Wearable Devices Successfully Delivers Second Production Batch of Mudra Bands

Rhea-AI Summary

Wearable Devices Ltd. has completed the shipment of the second manufacturing batch of the Mudra Band for Apple Watch. The company plans to ramp up production to meet preorder demand and support its go-to-market strategy. They are also in discussions with prospective retail distribution partners to maximize their presence and accessibility to potential customers.

The Company is in active discussions with prospective retail distributors to support go-to-market strategy

YOKNEAM ILLIT, ISRAEL, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), a technology growth company specializing in AI-powered touchless sensing wearables, today announced the completed shipment of the second manufacturing batch of the Mudra Band for Apple Watch. This second shipment becomes as the Company continues to fulfill preorders for this product.

The Company plans to gradually ramp up production through the balance of 2023 and into 2024 to both fulfill preorder demand and support its go-to-market strategy for the holiday season and 2024. The Company now has thousands of Mudra Band units in advanced manufacturing and production phases.

As manufacturing scales, Wearable Devices is in active discussions with prospective retail distribution partners around the world. The Company’s goal is to enter partnerships with distributors across a variety of regions to maximize the presence and accessibility to potential customers.  

Asher Dahan, Chief Executive Officer of Wearable Devices, commented, “We’re pleased to have completed shipment of the second manufacturing batch of the Mudra Band for Apple Watch to preorder customers. We’ve received positive initial feedback on the band, and our focus is on continuing to assure the highest production quality while we scale our manufacturing.

“With over 100 million Apple Watch devices sold to date, the addressable market for our product is immense and growing. We are actively engaging with multiple prospective retail distribution partners as part of our go-to-market strategy. We’re seeing encouraging interest in the product from consumers and potential retail partners alike, and look forward to completing our preorder fulfillment, further scaling manufacturing and executing a strategic product roll out to capitalize on the market opportunity in front of us,” Mr. Dahan concluded.

About Wearable Devices Ltd.
Wearable Devices Ltd. is a growth company developing AI-based neural input interface technology for the B2C and B2B markets. The Company’s flagship product, the Mudra Band for Apple Watch, integrates innovative AI-based technology and algorithms into a functional, stylish wristband that utilizes proprietary sensors to identify subtle finger and wrist movements allowing the user to “touchlessly” interact with connected devices. The Company also markets a B2B product, which utilizes the same technology and functions as the Mudra Band and is available to businesses on a licensing basis. Wearable Devices is committed to creating disruptive, industry leading technology that leverages AI and proprietary algorithms, software, and hardware to set the input standard for the Extended Reality, one of the most rapidly expanding landscapes in the tech industry. The Company’s ordinary shares trade on the Nasdaq market under the symbols “WLDS” and “WLDSW”, respectively.

Forward-Looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, we are using forward-looking statements when we discuss ramping up of production of our Mudra Band, prospective retail distribution partners, interest in our product, timing of fulfilment of preorders, supporting our go-to-market strategy, scaling manufacturing, execution of a strategic product roll out, capitalizing on market opportunities and the addressable market for our product. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our use of proceeds from the offering; the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2022, filed on March 22, 2023 and our other filings with the SEC. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations Contact

Walter Frank
IMS Investor Relations
203.972.9200
wearabledevices@imsinvestorrelations.com

FAQ

What is the name of the company mentioned in the press release?

The company mentioned in the press release is Wearable Devices Ltd.

What is the product that Wearable Devices has shipped?

Wearable Devices has shipped the Mudra Band for Apple Watch.

What is the company's plan for production?

The company plans to gradually ramp up production to meet preorder demand and support its go-to-market strategy.

What is the goal of the company in terms of distribution?

The company's goal is to enter partnerships with distributors across various regions to maximize their presence and accessibility to potential customers.

How many Apple Watch devices have been sold to date?

Over 100 million Apple Watch devices have been sold to date.

What is the CEO's comment on the product and market opportunity?

The CEO commented that they have received positive initial feedback on the band and that the addressable market for their product is immense and growing. They are actively engaging with multiple prospective retail distribution partners and look forward to executing a strategic product roll out.

What is the company's stock symbol?

The company's stock symbol is Nasdaq: WLDS, WLDSW.