Nutter has advised Ekso Bionics on several capital raising initiatives, including taking the company public.Print PDF
Situation with Client: Ekso Bionics Holdings, Inc. (Nasdaq: EKSO) designs, develops, and sells exoskeletons that augment human strength, endurance and mobility and that have applications in healthcare, industrial, military, and consumer markets. Their exoskeleton technology serves multiple markets and can be used both by able-bodied users as well as by persons with physical disabilities. Headquartered in Richmond, CA, the company and its partners have sold, rented, or leased devices that (a) enable individuals with neurological conditions affecting gait (stroke and spinal cord injury) to rehabilitate and to walk again and (b) allow industrial workers to perform heavy duty work for extended periods. When Ekso Bionics sought to raise capital, the company turned to Nutter for business-savvy legal counsel.
Action We Took: Nutter has advised Ekso Bionics on several capital raising initiatives, including taking the company public through an alternative public offering structured as a reverse merger and concurrent private placement of $20 million in common stock and warrants. In addition, Nutter has assisted the Company with several other public offerings, including a $15 million Series A Convertible Preferred Stock transaction in December 2015, a $15 million confidentially marketed public offering of common stock in August 2016, and a $12 million registered direct offering of common stock and warrants in April 2017.
Nutter also represented Ekso Bionics in the strategic acquisition of gravity balancing arm technologies of Equipois, LLC as well as in the company’s stock split and concurrent uplisting to Nasdaq.
Result: Ekso Bionics has used the net proceeds from these offering for investments in clinical, sales, and marketing initiatives to accelerate the adoption of the Ekso exoskeleton in the rehabilitation market, development and commercialization activities for home and industrial use, and other general corporate purposes.