Ekso Bionics Announces Pricing of $6.0 Million Underwritten Public Offering
August 29 2024 - 10:42PM
Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) (the “Company” or “Ekso
Bionics”), an industry leader in exoskeleton technology for medical
and industrial use, today announced the pricing of an underwritten
public offering of 6,000,000 total units and pre-funded units for
gross proceeds of approximately $6.0 million prior to deducting
underwriting discounts and commissions and offering expenses. The
offering is comprised of 3,100,000 units, priced at a public
offering price of $1.00 per unit, with each unit consisting of one
share of common stock, one warrant to purchase one share of common
stock at an exercise price of $1.00 per share that expires on the
fifth anniversary of the date of issuance (a “Series A Warrant”)
and one warrant to purchase one share of common stock at an
exercise price of $1.00 per share that expires on the first
anniversary of the date of issuance (a “Series B Warrant”) and (ii)
2,900,000 pre-funded units, priced at a public offering price of
$0.999 per unit, with each unit consisting of one pre-funded
warrant to purchase one share of common stock at an exercise price
of $0.001 per share, one Series A Warrant and one Series B Warrant.
The securities comprising the units and pre-funded units are
immediately separable and will be issued separately.
The Company intends to use the net proceeds of
from this offering for general corporate purposes, which may
include growth and expansion of its EksoHealth segment as it works
to increase its revenue following the establishment of
reimbursement from the Centers for Medicare and Medicaid Services
for the Ekso Indego Personal device, research and development
activities, selling, general and administrative costs, and pursuing
strategic initiatives, which initiatives may include potential
synergistic and accretive acquisitions, as well as meeting the
Company’s working capital needs. The closing of the offering is
expected to take place on or about September 3, 2024, subject to
the satisfaction or waiver of customary closing conditions.
Craig-Hallum is acting as sole managing
underwriter for the offering.
The securities were offered pursuant to a
registration statement on Form S-1 (File No. 333-281081), which was
declared effective by the United States Securities and Exchange
Commission (“SEC”) on August 29, 2024. The offering is being made
solely by means of a prospectus. A preliminary prospectus relating
to the proposed offering was filed with the SEC on August 28, 2024
and is available on the SEC’s website located at
http://www.sec.gov. A final prospectus relating to this offering
will be filed by Ekso Bionics with the SEC. When available, copies
of the final prospectus relating to this offering may be obtained
from Craig-Hallum Capital Group LLC, Attention: Equity Capital
Markets, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402,
by telephone at (612) 334-6300 or by email at
prospectus@chlm.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About Ekso
Bionics®Ekso Bionics® is a leading
developer of exoskeleton solutions that amplify human potential by
supporting or enhancing strength, endurance and mobility across
medical and industrial applications. Founded in 2005, the Company
continues to build upon its industry-leading expertise to design
some of the most cutting-edge, innovative wearable robots available
on the market. Ekso Bionics is the only known exoskeleton company
to offer technologies that range from helping those with paralysis
to stand up and walk, to enhancing human capabilities on job sites
across the globe. The Company is headquartered in the San Francisco
Bay Area and is listed on the Nasdaq Capital Market under the
symbol “EKSO.”
Forward-Looking StatementsThis
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.
Any statements contained in this press release that do not describe
historical facts may constitute forward-looking statements.
Forward-looking statements include, without limitation, statements
relating to the Company’s offering of securities, the completion of
the public offering, the satisfaction of customary closing
conditions related to the public offering and the use of proceeds
from such offering. Forward-looking statements can be identified by
words such as “expect,” “continue,” “anticipate,” “estimate,”
“believe,” “plan,” “projection,” “grow,” “potential,” “future,”
“can,” “develop,” “proposition,” “position,” “expand,” “may” or
words of similar meaning. Actual results and the timing of certain
events and circumstances may differ materially from those described
by the forward-looking statements as a result of risks and
uncertainties. Factors that may influence or contribute to the
inaccuracy of the forward-looking statements or cause actual
results to differ materially from expected or desired results may
include, without limitation, the Company’s liquidity position and
its ability to raise additional funds, as well as changes in
general economic and market conditions. These and other factors are
identified and described in more detail in the Company's public
filings with the SEC. You should carefully read the Cautionary Note
Regarding Forward-Looking Statements and the factors described in
the “Risk Factors” section of the Company’s periodic reports filed
with the Securities and Exchange Commission to better understand
the risks and uncertainties inherent in the Company. The Company
does not undertake to update these forward-looking statements,
except as required by law.
Contacts: Investors:David
CareyFINN Partners212-867-1768investors@eksobionics.com
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