Lifeward has entered a definitive agreement “to acquire certain technology assets and related know-how, including functional prototypes from Skelable Ltd., the developer of a robotic upper-body orthotic device with AI [artificial intelligence] capabilities.”
The price of the acquisition was described as “$480,000 in Lifeward equity, payable in installments upon the achievement of specified milestones and a nominal cash payment at closing.”
The “key engineering team” at Tel Aviv-based Skelable also joins Lifeward, “bringing more than 60 years of combined experience across electrical, software, mechanical and industrial design,” the announcement said. Skelable makes robotic innovations that have been tested “on multiple patients with a wide range of mobility issues, including patients suffering from CVA [cerebrovascular accident], SCI [spinal cord injury] and ALS [amyotrophic lateral sclerosis].”
Lifeward (Nasdaq: LWFD) sells the ReWalk personal exoskeleton for people living with spinal cord injuries.
On Feb. 20, Lifeward announced a 1-for-12 reverse split of its ordinary shares, saying the action “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 per share threshold required by Nasdaq.”
