Microbot Medical Announces $2.35 Million Registered Direct Offering Priced At-The-Market under Nasdaq Rules
Microbot Medical (Nasdaq: MBOT) has announced a registered direct offering for the purchase and sale of 1,566,669 shares at $1.50 per share, totaling approximately $2.35 million in gross proceeds. Concurrently, unregistered series F preferred investment options to purchase up to 3,133,338 shares at the same price will be issued in a private placement. The closing is expected around June 4, 2024, pending customary conditions. H.C. Wainwright & Co. is the exclusive placement agent. The net proceeds will fund the development and commercialization of the LIBERTY® Robotic System, other IP projects, and general corporate purposes.
- Gross proceeds of $2.35 million expected from the offerings.
- Continuation of the LIBERTY® Robotic System development and commercialization.
- Expansion and development of additional applications from the existing IP portfolio.
- H.C. Wainwright & Co. acting as an exclusive placement agent, indicating professional oversight.
- Potential shareholder dilution with the issuance of 1,566,669 common shares and 3,133,338 preferred investment options.
- Unregistered series F preferred investment options may be difficult to sell or transfer due to regulatory restrictions.
- Gross proceeds do not account for placement agent fees and other offering expenses, reducing net funds available.
Insights
Microbot Medical's recent registered direct offering, priced at-the-market under Nasdaq rules, is significant from a financial perspective. The company has raised approximately
From a retail investor's viewpoint, such offerings can dilute the value of existing shares in the short term, but they are also essential for funding ongoing projects and potential future growth. The exercise price being set at the market value indicates a fair valuation, which might be comforting for investors concerned about equity dilution. Moreover, the involvement of H.C. Wainwright & Co. as the exclusive placement agent adds credibility to the offering process.
The raised capital will support the development and commercialization of Microbot Medical's LIBERTY® Robotic System. This is a significant step for the company, indicating advancements in their robotic systems for medical applications. The robotic system space is becoming increasingly competitive and continual development and innovation are crucial. The use of proceeds specifically earmarked for regulatory activities highlights the company's commitment to bringing their product to market, which is a positive sign for stakeholders.
For retail investors, it's essential to understand that success in developing and commercializing medical technology can lead to substantial returns. However, it's also important to be aware of the risks associated with regulatory approvals and market acceptance of new medical technologies. The concurrent private placement and unregistered series F preferred investment options have a set exercise price, which provides a clearer financial picture but also emphasizes the speculative nature of investing in medical technology development.
Analyzing Microbot Medical's market positioning, the funds from the direct offering will bolster their efforts in expanding their existing IP portfolio. This aligns with the company's strategic goals and potentially positions them more competitively in the robotic medical device industry. The LIBERTY® Robotic System, if successful, could enhance the company's market share and influence.
From an investor’s perspective, understanding the broader market potential of robotic medical devices is crucial. The industry is expected to grow significantly, driven by advancements in technology and increasing adoption in medical practices. However, competition is fierce and the company's success will heavily depend on their ability to innovate and effectively market their products. The allocation of funds towards market expansion and development is a forward-looking approach but comes with inherent risks typical of high-tech medical ventures.
HINGHAM, Mass., June 03, 2024 (GLOBE NEWSWIRE) -- Microbot Medical Inc. (Nasdaq: MBOT) today announced that it has entered into definitive agreements for the purchase and sale of 1,566,669 shares of the Company’s common stock at a purchase price of
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings.
The gross proceeds to the Company from the offerings are expected to be approximately
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) are being 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 is 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 will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, 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 are being 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 completion of the offerings, the satisfaction of customary closing conditions related to the offerings, 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
FAQ
What is the total number of shares offered in Microbot Medical's direct offering?
At what price are Microbot Medical's shares being offered?
What is the expected gross proceeds from Microbot Medical's offering?
What is the use of proceeds from Microbot Medical's direct offering?
Who is acting as the placement agent for Microbot Medical's offering?
When is the closing date for Microbot Medical's direct offering?
What are the terms of the series F preferred investment options in Microbot Medical's offering?
Are the series F preferred investment options registered under the Securities Act?
