Microbot Medical Inc. (NASDAQ:MBOT), a medical device company specializing in the design and development of transformational micro-robotic medical technologies, has amended its existing At the Market Offering Agreement with H.C. Wainwright & Co., LLC, according to a recent 8-K filing with the Securities and Exchange Commission (SEC).
The amendment, effective as of today, reflects the transition of the shares of common stock to be issued under the ATM Program to the new universal shelf registration statement declared effective by the SEC on December 4, 2023.
Under the updated ATM Program, Microbot Medical may offer and sell shares of its common stock with an aggregate offering price of up to $4,819,905. Sales may occur through various transactions on or through the Nasdaq Capital Market or other methods permitted by law.
The amendment to the Sales Agreement ensures that shares issued under the ATM Program are in accordance with the 2023 Registration Statement and the newly filed prospectus supplement. This move comes after the expiration of the company's previous universal shelf registration statement on Form S-3, which was filed on November 25, 2020.
Microbot Medical has not specified the timing of the sales or the number of shares to be sold. The company's counsel, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., has provided an opinion on the validity of the common stock offered.
In other recent news, Microbot Medical has been making strides with its LIBERTY® Endovascular Robotic Surgical System. The company secured approximately $2.35 million in gross proceeds from a stock sale and investment options, with H.C. Wainwright & Co. serving as the exclusive placement agent. This funding is expected to support the development and commercialization of the LIBERTY® Robotic System, among other corporate purposes.
Further, Microbot Medical received FDA approval to proceed with a pivotal clinical trial for the LIBERTY® system. This approval marks a significant step towards a potential 510(k) submission. The company has also completed the first phase of its collaboration with Corewell Health, assessing the technical capabilities of the LIBERTY system for endovascular interventions.
H.C. Wainwright adjusted its outlook on the company, reducing the price target to $7.00 while maintaining a Buy rating. Despite recent tensions in Israel, Microbot Medical has confirmed that its operations remain on track. The company continues to meet its regulatory objectives and position the LIBERTY system for market entry in the USA and Europe. These are the latest developments for Microbot Medical.
InvestingPro Insights
As Microbot Medical Inc. (NASDAQ:MBOT) continues to navigate the complexities of the medical device industry, recent data from InvestingPro highlights some financial metrics that investors may find valuable. With a market capitalization of $15.97 million, the company's financial health is under scrutiny, especially given its negative P/E ratio of -1.14 and adjusted P/E ratio for the last twelve months as of Q1 2024 standing at -1.72. This indicates that investors are currently valuing the company's earnings negatively, which could be attributed to the company's operating loss of $9.32 million during the same period. Additionally, the stock's price movements have been notably volatile, with a 1 month price total return of 2.0%, contrasting with a more concerning 6 month price total return of -37.8%.
InvestingPro Tips for MBOT suggest a mixed financial picture. On one hand, the company holds more cash than debt, which is a positive sign of liquidity, and its liquid assets exceed short-term obligations, providing some financial flexibility. On the other hand, MBOT is quickly burning through cash and suffers from weak gross profit margins, which raises concerns about its long-term financial sustainability. Moreover, analysts do not anticipate the company will be profitable this year, and MBOT has not been profitable over the last twelve months. It's also worth noting that the company does not pay a dividend, which may influence the investment decisions of income-focused shareholders.
For a deeper analysis and additional insights, investors can explore more InvestingPro Tips for MBOT, which can be found at Investing.com. There are 8 additional tips available, providing a comprehensive look at the company's financial health and market performance. To gain access to these valuable tips, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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