Microbot Medical falls on $1.5M registered direct offering

• Medical device developer Microbot Medical Inc. (NASDAQ:MBOT) shed ~14% on Friday after announcing agreements to raise $1.5M in gross proceeds as part of a registered direct offering priced at the market.
• Per the terms, ~707.8K shares of Microbot Medical’s (MBOT) common stock will be offered at a purchase price of $2.1375 per share.
• The Hingham, Massachusetts-based firm also announced a private placement under which unregistered series C preferred investment options will be on offer, enabling investors to buy up to ~350.9K shares of its common stock at $2.075 apiece.
• H.C. Wainwright & Co. serves as the exclusive placement agent for the offerings. The transactions are expected to close on or about June 6, 2023, subject to closing conditions.
• The company intends to use the net proceeds from the offerings for various operating activities, including further advancement of its LIBERTY Robotic System.

More on Microbot Medical

• Microbot Medical announces $1.4M registered direct offering priced at-the-market
• Microbot Medical suspends development of its self-cleaning shunt project