Microbot Medical Announces Closing of $2.35 Million Registered Direct Offering Priced At-The-Market under Nasdaq Rules
Microbot Medical (NASDAQ: MBOT) announced the closing of a $2.35 million registered direct offering priced at-the-market under Nasdaq rules, selling 1,566,669 shares at $1.50 per share. Concurrently, the company issued unregistered Series F preferred investment options for up to 3,133,338 shares at $1.50 per share, exercisable for two years. H.C. Wainwright & Co. acted as the exclusive placement agent. The company plans to use the net proceeds for the development and commercialization of the LIBERTY® Robotic System, expansion of its IP portfolio, and general corporate purposes.
- Microbot Medical successfully raised $2.35 million through a registered direct offering.
- The offering was priced at-the-market, indicating strong investor interest.
- The funds will be used for the development and commercialization of the LIBERTY® Robotic System.
- Additional applications derived from the company's IP portfolio will be expanded.
- H.C. Wainwright & Co. acted as the exclusive placement agent, lending credibility to the offering.
- The issued Series F preferred investment options are exercisable immediately, providing potential future liquidity.
- The issuance of 1,566,669 common stock shares may lead to shareholder dilution.
- Series F preferred investment options for 3,133,338 shares could further dilute shares if exercised.
- Gross proceeds of $2.35 million are before deducting placement agent fees and other expenses, reducing net proceeds.
- The unregistered Series F preferred investment options may pose regulatory risks.
Insights
The $2.35 million direct offering by Microbot Medical reveals a strategic move to bolster its financial resources. This influx of capital is intended for the further development and commercialization of its LIBERTY® Robotic System, a key product in the company's portfolio. Such capital injections are common in the medtech sector, helping firms accelerate development timelines and achieve regulatory milestones.
For retail investors, it's important to note that the offering was priced at-the-market, which means shares were sold at market value, indicating a fair valuation without a discount. This can be seen as a positive sign, suggesting confidence from both the company and its investors. However, the addition of unregistered Series F preferred investment options introduces some dilution risk, as these options can be converted to common stock, potentially increasing the total share count by
From a financial perspective, the use of proceeds aimed at regulatory activities and portfolio expansion is crucial. Investors should monitor how efficiently the company utilizes these funds to meet its strategic goals. Any significant delays or misallocation of resources could adversely affect the stock's performance in the long term.
Microbot Medical's focus on the continued development of its LIBERTY® Robotic System is noteworthy. The robotic system's potential to revolutionize minimally invasive procedures can have a significant impact on the healthcare industry. For investors, it's essential to understand that the success of such advanced technologies depends heavily on regulatory approvals and clinical trial outcomes.
The funds allocated for commercialization and regulatory activities imply that the company is likely progressing towards important clinical trials or is in the process of obtaining necessary approvals. Investors should keep an eye on upcoming clinical trial results and any FDA announcements related to the LIBERTY® system. Positive outcomes in these areas could significantly increase the company's valuation and market share in the medtech industry.
Additionally, the expansion of applications derived from the existing IP portfolio indicates a strategic approach to leveraging current technology for new markets. This could open up multiple revenue streams, enhancing long-term growth prospects.
HINGHAM, Mass., June 04, 2024 (GLOBE NEWSWIRE) -- 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
H.C. Wainwright & Co. acted as the exclusive placement agent for the offerings.
The gross proceeds to the Company from the offerings were 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) 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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