Hadar Levy was appointed to the Board for his expertise in corporate finance and healthcare.

What is ReWalk Robotics' plan to enhance shareholder value?

The company plans to pursue increased access to wearable robotic exoskeletons through expanded reimbursement coverage.

When will the results of the Annual Meeting be reported?

The results will be reported on Form 8-K filed with the U.S. Securities and Exchange Commission.