Lifeward announces 1-for-7 reverse share split

ReWalk Robotics announced that effective with the open of the market on Friday, March 15, 2024, the Company will complete a 1-for-7 reverse split of its ordinary shares. On September 13, 2023, the Company’s shareholders voted to authorize the Company’s Board of Directors to determine whether to effect a reverse share split of the Company’s ordinary shares and, if so, to set a ratio to be effective on a date to be determined by the Board. The Company’s shareholders also voted to authorize the Company’s Board of Directors to approve conforming amendments to the Company’s Articles of Association to reflect any such reverse share split. The Board has now resolved to set the reverse share split at the ratio of 1-for-7 shares, and to amend the Company’s Articles of Association accordingly. As a result, every seven issued ordinary shares will automatically combine into one ordinary share. The Company believes that implementing the reverse split will assist in its efforts to meet the Nasdaq continued listing standards and to have its ordinary shares remain listed and traded on Nasdaq. In particular, the Company expects the reverse split to increase the per share price and bid price of its ordinary shares above the minimum $1.00 per share threshold required by Nasdaq. The Company’s ordinary shares will be assigned a new CUSIP number and are expected to begin trading on a split-adjusted basis on Friday, March 15, 2024.