ReWalk Robotics Ltd. (NASDAQ:RWLK) (the “Company” or “ReWalk”), a leading manufacturer of robotic medical technology for people with lower extremity disabilities, today announced that it has received Israeli court approval to repurchase up to $8 million of its Ordinary Shares, par value NIS 0.25 per share. The court approval is valid through January 20, 2023.
Under the program, share repurchases may be made from time to time using a variety of methods, including open market transactions or in privately negotiated transactions. Such repurchases will be made in accordance with all applicable securities laws and regulations, including restrictions relating to volume, price and timing under applicable law, including Rule 10b-18 under the United States Securities Exchange Act of 1934, as amended (the “1934 Act”). The timing and amount of shares repurchased will be determined by the Company’s management, within guidelines to be established by the Board or a committee thereof, based on its ongoing evaluation of ReWalk’s capital needs, market conditions, the trading price of the Company’s shares, trading volume and other factors, subject to applicable law. For all or a portion of the authorized repurchase amount, ReWalk may enter into a plan compliant with Rule 10b5-1 under the 1934 Act that is designed to facilitate these repurchases.
The repurchase program does not require ReWalk to acquire a specific number of shares, and may be suspended or discontinued at any time. The share repurchases will be funded from available working capital.
