Microbot Medical Inc. announces a direct offering of common stock and a concurrent private placement, raising approximately $13 million.
Quiver AI Summary
Microbot Medical Inc. announced a registered direct offering and concurrent private placement, through which it plans to sell 6,103,289 shares of its common stock at a price of $2.13 per share, potentially raising approximately $13 million before expenses. Additionally, the company will issue unregistered short-term investment options allowing the purchase of up to 12,206,578 shares at the same price for two years, contingent on stockholder approvals. The gross proceeds are intended for development and commercialization of the LIBERTY® Robotic System, expansion of its intellectual property applications, and general corporate needs. The offerings are managed by H.C. Wainwright & Co. and are set to close around February 11, 2025, subject to customary conditions.
Potential Positives
- Microbot Medical has successfully entered into definitive agreements for the purchase and sale of over 6 million shares of its common stock, raising approximately $13 million before expenses, which will support the company's development and commercialization efforts.
- The funds raised are intended for significant advancements, including the development of the LIBERTY® Robotic System and potential expansion of applications from its existing intellectual property portfolio.
- The company's ability to raise capital through a registered direct offering indicates a positive reception in the market, providing investor confidence in Microbot Medical's future prospects.
Potential Negatives
- The company is issuing shares at a low price of $2.13, which may indicate a lack of investor confidence and could dilute existing shareholders' equity.
- The necessity for stockholder approval for increasing authorized shares and potential exercises of preferred investment options raises concerns about governance and shareholder engagement.
- Ongoing regulatory uncertainties, particularly related to FDA clearance for the LIBERTY® Robotic System, add risk to the company's future viability and could impact investor confidence.
FAQ
What is the purpose of Microbot Medical's recent stock offering?
The stock offering aims to raise funds for the development, commercialization, and regulatory activities of the LIBERTY® Robotic System.
How many shares of common stock is Microbot Medical offering?
The company is offering 6,103,289 shares of common stock at a purchase price of $2.13 per share.
Who is the placement agent for the stock offering?
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings.
When is the closing date for the stock offering and private placement?
The closing is expected to occur on or about February 11, 2025, subject to customary closing conditions.
How will Microbot Medical use the proceeds from the offerings?
The proceeds will support ongoing development, commercialization efforts, and general corporate purposes related to the LIBERTY® system.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$MBOT Hedge Fund Activity
We have seen 7 institutional investors add shares of $MBOT stock to their portfolio, and 18 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- ALPHACENTRIC ADVISORS LLC removed 60,000 shares (-60.0%) from their portfolio in Q4 2024, for an estimated $67,200
- UBS GROUP AG added 44,493 shares (+444930.0%) to their portfolio in Q3 2024, for an estimated $39,776
- RENAISSANCE TECHNOLOGIES LLC removed 29,295 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $26,189
- THOROUGHBRED FINANCIAL SERVICES, LLC removed 27,250 shares (-52.2%) from their portfolio in Q3 2024, for an estimated $24,361
- VANGUARD PERSONALIZED INDEXING MANAGEMENT, LLC removed 15,494 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $13,851
- VIRTU FINANCIAL LLC removed 13,379 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $11,960
- GEODE CAPITAL MANAGEMENT, LLC added 12,280 shares (+10.2%) to their portfolio in Q3 2024, for an estimated $10,978
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
BRAINTREE, Mass., Feb. 10, 2025 (GLOBE NEWSWIRE) -- Microbot Medical Inc. (Nasdaq: MBOT) today announced that it has entered into definitive agreements for the purchase and sale of 6,103,289 shares of the Company’s common stock at a purchase price of $2.13 per share of common stock in a registered direct offering priced at-the-market under Nasdaq rules. In addition, in a concurrent private placement, the Company will issue unregistered short-term series I preferred investment options. The short-term series I preferred investment options to purchase up to 12,206,578 shares of common stock have an exercise price of $2.13 per share and will be exercisable for a period of two years beginning on the later of (i) the effective date of the increase of the Company’s authorized shares of common stock following stockholder approval and (ii) the effective date of stockholder approval of the issuance of the shares upon exercise of the warrants. The closing of the registered direct offering and the concurrent private placement is expected to occur on or about February 11, 2025, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offerings.
The gross proceeds to the Company from the offerings are expected to be approximately $13 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the offerings for the continued development, commercialization and regulatory activities for the Company’s LIBERTY
®
Robotic System, expansion and development of additional applications derived from the Company’s existing IP portfolio, and for working capital and other general corporate purposes.
The shares of common stock described above (but not the short-term series I preferred investment options issued in the concurrent private placement or the shares of common stock underlying such short-term series I preferred investment options) are being offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-275634) previously filed with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on December 4, 2023. The offering of the shares of common stock is made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.
The short-term series I preferred investment options described above are being issued in a concurrent private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder and, along with the shares of common stock underlying the short-term series I preferred investment options, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the short-term series I preferred investment options and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Microbot Medical
Microbot Medical Inc. (NASDAQ: MBOT) is a clinical stage medical technology company with a vision to improve the quality of care for millions of patients and providers globally. The Company has developed the world’s first single-use, fully disposable endovascular robotic system, which aims to eliminate traditional barriers to accessing advanced robotic systems.
Further information about Microbot Medical is available at
http://www.microbotmedical.com
.
Safe Harbor
Statements to future financial and/or operating results, future growth in research, technology, clinical development, commercialization and potential opportunities for Microbot Medical Inc. and its subsidiaries, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Any statements that are not historical fact (including, but not limited to statements that contain words such as “will,” “believes,” “plans,” “anticipates,” “expects” and “estimates”) should also be considered to be forward-looking statements. Forward-looking statements involve risks and uncertainties, including, without limitation, the completion of the offerings, the satisfaction of customary closing conditions related to the offerings, the intended use of proceeds from the offerings, the receipt of stockholder approval in connection therewith, the Company’s need for and ability to obtain additional working capital to continue its transition to a commercially focused company, market conditions, risks inherent in the development and/or commercialization of the LIBERTY
®
Endovascular Robotic Surgical System, uncertainty in the results of regulatory pathways and regulatory approvals, including whether the FDA will grant 510(k) clearance to commercially market the LIBERTY
®
Endovascular Robotic Surgical System in the United States, disruptions resulting from new and ongoing hostilities between Israel and the Palestinians and other neighboring countries, need and ability to obtain future capital, and maintenance of intellectual property rights. Additional information on risks facing Microbot Medical can be found under the heading “Risk Factors” in Microbot Medical’s periodic reports filed with the Securities and Exchange Commission (SEC), which are available on the SEC’s web site at www.sec.gov. Microbot Medical disclaims any intent or obligation to update these forward-looking statements, except as required by law.
Investor Contact:
IR@microbotmedical.com
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