Wearable Devices Ltd. Announces Closing of $1.85 Million Registered Direct Offering and Concurrent Private Placement
28 November 2024 - 9:05AM
Wearable Devices Ltd. (the “Company” or “Wearable Devices”)
(Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial
intelligence (“AI”)-based wearable gesture control technology,
today announced that it has closed its registered direct offering
and concurrent private placement, announced on November 26, 2024,
for the issuance and sale of 822,000 ordinary shares (or ordinary
share equivalents) in a registered direct offering and warrants to
purchase up to 822,000 of its ordinary shares in concurrent private
placement at a combined purchase price of $2.25 per ordinary share.
The warrants issued pursuant to the concurrent private placement
have an exercise price of $2.50 per ordinary share, are immediately
exercisable and expire five years following the date of issuance.
The gross proceeds from the offerings, before
deducting the placement agent’s fees and other offering expenses
payable by the Company, are approximately $1.85 million, excluding
any proceeds that may be received upon the exercise of the
Warrants. The Company intends to use the net proceeds from the
offerings for working capital and general corporate purposes.
A.G.P./Alliance Global Partners acted as sole
placement agent for the offerings.
The ordinary shares (or ordinary share
equivalents in lieu thereof) issued to the institutional investor
described above were issued pursuant to a registration statement on
Form F-3 (File No. 333-274841), which was declared effective by the
Securities and Exchange Commission (the “SEC”) on October 18, 2023.
The warrants were issued in a concurrent private placement. A final
prospectus supplement and the accompanying prospectus relating to
the registered direct offering was filed with the SEC and is
available on the SEC’s website at www.sec.gov. Additionally, when
available, electronic copies of the final prospectus supplement and
the accompanying prospectus may be obtained from A.G.P./Alliance
Global Partners, 590 Madison Avenue, 28th Floor, New York, NY
10022, or by telephone at (212) 624-2060, or by email at
prospectus@allianceg.com.
The private placement of the warrants and the
shares underlying the Warrants offered to the institutional
investor was made in reliance on an exemption from registration
under Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Securities Act”) and Regulation D promulgated thereunder.
Accordingly, the securities issued in the concurrent private
placement may not be offered or sold in the United States except
pursuant to an effective registration statement or an applicable
exemption from the registration requirements of the Securities Act
and such applicable state securities laws.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the offerings, 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 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 Statements
This press release contains “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, that are intended to be covered by the “safe
harbor” created by those sections. Forward-looking statements,
which are based on certain assumptions and describe our future
plans, strategies and expectations, can generally be identified by
the use of forward-looking terms such as “believe,” “expect,”
“may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,”
“estimate,” “anticipate,” “will” or other comparable terms. For
example, we are using forward-looking statements when we discuss
the use of proceeds from the offerings. All statements other than
statements of historical facts included in this press release
regarding our strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking
statements. Forward-looking statements are neither historical facts
nor assurances of future performance. Instead, they are based only
on our current beliefs, expectations and assumptions regarding the
future of our business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of our control. Our actual results and financial
condition may differ materially from those indicated in the
forward-looking statements. Therefore, you should not rely on any
of these forward-looking statements. Important factors that could
cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, the following: the trading of our ordinary
shares or warrants and the development of a liquid trading market;
our ability to successfully market our products and services; the
acceptance of our products and services by customers; our continued
ability to pay operating costs and ability to meet demand for our
products and services; the amount and nature of competition from
other security and telecom products and services; the effects of
changes in the cybersecurity and telecom markets; our ability to
successfully develop new products and services; our success
establishing and maintaining collaborative, strategic alliance
agreements, licensing and supplier arrangements; our ability to
comply with applicable regulations; and the other risks and
uncertainties described in our annual report on Form 20-F for the
year ended December 31, 2023, filed on March 15, 2024 and our other
filings with the SEC. We undertake no obligation to publicly update
any forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Investor Relations Contact
Michal EfratyIR@wearabledevices.co.il
Wearable Devices (NASDAQ:WLDS)
Historical Stock Chart
From Nov 2024 to Dec 2024
Wearable Devices (NASDAQ:WLDS)
Historical Stock Chart
From Dec 2023 to Dec 2024