© Reuters.
MARLBOROUGH, Mass. and YOKNEAM ILLIT, Israel – ReWalk Robotics Ltd. (NASDAQ: LFWD), also known as Lifeward, a company specializing in rehabilitation and recovery solutions, has announced a 1-for-7 reverse split of its common stock. effective with market opening on Friday, March 15, 2024.
This move is intended to comply with Nasdaq's continued listing standards, specifically to increase the price per share above Nasdaq's required $1.00 minimum threshold.
The reverse split was authorized by the company's shareholders on September 13, 2023, granting the Board of Directors the power to determine the timing and proportion of the split. The Board has now decided on the 1 to 7 ratio and will amend the company's articles of association to reflect this change. Accordingly, every seven ordinary shares issued will be combined into one ordinary share.
The reverse split will result in a new CUSIP number (M8216Q119) for the company's common stock, which is expected to begin trading on a split-adjusted basis beginning March 15, 2024. The number of shares authorized and outstanding will decrease, and the par value of the common shares will increase proportionately.
Fractional shares will not be issued and shareholders will instead receive a whole number of shares rounded down.
Adjustments will also be made to the company's outstanding warrants, pre-funded warrants and stock options. The number of shares into which these securities will be convertible or exercisable will be adjusted based on the contra-split, as well as the exercise prices of said securities.
Lifeward's issued and outstanding common shares are expected to decline from approximately 60.1 million before the split to about 8.6 million after the split. The company's financial guidance for 2024 and its profitability target for 2026, based on existing capital, remain unchanged.
Lifeward continues to focus on its mission to innovate in the field of physical rehabilitation and recovery, offering products such as the ReWalk Exoskeleton, AlterG Anti-Gravity Systems, ReStore Exo-Suit and MyoCycle FES Systems. The company has operations in the United States, Israel and Germany.
The information in this article is based on a press release from ReWalk Robotics Ltd. (DBA Lifeward).
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