ReWalk Robotics Raises $20 Million for Expansion Into Chinese Market
The company plans to bring to China its wearable exoskeletons that help people walk again after injuries and strokes
ReWalk Robotics. Ltd., which develops wearable exoskeletons that help people walk again after injuries and strokes, plans to expand into the Chinese market with the help of a $20 million investment offered by Hong Kong-based Timwell Corporation Limited.
ReWalk announced the planned investment Thursday (8 March) in a filing with the U.S. Securities and Exchange Commission, saying that Timwell would receive a 35%-stake in the company.
Timwell has committed to purchasing 16 million newly issued shares from ReWalk at a per share price of $1.25. The investment will be made in three stages with Timwell providing $5 million after shareholder approval, then $10 million by the end of the year and the remaining $5 million by April 1 of 2019.
Founded in 2001, ReWalk has two product lines. The first, a rigid-frame exoskeleton for people who cannot walk on their own due to spinal cord injuries, has been on the market for years. The company’s new technology is a soft suit that aids stroke patients whose motor functions have been impaired.
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Reference: Shelav, A. (2018, March 8). ReWalk Robotics Raises $20 Million for Expansion Into Chinese Market. Retrieved April 12, 2018, from http://www.calcalistech.com/ctech/articles/0,7340,L-3733656,00.html