Microbot Medical Inc. (NASDAQ:MBOT), a medical device company currently valued at $36.2 million, has announced the completion of its at-the-market (ATM) equity offering program as of January 3, 2025. The company's stock has shown remarkable momentum, gaining over 81% in the past week and doubling in value over the last six months.
According to InvestingPro analysis, the stock is currently trading above its Fair Value, with 13 additional real-time insights available to subscribers. The company, which specializes in surgical and medical instruments and apparatus, reported that it had sold a total of 4,276,486 shares, raising gross proceeds of approximately $4.82 million before fees and expenses.
The ATM offering, which was managed by H.C. Wainwright & Co. LLC, allowed Microbot Medical (TASE:PMCN) to sell shares from time to time at prevailing market prices. Wainwright received a 3.0% placement fee on the gross sales price of the shares sold under the agreement.
In connection with the ATM Agreement, Microbot Medical had filed a prospectus supplement with the SEC on July 1, 2024, to offer and sell up to $4,819,905 of its common stock. With the completion of the offering, the company has ceased further sales under this agreement.
Following the issuance of shares through the ATM offering, Microbot Medical has disclosed that its issued and outstanding common stock totals 20,242,119 shares as of January 3, 2025. The company maintains minimal debt with a debt-to-equity ratio of just 0.02, while receiving a "Fair" overall Financial Health Score from InvestingPro, which evaluates companies across multiple financial dimensions.
Moreover, the company provided an update on its intellectual property portfolio. Microbot Medical currently holds 16 patents issued or allowed and 59 pending patent applications worldwide. It also possesses 11 design patents issued or allowed and 3 pending design patent applications.
The company's trademarks include those related to the LIBERTY® Endovascular Robotic Surgical System, the Microbot Medical wordmark and logo, and the "One & Done" wordmark, with registrations in various jurisdictions including the U.S., Israel, Europe, the UK, and Japan. The "NovaCross" trademark is also registered in the U.S.
This report is based on a press release statement and provides information regarding the company's recent financial and intellectual property developments.
In other recent news, Microbot Medical reported significant progress in the ACCESS-PVI clinical trial for the LIBERTY® Endovascular Robotic Surgical System, nearing its completion. The medical device company plans to submit a 510(k) application to the U.S. Food and Drug Administration (FDA) by the end of 2024.
Microbot Medical also announced the appointment of David J. Wilson as a Class III director, filling the vacancy left by Yoseph Bornstein. The company also secured approximately $2.35 million from a stock sale and investment options, with H.C. Wainwright & Co. serving as the exclusive placement agent, who has revised their outlook on Microbot Medical, maintaining a Buy rating but reducing the price target to $7.00.
In another development, Microbot Medical might face delisting from the Nasdaq Capital Market if it fails to meet the minimum bid price requirement by April 7, 2025. These are recent developments for Microbot Medical.
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