– USA, MA – ReWalk Robotics Ltd. (Nasdaq:RWLK), announced today that the Company has received the first tranche of $5 million in funding as part of the $20 million strategic investment by Timwell Corporation Limited, a Hong Kong corporation, and has appointed Ning Cong to its Board of Directors. The strategic investment transaction was originally announced on March 8, 2018.
As previously announced, ReWalk will receive $20 million in exchange for an aggregate of 16,000,000 of ReWalk ordinary shares, at a price per share of $1.25, as part of a broad strategic agreement to fund ReWalk’s overall development worldwide and to establish ReWalk’s presence in the Chinese market.
“We look forward to expanding the reach of ReWalk’s products in China to treat individuals with lower limb disabilities, including addressing the needs of the more than 11 million stroke survivors, and 2.4 million people who suffer a stroke each year in China, with our Restore soft-suit exoskeleton. Preparations for our joint venture are underway and we expect to support the market with an initial product order by the end of this year,” said ReWalk CEO Larry Jasinski.
“We are also pleased to welcome Ning Cong to our Board of Directors. Her financial expertise in the Asian markets will serve us well as we implement our strategic investment with Timwell, as well as facilitate our efforts to expand the reach of ReWalk’s products in China. We look forward to her insight and guidance,” concluded Jasinski.
Since April 2016, Ms. Cong has served as a co-founder, partner and manager of Ambrum Capital, which manages a private equity investment fund focusing primarily on the field of healthcare and engaging in strategic partnerships with healthcare companies in China. From November 2005 to March 2016, Ms. Cong served in multiple senior roles at Orchid Asia Group Management, Limited (“Orchid Asia”), where she served as a Managing Director from 2010-2016, an Investment Director from 2007-2010 and a Vice President from 2005-2007, and had been an investment committee member of Orchid Asia since 2008. Ms. Cong had fifteen private equity investments during her stay with Orchid Asia, and served as members of the board of directors for both privately held and publicly listed companies in China and in Hong Kong, including Shenzhen Lifetech Scientific Corporation, Shenzhen Comix Group Co., Ltd and Sangfor Technology Inc. Ms. Cong holds a Master in Business Administration from HEC School of Management in Paris, France, where she received the Gustave Eiffel Scholarship of Excellence.
Under terms of the agreement, ReWalk and Timwell, through its affiliates and RealCan Ambrum Healthcare Industry Investment (Shenzhen) Partnership Enterprise (Limited Partnership) (“RealCan Ambrum”), plan to form a joint venture in China to develop, manufacture and market ReWalk’s products in China, including Hong Kong and Macau. All capital funding for the joint venture will be provided by RealCan Ambrum with ReWalk contributing the technology.
Timwell agreed to make the $20 million investment in three tranches. The first tranche of $5 million placed was released today. A second tranche of $10 million will be provided upon formation of the joint venture in China. The third tranche of $5 million is expected to be provided by December 31, 2018 and no later than April 1, 2019. The investment agreement also contains certain other conditions precedent, which must be satisfied at each tranche. In addition to the appointment of Ning Cong to ReWalk’s board of directors, Timwell may be able to designate additional directors, under the terms of the agreement.
The broader strategic investment agreement includes a joint venture agreement, license agreement and supply agreement which are expected to be executed no later than July 1, 2018. Additional information regarding the investment is included in ReWalk’s reports on Form 8-K filed with the Securities and Exchange Commission on March 8, 2018 and March 23, 2018.
About ReWalk Robotics Ltd.
ReWalk Robotics Ltd. develops, manufactures and markets wearable robotic exoskeletons for individuals with spinal cord injury. The company’s mission is to fundamentally change the quality of life for individuals with lower limb disability through the creation and development of market leading robotic technologies. Founded in 2001, ReWalk has headquarters in the U.S., Israel and Germany.
For more information : http://www.rewalk.com
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