Microbot Medical announces $13M registered direct offering priced at-the-market

Microbot Medical (MBOT) 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 $13M, 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.