ReWalk Robotics has completed its acquisition of AlterG, a leading provider of Anti-Gravity systems for neurological and physical rehabilitation. ReWalk paid approximately $19 million in cash, with potential earnout payments based on AlterG’s revenue growth. AlterG’s NASA-derived Differential Air Pressure technology aids mobility with gravity-defying support. Charles Remsberg, former AlterG CEO, has been appointed as Chief Sales Officer at ReWalk. The acquisition enhances ReWalk’s portfolio and aims to expand access to innovative technologies for improved patient outcomes.
ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or “the Company”), a leading provider of innovative technologies that enable mobility and wellness in rehabilitation and daily life for individuals with neurological conditions, today announced closing of the previously announced acquisition of AlterG, Inc. (“AlterG”), a leading innovator and leading provider of Anti-Gravity systems for use in physical and neurological rehabilitation.
ReWalk paid a purchase price of approximately $19 million in cash (subject to customary adjustments for net working capital, indebtedness, cash, and transaction expenses). The transaction also provides for two potential earnout payments to be made by ReWalk based on a percentage of AlterG’s year-over-year revenue growth during each of the two consecutive trailing twelve-month periods following the closing.
AlterG develops, manufactures, and markets Anti-Gravity systems, which use unique, gravity-defying, NASA-derived Differential Air Pressure technology to reduce the effects of gravity and allow people to move in new ways with finely calibrated support and reduced pain. AlterG systems can be found in more than 4,000 facilities around the world and have helped millions to safely and consistently reach their goals and achieve better mobility outcomes.
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“We are exceedingly pleased to have now formally combined the unique and complementary strengths of our two organizations,” said Larry Jasinski, Chief Executive Officer (“CEO”) of ReWalk. “We now look forward to applying our respective competencies and leveraging our synergies to expand clinician and patient access to the innovative technologies within our combined portfolio.”
In conjunction with the closing of the transaction, Charles Remsberg, former CEO of AlterG, was appointed as Chief Sales Officer of ReWalk. The Compensation Committee of the Board of Directors of ReWalk approved the grant of an aggregate of 200,000 Restricted Stock Units as an inducement material to Mr. Remsberg’s entering into employment with ReWalk in accordance with Nasdaq Listing Rule 5635(c)(4), subject to the terms and conditions of the applicable award agreement covering such grant. The Restricted Stock Units will vest and become exercisable as to 25% of the underlying ordinary shares on August 11, 2024, and will vest and become exercisable as to the remaining 75% of the underlying ordinary shares in three equal annual installments on August 11, 2025, August 11, 2026 and August 11, 2027, subject to Mr. Remsberg’s continued employment with ReWalk on such vesting dates. The grant was made to Mr. Remsberg on August 11, 2023, contemporaneously with closing of the transaction.
Source: Bio Space