Rewalk Robotics extends share repurchase program

ReWalk Robotics Ltd., a leading manufacturer of robotic medical technology for people with lower extremity disabilities, today announced that its Board of Directors (the “Board”) has approved an extension of the current program to repurchase the Company’s Ordinary Shares, par value NIS 0.25 per share, with such extension to be in the aggregate amount of up to $5.8 million. The Company’s ongoing $8.0 million repurchase program was previously approved by the Board and an Israeli court for a six month period ending on January 20, 2023. The Board’s approval of the $5.8 million repurchase program extension is intended to facilitate purchases of up to an aggregate of $8.0 million of its Ordinary Shares over the life of the repurchase program, as extended. The extension of the program is subject to receipt of Israeli court approval, and ReWalk has filed a motion requesting permission to make purchases for a period of six months following the date of the court’s authorization.

“We believe our stock is significantly undervalued and this filing to extend our repurchase program reflects our confidence in the long-term potential of ReWalk,” stated Jeff Dykan, Chairman of the Board. “The Board approved the program as part of its ongoing consideration of alternative methods to take advantage of the Company’s strong cash position and based on the input of our shareholders. We believe the program represents a prudent use of the Company’s capital and signals the Board’s priority to maximize shareholder value.”

“We are acting on multiple activities that are on track to support the future value of our stock,” said Larry Jasinski, Chief Executive Officer. “These include the current consideration of individual cases with the CMS MACs, the movement of court cases in Germany to provision of systems, the anticipated rebound in revenue as we are now emerging from the impact of past limits of training due to Covid, and with business development activity in our efforts to add additional product lines.”

The extension of the share repurchase program was unanimously approved by the Board. The Board believes that extension of the share repurchase program at this time is in the best interests of the Company and its shareholders, and will not impact ReWalk’s ability to execute its growth plans.

Under the extended program, share repurchases may be made from time to time using a variety of methods, including open market transactions or in privately negotiated transactions. Such repurchases will be made in accordance with all applicable securities laws and regulations, including restrictions relating to volume, price and timing under applicable law, including Rule 10b-18 under the United States Securities Exchange Act of 1934, as amended (the “1934 Act”). The timing and amount of shares repurchased will be determined by the Company’s management, within guidelines to be established by the Board or a committee thereof, based on its ongoing evaluation of ReWalk’s capital needs, market conditions, the trading price of the Company’s shares, trading volume and other factors, subject to applicable law. For all or a portion of the authorized repurchase amount, ReWalk may enter into a plan compliant with Rule 10b5-1 under the 1934 Act that is designed to facilitate these repurchases.

The repurchase program does not require ReWalk to acquire a specific number of shares, and may be suspended or discontinued at any time. The share repurchases will be funded from available working capital.
MB Bureau