Microbot Medical Inc (MBOT) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Microbot Medical Inc. settled litigation with Empery Asset Master Ltd. and others by entering into a Settlement Agreement on January 26, 2024, resolving allegations of breach of representations and fraudulent inducement related to a 2017 equity financing round. The company agreed to pay $2,154,000, combining cash and shares of restricted common stock, release all claims related to the dispute, and file a registration statement for the resale of the shares. The plaintiffs will discontinue the lawsuit upon receipt of the settlement amount.
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For a comprehensive understanding of the announcement, you can read the full document here.