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 stock split of its ordinary shares, effective with the market opening on Friday, March 15, 2024.
This move is aimed at meeting Nasdaq's continued listing standards, specifically to increase the per share price above the minimum $1.00 threshold required by Nasdaq.
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 ratio of the split. The Board has now decided on the 1-for-7 ratio and will amend the company's Articles of Association to reflect this change. Consequently, every seven issued ordinary shares will be combined into one ordinary share.
The reverse split will result in a new CUSIP number (M8216Q119) for the company's ordinary shares, which are expected to begin trading on a split-adjusted basis from March 15, 2024. The number of authorized and outstanding shares will decrease, and the par value of the ordinary shares will increase proportionately.
No fractional shares will be issued, and shareholders will receive a rounded down whole number of shares instead.
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 are convertible or exercisable will be adjusted in line with the reverse split, as will the exercise prices of these securities.
Lifeward's issued and outstanding ordinary shares are expected to decrease from approximately 60.1 million pre-split to around 8.6 million post-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 statement from ReWalk Robotics Ltd. (DBA Lifeward).
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