Displays Confidence in Lengthy-Time period Potential of ReWalk
MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Dec. 22, 2022 (GLOBE NEWSWIRE) — ReWalk Robotics Ltd. (Nasdaq: RWLK) (the “Firm” or “ReWalk”), a number one producer of robotic medical expertise for individuals with decrease extremity disabilities, as we speak introduced that its Board of Administrators (the “Board”) has accepted an extension of the present program to repurchase the Firm’s Extraordinary Shares, par worth NIS 0.25 per share, with such extension to be within the combination quantity of as much as $5.8 million. The Firm’s ongoing $8.0 million repurchase program was beforehand accepted by the Board and an Israeli court docket for a six month interval ending on January 20, 2023. The Board’s approval of the $5.8 million repurchase program extension is meant to facilitate purchases of as much as an combination of $8.0 million of its Extraordinary Shares over the lifetime of the repurchase program, as prolonged. The extension of this system is topic to receipt of Israeli court docket approval, and ReWalk has filed a movement requesting permission to make purchases for a interval of six months following the date of the court docket’s authorization.
“We consider our inventory is considerably undervalued and this submitting to increase our repurchase program displays our confidence within the long-term potential of ReWalk,” acknowledged Jeff Dykan, Chairman of the Board. “The Board accepted this system as a part of its ongoing consideration of other strategies to reap the benefits of the Firm’s robust money place and based mostly on the enter of our shareholders. We consider this system represents a prudent use of the Firm’s capital and alerts the Board’s precedence to maximise shareholder worth.”
“We’re appearing on a number of actions which are on monitor to assist the long run worth of our inventory,” mentioned Larry Jasinski, Chief Govt Officer. “These embrace the present consideration of particular person circumstances with the CMS MACs, the motion of court docket circumstances in Germany to provision of techniques, the anticipated rebound in income as we are actually rising from the affect of previous limits of coaching resulting from Covid, and with enterprise improvement exercise in our efforts so as to add further product traces.”
The extension of the share repurchase program was unanimously accepted by the Board. The Board believes that extension of the share repurchase program at the moment is in the most effective pursuits of the Firm and its shareholders, and won’t affect ReWalk’s capability to execute its development plans.
Underneath the prolonged program, share repurchases could also be made once in a while utilizing quite a lot of strategies, together with open market transactions or in privately negotiated transactions. Such repurchases can be made in accordance with all relevant securities legal guidelines and laws, together with restrictions referring to quantity, worth and timing beneath relevant regulation, together with Rule 10b-18 beneath the US Securities Change Act of 1934, as amended (the “1934 Act”). The timing and quantity of shares repurchased can be decided by the Firm’s administration, inside pointers to be established by the Board or a committee thereof, based mostly on its ongoing analysis of ReWalk’s capital wants, market situations, the buying and selling worth of the Firm’s shares, buying and selling quantity and different elements, topic to relevant regulation. For all or a portion of the licensed repurchase quantity, ReWalk could enter right into a plan compliant with Rule 10b5-1 beneath the 1934 Act that’s designed to facilitate these repurchases.
The repurchase program doesn’t require ReWalk to amass a selected variety of shares, and could also be suspended or discontinued at any time. The share repurchases can be funded from out there working capital.
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. develops, manufactures, and markets wearable robotic exoskeletons for people with decrease limb disabilities on account of spinal cord injury or stroke. ReWalk’s mission is to essentially change the standard of life for people with decrease limb incapacity by way of the creation and improvement of market main robotic applied sciences. Based in 2001, ReWalk has headquarters within the U.S., Israel, and Germany. For extra data on the ReWalk techniques, please go to rewalk.com.
ReWalk® and ReStore® are registered emblems of ReWalk Robotics Ltd. in the US and different jurisdictions.
