Microbot Medical Secures Significant Funding for Growth

Latest Updates from Microbot Medical

Microbot Medical Inc. (NASDAQ: MBOT), a pioneering company in the medical device sector, has made significant strides recently with the announcement of its first closing of the exercise of outstanding preferred investment options. This move is set to generate total gross proceeds of approximately $92.2 million.

Details of the Preferred Investment Options

During the initial closing, Microbot Medical successfully granted the exercise of options allowing the purchase of up to 13,989,115 shares of common stock. The shares associated with these investment options are officially registered to ensure compliance with financial regulations, thus paving the way for a robust market stance.

Financial Breakdown of the Offering

The offering will be completed in two stages. In the first stage, the company has secured approximately $25.2 million based on the exercise of options for 12,064,627 shares, priced between $1.50 and $2.13 per share. Investors exercising these options will receive new short-term preferred investment options, promoting sustained engagement with current shareholders.

Prospective Second Stage Closing

Looking ahead, the second closing is anticipated to conclude by mid-October, with further funds projected to drop in around $4 million from the exercise of additional options covering 1,924,488 shares at an exercise price of $2.10 each. This staged implementation reflects Microbot's strategic approach to capital management.

Funding Utilization and Future Plans

The funds raised will primarily support the continued advancement of Microbot's LIBERTY® Robotic System, which is uniquely designed to enhance endovascular procedures through advanced robotic technologies. The company is committed to further expansion, including the acquisition of complementary technologies and extending its intellectual property portfolio.

Commitment to Innovation

Beyond immediate financial needs, Microbot maintains a strong focus on innovation, dedicating some of the proceeds towards regulatory activities and new market applications. Their mission is to transform the landscape of endovascular treatments, ensuring both efficacy and safety throughout their product lines.

Role of H.C. Wainwright & Co.

The offering has been facilitated by H.C. Wainwright & Co., acting as the exclusive placement agent. Their expertise is instrumental in navigating the complex landscape of financial offerings, ensuring that Microbot aligns its investment strategy with long-term goals.

About Microbot Medical

Microbot Medical Inc. stands at the forefront of medical device innovation. With its proprietary LIBERTY® Endovascular Robotic System, the company is dedicated to enhancing the precision and safety of endovascular procedures. This groundbreaking technology underscores Microbot's commitment to improving healthcare delivery using cutting-edge robotic solutions.

Frequently Asked Questions

What are the preferred investment options announced by Microbot Medical?

Microbot Medical announced the exercise of preferred investment options that allow investors to purchase a significant number of shares, aimed at raising capital for future endeavors.

How much funding is Microbot expected to raise?

The company anticipates raising approximately $92.2 million through this offering, split across two closures.

What is the purpose of the funds raised?

Funds will be used to advance the development of the LIBERTY® Robotic System and other corporate needs, including acquisitions and working capital.

Who acted as the placement agent for this offering?

H.C. Wainwright & Co. served as the exclusive placement agent for the transaction.

What is Microbot Medical's mission?

Microbot Medical aims to revolutionize endovascular procedures through its innovative robotics technology, striving for precision and enhanced patient safety.

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