Robotic exoskeleton maker goes public, raises $20.6M
Ekso Bionics Holdings Inc. yesterday completed an alternative public offering in which Ekso Bionics Inc. became a wholly owned subsidiary of the company and simultaneously completed a $20.6 million private placement offering. The alternative public offering was structured as a reverse merger.
Ekso Bionics builds battery-powered robotic exoskeletons that have applications in medical, military, industrial and consumer markets. Last month, the company announced the first delivery of an Ekso GT unit, its latest-generation exoskeleton. The Ekso GT represents the fourth evolution the company’s technology in less than two years.
The company’s offering generated $20.6 million through the sale of 20,580,000 units at a price of $1 per unit. Each unit includes one share of common stock and a warrant to purchase one share of common stock at an exercise price of $2 per share for a five-year period.
Ekso says it will use net proceeds of the offering to expand its sales and marketing efforts, sustain research and development efforts, pay off $2.5 million in venture debt and pay general and administrative expenses.
Shares of the company’s common stock are found on the OTC Markets under the symbol EKSO.
[ photo courtesy of Ekso Bionics ]