Along with historic data, this press launch comprises forward-looking statements throughout the that means of the U.S. Personal Securities Litigation Reform Act of 1995, Part 27A of the U.S. Securities Act of 1933, and Part 21E of the U.S. Securities Change Act of 1934. Such forward-looking statements could embrace projections concerning ReWalk’s future efficiency and different statements that aren’t statements of historic truth and, in some circumstances, could also be recognized by phrases like “anticipate,” “assume,” “consider,” “proceed,” “might,” “estimate,” “count on,” “intend,” “could,” “plan,” “potential,” “predict,” “venture,” “future,” “will,” “ought to,” “would,” “search” and comparable phrases or phrases. The forward-looking statements contained on this press launch are based mostly on administration’s present expectations, that are topic to uncertainty, dangers and adjustments in circumstances which are tough to foretell and lots of of that are outdoors of ReWalk’s management. Vital elements that would trigger ReWalk’s precise outcomes to vary materially from these indicated within the forward-looking statements embrace, amongst others: uncertainties related to future medical trials and the medical improvement course of, the product improvement course of and U.S. Food and Drug Administration (“FDA”) regulatory submission overview and approval course of; the adversarial impact that the COVID-19 pandemic has had and will proceed to have on the Firm’s enterprise and outcomes of operations; ReWalk’s capability to have ample funds to fulfill sure future capital necessities, which might impair the Firm’s efforts to develop and commercialize current and new merchandise; ReWalk’s capability to keep up compliance with the continued itemizing necessities of the Nasdaq Capital Market, significantly the minimal bid worth requirement, and the danger that its extraordinary shares can be delisted if it can’t achieve this; ReWalk’s capability to keep up and develop its status and the market acceptance of its merchandise; ReWalk’s capability to obtain court docket approval of the share repurchase program extension, and any limitations on ReWalk’s capability to repurchases shares pursuant to such prolonged program, together with on account of market elements or pursuant to relevant regulation; ReWalk’s capability to realize reimbursement from third-party payors for its merchandise, together with from the Medicare Administrative Contractors which have discretion to cowl and reimburse for the ReWalk exoskeleton, in addition to ReWalk’s capability to advance protection with CMS; ReWalk’s restricted working historical past and its capability to leverage its gross sales, advertising and marketing and coaching infrastructure; ReWalk’s expectations as to its medical analysis program and medical outcomes; ReWalk’s expectations concerning future development, together with its capability to extend gross sales in its current geographic markets and increase to new markets; ReWalk’s capability to acquire sure parts of its merchandise from third-party suppliers and its continued entry to its product producers; ReWalk’s capability to enhance its merchandise and develop new merchandise; ReWalk’s compliance with medical gadget reporting laws to report adversarial occasions involving the Firm’s merchandise, which might lead to voluntary corrective actions or enforcement actions resembling obligatory recollects, and the potential affect of such adversarial occasions on ReWalk’s capability to market and promote its merchandise; ReWalk’s capability to realize and keep regulatory approvals; ReWalk’s capability to keep up ample safety of its mental property and to keep away from violation of the mental property rights of others; the danger of a cybersecurity assault or breach of the Firm’s IT techniques considerably disrupting its enterprise operations; ReWalk’s capability to make use of successfully the proceeds of its choices of securities; and different elements mentioned beneath the heading “Threat Elements” in ReWalk’s annual report on Varieties 10-Okay and 10-Okay/A for the 12 months ended December 31, 2021 filed with the SEC and different paperwork subsequently filed with or furnished to the SEC. Any forward-looking assertion made on this press launch speaks solely as of the date hereof. Elements or occasions that would trigger ReWalk’s precise outcomes to vary from the statements contained herein could emerge once in a while, and it isn’t doable for ReWalk to foretell all of them. Besides as required by regulation, ReWalk undertakes no obligation to publicly replace any forward-looking statements, whether or not on account of new data, future developments or in any other case.
Chief Monetary Officer
ReWalk Robotics Ltd.
T: +1 508-281-7274