Microbot Medical (NASDAQ: MBOT) Announces $8.6 Million Registered Direct Offering

Microbot Medical Inc., a Delaware corporation, has recently disclosed an agreement involving Securities Purchase Agreements with investors for a registered direct offering. The offering includes the issuance and sale of approximately 3,788,550 shares of the company’s common stock at an offering price of $2.27 per share. The aggregate gross proceeds from the offering are estimated to be around $8.6 million before deducting the placement agent fee and related expenses.

The Purchase Agreements entail customary representations, warranties, and agreements between the company and the investors. It also includes certain restrictions on the issuance and sale of common stock following the closing of the Registered Offering. These shares were offered under a registration statement on Form S-3 and are expected to close on or about January 10, 2025, subject to customary closing conditions.

Additionally, in a concurrent private placement, Microbot Medical will issue Series H preferred investment options to purchase up to 7,577,100 shares of common stock at an exercise price of $2.10 per share. The Series H Warrants and the shares of Common Stock are not registered under the Securities Act of 1933 but are offered pursuant to an exemption.

H.C. Wainwright & Co., LLC will serve as the exclusive placement agent for the issuance and sale of securities, with compensation related to the gross proceeds received by the company from the offerings. The Company has agreed to pay placement agent fees, management fees, legal expenses, and issue warrants to the placement agent or its designees.

The Offering is not an offer to sell, and certain aspects of the deal are detailed in associated filings. These transactions have inherent risks and uncertainties, including regulatory approvals, market conditions, intellectual property rights, and the need to obtain additional working capital.

Microbot Medical’s purpose for the net proceeds includes the development, commercialization, and regulatory activities for their LIBERTY Robotic System, expansion of their existing IP portfolio, and general corporate purposes.

Investors are advised to consider the risks detailed in Microbot Medical’s periodic reports filed with the Securities and Exchange Commission (SEC) under the “Risk Factors” section. The company disclaims any intention or obligation to update forward-looking statements, except as required by law. The Offering is anticipated to close around January 10, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Microbot Medical’s 8K filing here.

Microbot Medical Company Profile

Microbot Medical Inc, a pre-clinical medical device company, engages in the research, design, and development of robotic endoluminal surgery devices targeting the minimally invasive surgery space. The company offers LIBERTY, an endovascular robotic surgical system which allows physicians to conduct a catheter-based procedure from outside the catheterization laboratory, and avoid radiation exposure, physical strain, and the risk of cross contamination for use in cardiovascular, peripheral, and neurovascular spaces.