ReWalk selling $7M in stock for R&D
Photo | Courtesy of ReWalk
A demonstration of ReWalk's exoskeleton systems
ReWalk Robotics, a Marlborough maker of wearable robotic exoskeletons for those with lower limb disabilities, is looking to raise money for sales, marketing and research and development.
The firm, still in the earlier stages of developing its products for the market, has struggled at times financially and has seen its share prices dip below $4 a share for most of the last six months. On Thursday, when ReWalk announced the public offering, shares were trading below $1 on the Nasdaq stock exchange.
ReWalk said it was looking to sell 5.6 million shares for $1.25 each, to bring in an expected $7 million. The offering is expected to close on or around Monday.
ReWalk intends to use the proceeds for sales and marketing of its ReStore device, and for research and development for its lightweight exoskeleton suit technology.
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