Wearable Devices Announces Pricing of $2.0 Million Underwritten Public Offering
09 11월 2023 - 11:00PM
Wearable Devices Ltd. (the “Company” or “Wearable Devices”)
(Nasdaq: WLDS, WLDSW), a technology growth company specializing in
AI-powered touchless sensing wearables, today announced the pricing
of a firm commitment underwritten public offering with gross
proceeds to the Company expected to be approximately $2.0 million,
before deducting underwriting discounts and other estimated
expenses payable by the Company. The base offering consists of
4,444,444 ordinary shares at a price to the public of $0.45 per
share. The Company intends to use the net proceeds from this
offering for working capital and general corporate purposes.
In addition, the Company has granted Aegis Capital Corp. a
45-day option to purchase ordinary shares of up to 15% of the
number of ordinary shares sold in the offering solely to cover
over-allotments, if any.
The offering is expected to close on November 13, 2023, subject
to the satisfaction of customary closing conditions.
Aegis Capital Corp. is acting as the sole book-running
manager for the offering.
This offering is being made pursuant to an effective shelf
registration statement on Form F-3 (No. 333-274841) declared
effective by the U.S. Securities and Exchange Commission (the
"SEC") on October 18, 2023. A preliminary prospectus supplement and
accompanying shelf prospectus describing the terms of the proposed
offering have been filed with the SEC and are available on the
SEC's website located at http://www.sec.gov. Electronic copies of
the preliminary prospectus supplement and the accompanying shelf
prospectus may be obtained by contacting Aegis Capital Corp.,
Attention: Syndicate Department, 1345 Avenue of the Americas, 27th
floor, New York, NY 10105, by email at syndicate@aegiscap.com, or
by telephone at (212) 813-1010. Before investing in this offering,
interested parties should read in their entirety the prospectus
supplement and the accompanying prospectus and the other documents
that the Company has filed with the SEC and that are incorporated
by reference in such prospectus supplement and the accompanying
prospectus, which provide more information about the Company and
such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Wearable Devices Ltd.
Wearable Devices Ltd. is a growth company developing AI-based
neural input interface technology for the B2C and B2B markets. The
Company’s flagship product, the Mudra Band for Apple Watch,
integrates innovative AI-based technology and algorithms into a
functional, stylish wristband that utilizes proprietary sensors to
identify subtle finger and wrist movements allowing the user to
“touchlessly” interact with connected devices. The Company also
markets a B2B product, which utilizes the same technology and
functions as the Mudra Band and is available to businesses on a
licensing basis. Wearable Devices Is committed to creating
disruptive, industry leading technology that leverages AI and
proprietary algorithms, software, and hardware to set the input
standard for the Extended Reality, one of the most rapidly
expanding landscapes in the tech industry. The Company’s ordinary
shares and warrants trade on the Nasdaq market under the symbols
“WLDS” and “WLDSW” respectively.
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act and
other securities laws. Words such as “expects,” “anticipates,”
“intends,” “plans,” “believes,” “seeks,” “estimates” and similar
expressions or variations of such words are intended to identify
forward-looking statements. For example, the Company is using
forward-looking statements when it discusses the closing of the
offering. Forward-looking statements are not historical facts, and
are based upon management’s current expectations, beliefs and
projections, many of which, by their nature, are inherently
uncertain. Such expectations, beliefs and projections are expressed
in good faith. However, there can be no assurance that management’s
expectations, beliefs or projections will be achieved, and actual
results may differ materially from what is expressed in, or
indicated by, the forward-looking statements. Forward-looking
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in the forward-looking statements. Forward-looking
statements speak only as of the date the statements are made. The
Company assumes no obligation to update forward-looking statements
to reflect actual results, subsequent events or circumstances,
changes in assumptions or changes in other factors affecting
forward-looking information except to the extent required by
applicable securities laws. If the Company does update one or more
forward-looking statements, no inference should be drawn that the
Company will make additional updates with respect thereto or with
respect to other forward-looking statements.
References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. Wearable Devices
is not responsible for the contents of third-party websites.
Investor Relations Contact
Walter FrankIMS Investor
Relations203.972.9200wearabledevices@imsinvestorrelations.com
Wearable Devices (NASDAQ:WLDS)
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