MARLBOROUGH, Mass. BERLIN and YOKNEAM ILIT, Israel, June 02, 2022 (GLOBE NEWSWIRE) — ReWalk Robotics Ltd. (RWLK) (“ReWalk” or the “Company”), a leading manufacturer of robotic medical technology for people with low limb disabilities, today announced that its Board of Directors (the “Board”) has approved a program repurchase of up to $8 million of its common stock, with a par value of NIS 0.25 per share. The program is subject to court approval and ReWalk has filed a motion seeking authorization to make purchases for a period of six months from the date of the court authorization.
“We are pleased to announce this buyback program for the benefit of all shareholders at a time when we believe our shares are undervalued,” said Jeff Dykan, Chairman of the Board. “The board approved the program as part of its ongoing review of alternative methods to leverage the company’s strong cash position and based on input from our shareholders. We believe the program represents a prudent use of the company’s capital and signals the board’s confidence in our long-term prospects – with crucial decisions expected in 2022 regarding coverage in the US and Germany. We remain committed to using our cash to support growth and maximize shareholder value. »
The share buyback program was unanimously approved by the Board. The Board of Directors believes that a share buyback program at this time is in the best interests of the Company and its shareholders and will not impact ReWalk’s ability to execute its growth.
Under the program, share buybacks may be effected from time to time using various methods, including open market transactions or over-the-counter transactions. Such redemptions will be made in accordance with all applicable securities laws and regulations, including volume, price and timing restrictions under applicable law, including Rule 10b-18 under the United States Securities Exchange Act of 1934, as amended (the “1934 Act”). The timing and amount of shares repurchased will be determined by management of the Company, within guidelines to be established by the Board or a committee thereof, based on its ongoing assessment of ReWalk’s capital needs. , market conditions, the Company’s stock price, trading volume and other factors, subject to applicable law. For all or part of the permitted redemption amount, ReWalk may enter into a plan in accordance with Rule 10b5-1 of the 1934 Act to facilitate such redemptions.
The buyback program does not require ReWalk to acquire a specific number of shares and may be suspended or terminated at any time. Share buybacks will be funded from available working capital.
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. develops, manufactures and markets wearable robotic exoskeletons for people with lower limb disabilities following spinal cord injury or stroke. ReWalk’s mission is to fundamentally change the quality of life for people with lower extremity disabilities through the creation and development of market-leading robotic technologies. Founded in 2001, ReWalk is headquartered in the United States, Israel and Germany. For more information on ReWalk systems, please visit rewalk.com
ReWalk® and ReStore® are registered trademarks of ReWalk Robotics Ltd. in the United States and other jurisdictions.
In addition to historical information, this press release contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995, Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934. These forward-looking statements may include projections regarding the future performance of ReWalk and other statements that are not statements of historical fact and, in some instances, may be identified by words such as “anticipate”, “assume”. , “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “predict”, “project “, “future”, “will”, “should”, “should”, “seek” and similar terms or expressions. The forward-looking statements contained in this press release are based on management’s current expectations, which are subject to uncertainties, risks and changes s circumstances that are difficult to predict, many of which are beyond ReWalk’s control. Important factors that could cause ReWalk’s actual results to differ materially from those set forth in the forward-looking statements include, among others: uncertainties associated with future clinical trials and the clinical development process, the product development process and the FDA regulatory submission review and approval process; the adverse effect that the COVID-19 pandemic has had and may continue to have on the Company’s business and results of operations; ReWalk’s ability to have sufficient funds to meet certain future capital requirements, which could adversely affect the Company’s efforts to develop and commercialize existing and new products; ReWalk’s ability to maintain compliance with Nasdaq Capital Markets’ continuing listing requirements and the risk that its common stock may be delisted if it is unable to do so; ReWalk’s ability to maintain and grow its reputation and market acceptance of its products; ReWalk’s ability to receive court approval for the share repurchase program, and any limitations on ReWalk’s ability to repurchase shares under such program, including due to market factors or pursuant to applicable law; ReWalk’s ability to obtain reimbursement for its products from third-party payers, including CMS; ReWalk’s limited operating history and ability to leverage its sales, marketing and training infrastructure; ReWalk’s expectations regarding its clinical research program and clinical results; ReWalk’s expectations regarding future growth, including its ability to increase sales in its existing geographic markets and expand into new markets; ReWalk’s ability to obtain certain components of its products from third-party suppliers and its continued access to its product manufacturers; ReWalk’s ability to improve its products and develop new products; ReWalk’s compliance with medical device reporting regulations to report adverse events involving the Company’s products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such events adverse effects on ReWalk’s ability to market and sell its products; ReWalk’s ability to obtain and maintain regulatory approvals; ReWalk’s ability to maintain adequate protection of its intellectual property and to avoid infringement of the intellectual property rights of others; the risk that a cybersecurity attack or breach of the Company’s information systems will significantly disrupt its business operations; ReWalk’s ability to effectively use proceeds from its securities offerings; and other factors discussed under “Risk Factors” in ReWalk’s Annual Report on Forms 10-K and 10-K/A for the fiscal year ended December 31, 2021 filed with the SEC and others documents subsequently filed with or furnished to the SEC. Any forward-looking statements made in this press release speak only as of the date hereof. Factors or events that could cause ReWalk’s actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for ReWalk to predict all of them. Except as required by law, ReWalk undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
ReWalk Robotics Ltd.
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Longacre Place Partners
Joe Germani / Greg Marose
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