ReWalk Robotics Ltd. filed SEC Form 8-K: Other Events

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): December 8, 2023

 

(Exact name of registrant as specified in its charter)

  

 

Registrant’s telephone number, including area code: +972.4.959.0123

  

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Exchange Act		Trading Symbol(s)		Name of each exchange on which registered
Ordinary Shares, par value NIS 0.25		RWLK		The Nasdaq Stock Market LLC

 

 

 

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

  

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 8.01          Other Events.

 

On December 8, 2023, ReWalk Robotics Ltd. (“ReWalk” or the “Company”) was notified that the Nasdaq Hearings Panel (the “Panel”) had granted the Company an extension through March 30, 2024, to regain compliance with the bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) (the “Bid Price Rule”). To do so, the Company must evidence a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days by March 30, 2024.

As previously disclosed, by decision dated November 6, 2023, the Panel granted ReWalk an extension through January 31, 2024, to evidence compliance with the Bid Price Rule. The Company requested a further extension, through March 30, 2024, to allow for additional time for the finalization and implementation of the home health rule administrative proposal by the Centers for Medicare & Medicaid Services (“CMS”) that explicitly includes exoskeletons within a Medicare benefit category. The Company believes that finalization and implementation of this rule would help to significantly expand the Company’s addressable market in the United States for its personal exoskeleton product. The Company’s compliance plan also includes the implementation of a reverse stock split should such action be deemed necessary to maintain the Company’s listing on Nasdaq.

For more information regarding the consequences of a potential delisting, see “Part II, Item 1A. Risk Factors” in the Company’s annual report on Form 10- K for the year ended December 31, 2022, filed with the Securities and Exchange Commission (the “SEC”) on February 23, 2023, as amended on May 1, 2023.

Forward-Looking Statements

 

In addition to historical information, this report contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements may include projections regarding ReWalk’s future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “should,” “would,” “seek” and similar terms or phrases. For example, statements regarding ReWalk’s intent or ability to regain compliance with Nasdaq’s minimum bid price requirement are forward-looking, and there can be no assurance that ReWalk will regain compliance with the minimum bid price requirement or otherwise meet Nasdaq compliance standards in the future, that the Company will file timely for a hearing with Nasdaq, or that Nasdaq will grant ReWalk any relief from delisting as necessary or whether ReWalk can ultimately meet applicable Nasdaq requirements for any such relief. The forward-looking statements contained in this report are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of ReWalk’s control. Important factors that could cause ReWalk’s actual results to differ materially from those indicated in the forward-looking statements are more fully discussed in ReWalk’s periodic filings with the Securities and Exchange Commission (“SEC”), including the risk factors described under the heading “Risk Factors” in ReWalk’s annual report on Form 10-K and 10-K/A for the year ended December 31, 2022 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this report speaks only as of the date hereof. Factors or events that could cause ReWalk’s actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for ReWalk to predict all of them. Except as required by law, ReWalk undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

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