ELMSFORD, N.Y., Sept. 22, 2020 /PRNewswire/
-- NanoVibronix, Inc., (NASDAQ: NAOV), a medical
device company that produces the UroShield®, PainShield® and
WoundShield®, and WoundShield® Surface Acoustic Wave (SAW) Portable
Ultrasonic Therapeutic Devices, announced today that, due to
demand, the underwriter has agreed to increase the size of the
previously announced public offering and purchase on a firm
commitment basis 1,794,783 shares of common stock of the
Company, at a price to the public of $1.00 per share, less underwriting discounts and
commissions. The closing of the offering is expected to occur on or
about September 25, 2020, subject to
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the sole
book-running manager for the offering.
The Company also has granted to the underwriter a 30-day option
to purchase up to an additional 269,217 shares of common stock at
the public offering price, less underwriting discounts and
commissions. The gross proceeds to NanoVibronix, before deducting
underwriting discounts and commissions and offering expenses and
assuming no exercise of the underwriter's option to purchase
additional common stock, are expected to be approximately
$1.8 million. The Company intends to
use the net proceeds from this offering for working capital and
other general corporate purposes, including for the transition of
manufacturing of NanoVibronix's products from China to the United
States and purchase of inventory.
The shares of common stock are being offered by the Company
pursuant to a "shelf" registration statement on Form S-3 (File No.
333-239965) originally filed with the Securities and Exchange
Commission (the "SEC") on July 21, 2020, and
declared effective by the SEC on August 11, 2020.
The offering of the shares of common stock is being made only by
means of a prospectus, including a prospectus supplement, forming a
part of the effective registration statement. A preliminary
prospectus supplement and accompanying prospectus relating to, and
describing the terms of, the offering have been filed with the SEC
and are available on the SEC's website
at http://www.sec.gov. A final prospectus supplement and
the accompanying prospectus relating to the offering will be filed
with the SEC and, upon filing, may be obtained 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 telephone at (646) 975-6996
or e-mail at placements@hcwco.com.
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 NanoVibronix, Inc.
NanoVibronix, Inc. (NASDAQ: NAOV) is a medical device
company headquartered in Elmsford, New
York, with research and development in Nesher, Israel, focused on developing medical devices
utilizing its patented low intensity surface acoustic wave (SAW)
technology. The proprietary technology allows for the creation of
low-frequency ultrasound waves that can be utilized for a variety
of medical applications, including for disruption of biofilms and
bacterial colonization, as well as for pain relief. The devices can
be administered at home without the assistance of medical
professionals. The Company's primary products include PainShield®,
UroShield® and WoundShield®, all of which are portable devices
suitable for administration at home without assistance of medical
professionals. Additional information
about NanoVibronix is available at:
www.nanovibronix.com.
Forward-looking Statements
This press release contains "forward-looking statements."
Such statements may be preceded by the words "intends," "may,"
"will," "plans," "expects," "anticipates," "projects," "predicts,"
"estimates," "aims," "believes," "hopes," "potential" or similar
words. Forward-looking statements are not guarantees of future
performance, are based on certain assumptions and are subject to
various known and unknown risks and uncertainties, many of which
are beyond the Company's control, and cannot be predicted or
quantified, and include, among others, statements regarding the
completion of the public offering, the satisfaction of customary
closing conditions related to the public offering and the intended
use of net proceeds from the public offering; consequently,
actual results may differ materially from those expressed or
implied by such forward-looking statements. Such risks and
uncertainties include, without limitation, risks and uncertainties
associated with: (i) the geographic, social and economic impact of
COVID-19 on the Company's ability to conduct its business and raise
capital in the future when needed, (ii) market acceptance of our
existing and new products or lengthy product delays in key markets;
(iii) negative or unreliable clinical trial results; (iv) inability
to secure regulatory approvals for the sale of our products;
(v) intense competition in the medical device industry from much
larger, multinational companies,; (vi) product liability claims;
(vii) product malfunctions; (viii) our limited manufacturing
capabilities and reliance on subcontractor assistance; (ix)
insufficient or inadequate reimbursements by governmental and/or
other third party payers for our products; (x) our ability to
successfully obtain and maintain intellectual property protection
covering our products; (xi) legislative or regulatory reform
impacting the healthcare system in the U.S. or in foreign
jurisdictions; (xii) our reliance on single suppliers for certain
product components, (xiii) the need to raise additional capital to
meet our future business requirements and obligations, given the
fact that such capital may not be available, or may be costly,
dilutive or difficult to obtain; (xiv) our conducting business in
foreign jurisdictions exposing us to additional challenges, such
as, e.g., foreign currency exchange rate fluctuations, logistical
and communications challenges, the burden and cost of compliance
with foreign laws, and political and/or economic instabilities in
specific jurisdictions; and (xv) market and other conditions. More
detailed information about the Company and the risk factors that
may affect the realization of forward looking statements is set
forth in the Company's filings with the Securities and Exchange
Commission (SEC), including the Company's Annual Report on Form
10-K and its Quarterly Reports on Form 10-Q. Investors and security
holders are urged to read these documents free of charge on the
SEC's web site at: http://www.sec.gov. The Company assumes no
obligation to publicly update or revise its forward-looking
statements as a result of new information, future events, or
otherwise, except as required by law.
Investor Contacts:
NanoVibronix Inc
bmurphy@nanovibronix.com
(630) 338-5022
Or:
Brett Maas, Managing Principal,
Hayden IR, LLC
brett@haydenir.com
(646) 536-7331
View original
content:http://www.prnewswire.com/news-releases/nanovibronix-increases-previously-announced-bought-deal-to-1-8-million-301136194.html
SOURCE NanoVibronix, Inc.