Microbot Medical Announces Closing of $2.35 Million Registered Direct Offering Priced At-The-Market under Nasdaq Rules
04 Juni 2024 - 10:20PM
Microbot Medical Inc. (Nasdaq: MBOT) today announced that it has
closed its previously announced registered direct offering priced
at-the-market under Nasdaq rules for the purchase and sale of
1,566,669 shares of the Company’s common stock at a purchase price
of $1.50 per share of common stock . In addition, in a concurrent
private placement, the Company has issued unregistered series F
preferred investment options. The series F preferred investment
options to purchase up to 3,133,338 shares of common stock have an
exercise price of $1.50 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
offerings were approximately $2.35 million, before deducting the
placement agent’s fees and other offering expenses payable by the
Company. 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 series F preferred investment options issued in the
concurrent private placement or the shares of common stock
underlying such series F 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) 865-5711 or e-mail at placements@hcwco.com.
The series F 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 series F
preferred investment options, have not been registered under the
Securities Act, or applicable state securities laws. Accordingly,
the series F 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-clinical medical device company that specializes in
transformational micro-robotic technologies, with the goals of
improving clinical outcomes for patients and increasing
accessibility through the natural and artificial lumens within the
human body.
The investigational LIBERTY® Endovascular
Robotic Surgical System aims to improve the way surgical robotics
are being used in endovascular procedures today, by eliminating the
need for large, cumbersome, and expensive capital equipment, while
reducing radiation exposure and physician strain. The Company
believes the LIBERTY® Endovascular Robotic Surgical System’s remote
operation has the potential to be the first system to democratize
endovascular interventional procedures.
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, 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, market conditions, risks inherent in
the development and/or commercialization of the LIBERTY®
Endovascular Robotic Surgical System, the outcome of its studies to
evaluate LIBERTY® Endovascular Robotic Surgical System, uncertainty
in the results of pre-clinical and clinical trials or regulatory
pathways and regulatory approvals, including whether the Company’s
pivotal study in humans is successful, any failure or inability to
recruit physicians and clinicians to serve as primary investigators
to conduct regulatory studies which could adversely affect or delay
such studies, disruptions resulting from new and ongoing
hostilities between Israel and the Palestinians and other
neighboring countries, any lingering uncertainty resulting from the
COVID-19 pandemic, 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:
Michal Efraty +972-(0)52-3044404
IR@microbotmedical.com
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