Ekso Bionics Holdings, Inc.(NASDAQ:EKSO) is coming back strong after the drop earlier last week after the Company announce its board of directors has approved a proposed rights offering to raise gross proceeds of up to $34,000,000. This is significant news for EKSO which traded on the OTCBB for years before uplisting to the NASDAQ stock exchange. The Company was initially called PN Med Group Inc but changed its name to Ekso Bionics Holdings, Inc in December 2013.
Ekso Bionics Holdings, Inc.(NASDAQ:EKSO) has been pioneering the field of robotic exoskeletons, or wearable robots, to augment human strength, endurance and mobility. The company’s first commercially available product called Ekso has helped thousands of people living with paralysis take millions of steps not otherwise possible. By designing and creating some of the most forward-thinking and innovative solutions for people looking to augment human capabilities, Ekso Bionics is helping people rethink current physical limitations and achieve the remarkable.
EKSO is one of the most exciting stocks in small caps and one of the most volatile too making some spectacular moves in recent years. The stock has been weighed down recently by the Company’s new share offering at the end of last year during which EKSO raised $15 million at $1.01 per share.
EKSO trades on the OTCBB but the Company operates more like a Big Board Stock than a microcap. Since inception there has been no known promotion of EKSO yet the stock trades millions. As well the Company has the proven ability to raise large sums of money; EKSO went public through a reverse merger in January of last year, simultaneously raising $20.6 million through a bridge debt transaction.
Originally Berkeley Bionics, Ekso Bionics was founded in Berkeley, California in 2005. Since inception Ekso Bionics has forged partnerships with world-class institutions like UC Berkeley, received research grants from the Department of Defense and licensed technology to the Lockheed Martin Corporation.
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Last October EKSO announced that they were selected by Boston Dynamics, now part of Google, to continue developing technologies for Defense Advanced Research Projects Agency’s (DARPA’s) Warrior Web Task A project.
Lockheed Martin is the exclusive contractor of the US military, EKSO is working with them in an attempt to provide exoskeletons for military purposes. Many EKSO investors are overlooking this opportunity. The military market could be the secondary market that not only raises awareness of EKSO’s bionic skeleton, but also advances the function of the technology.
On July 19 EKSO announced its board of directors has approved a proposed rights offering to raise gross proceeds of up to $34,000,000.
The rights offering is proposed to be made through the pro rata distribution of non-transferable subscription rights to purchase, in the aggregate, up to 34,000,000 shares of the company’s common stock at a subscription price of $1.00 per share, to shareholders and certain warrant holders of the company on the record date of August 10, 2017.
Each holder of shares of common stock as of the record date will receive, at no charge, one subscription right for each share of common stock owned on the record date, and certain holders of warrants issued by the company on the record date will receive subscription rights pursuant to the terms of the warrants.
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Currently trading at a $44 million market valuation EKSO is fully funded moving forward with plenty of cash in the treasury, manageable debt and fast growing revenues. EKSO is also one of the most exciting stocks in small caps fast becoming a leader and pioneering the field of robotic exoskeletons, or wearable robots; their first commercially available product called Ekso has helped thousands of people living with paralysis take millions of steps not otherwise possible. EKSO has a proven ability to raise large sums of money as they prepare for a proposed NASDAQ up-listing. We will be updating on EKSO when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with EKSO.
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Disclosure: we hold no position in EKSO either long or short and we have not been compensated for this article.