Ekso Bionics Holdings Announces Closing of Public Offering of Common Stock
RICHMOND, Calif., Aug. 12, 2016 (GLOBE NEWSWIRE) -- Ekso Bionics Holdings, Inc. (NASDAQ:EKSO), a robotic exoskeleton company, today announced the closing of its previously announced public offering of 3,750,000 shares of common stock, at a price to the public of $4.00 per share. The net proceeds to the Company are expected to be $13.7 million, after deducting underwriting discounts and offering expenses payable by the Company. The underwriters have been granted a 30-day option to purchase an additional 562,500 shares at the public offering price to cover over-allotments.
The Company intends to use the net proceeds from this offering for its operations, including, but not limited to, increasing its investments (i) in its clinical, sales and marketing initiatives to accelerate adoption of the Ekso robotic exoskeleton in the rehabilitation market; (ii) in its research, development and commercialization activities with respect to an Ekso robotic exoskeleton for home use and/or (iii) in the development and commercialization of able-bodied exoskeletons for industrial use, as well as for working capital and other general corporate purposes.
Cowen and Company acted as the sole book-running manager for the offering, SunTrust Robinson Humphrey acted as lead manager in the offering and B. Riley & Co. acted as co-manager in the offering.
The offering was made pursuant to an effective shelf registration statement previously filed with the Securities and Exchange Commission, or SEC, which was declared effective on July 9, 2015. A final prospectus supplement and accompanying prospectus describing the terms of the offering were filed with the SEC and are available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained by contacting Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, or by calling (631) 274-2806.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Ekso Bionics
Ekso Bionics designs, develops and sells exoskeletons that have applications in healthcare, industrial, military, and consumer markets. Our exoskeleton systems are worn over the user’s clothing to enhance human strength, endurance and mobility. These systems serve multiple markets and can be used both by able-bodied users as well as by persons with physical disabilities. The company and its partners have sold, rented or leased devices that (a) enable individuals with neurological conditions affecting gait (for example, spinal cord injury or stroke) to rehabilitate and to walk again; (b) allow industrial workers to perform heavy duty work for extended periods; and (c) permit soldiers to carry heavy loads for long distances while mitigating lower back, knee, and ankle injuries. Ekso Bionics is headquartered in Richmond, CA and is listed on the Nasdaq Capital Market under the symbol EKSO.
Forward Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding the anticipated use of proceeds from the offering. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. 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 these 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 inability to obtain adequate financing to fund the Company's operations and necessary to develop or enhance its technology, the significant length of time and resources associated with the development of the Company's products, the Company's failure to achieve broad market acceptance of the Company's products, the failure of its sales and marketing organization or partners to market its products effectively, adverse results in future clinical studies of the Company's medical device products, the failure to obtain or maintain patent protection for the Company's technology, failure to obtain or maintain regulatory approval to market the Company's medical devices, lack of product diversification, existing or increased competition, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. To learn more about Ekso Bionics please visit us at www.eksobionics.com. The Company does not undertake to update these forward-looking statements.
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Released August 12, 2016