Wearable Devices Ltd., a growth company developing a non-invasive neural input interface technology for B2B and B2C customers, today announced the pricing of its initial public offering of 3,750,000 common units. Each common unit is being offered at a public offering price per common unit of $4.25 and consists of one ordinary share and two warrants to purchase one ordinary share each, with an initial exercise price of $4.00 per share. The gross proceeds of the offering are expected to be approximately $16 million before deducting underwriting discounts and commissions and offering expenses. The offering is expected to close on September 15, 2022, subject to satisfaction of customary closing conditions.
In addition, the Company has granted Aegis Capital Corp. (“Aegis”) a 45-day option to purchase up to such number of additional ordinary shares equal to 15% of the number of units sold in the offering and up to such number of additional warrants equal to 30% of the number of units sold in the offering, solely to cover over-allotments, if any. The purchase price to be paid per additional ordinary share will be equal to the public offering price of one unit (less $0.01 allocated to each warrant), less the underwriting discount. The purchase price to be paid per additional warrant will be $0.01. If Aegis exercises the option to purchase only such warrants, additional proceeds will be nominal. If Aegis exercises the option in full for ordinary shares, the total gross proceeds of the offering including overallotment are expected to be approximately $18.3 million before deducting underwriting discounts and offering expenses. The ordinary shares and common warrants are expected to begin trading on The Nasdaq Capital Market on September 13, 2022, under the symbols “WLDS” and “WLDSW”, respectively.
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