Bionik Laboratories Corp. Completes Offer to Exchange Common Stock for Outstanding Warrants
TORONTO and BOSTON, July 12, 2017 /PRNewswire/ -- Bionik Laboratories Corp. (OTCQX:BNKL) ("Bionik" or the "Company"), a robotics company focused on providing rehabilitation and assistive technology solutions to individuals with neurological and mobility challenges from hospital to home, today announced that it has completed a tender offer to exchange ("Offer to Exchange") new shares of the Company's common stock ("Shares") for outstanding Company warrants.
As of the expiration date of June 27, 2017, an aggregate of 5,000,172 warrants were tendered by their holders and were amended and exercised, representing approximately 28.3% of the Company's 17,638,243 warrants included in the tender offer. The gross cash proceeds from the tender offer to amend and exercise certain outstanding warrants, deducting warrant solicitation agent fees but excluding other estimated offering expenses, totaled approximately $1.125M. Garden State Securities, Inc. acted as the warrant solicitation agent.
Those proceeds follow the investment into the Company from its Chinese partner subsequent the joint venture established in May, providing the Company capital to use moving forward as it pursues commercialization of its products at scale for the consumer market.
"We are pleased with the results of the exchange as it displays strong support from our current investor-base, and will help to provide capital to the Company," said Peter Bloch, Chief Executive Officer and Chairman of the Board, Bionik Laboratories, Corp. "Along with the additional capital received from the joint venture, this capital will be used to further the development of our technology, and to continue to invest in our sales and marketing efforts."
Complete terms and conditions of the offer were set forth in the offer to amend and exercise, Letter to Holders of Original Warrants and other related materials that were filed as exhibits to the Tender Offer Statement on Schedule TO filed by Bionik with the Securities and Exchange Commission (the "SEC") on May 25, 2017, as amended and supplemented by Amendment No. 1 filed on June 15, 2017, Amendment No. 2 filed on June 21, 2017 and Amendment No. 3 to be filed on June 30, 2017. Copies of the offer to amend and exercise, Letter to Holders of Original Warrants and other related materials are available on the SEC's website, at www.sec.gov.
About Bionik Laboratories
Bionik Laboratories (OTCQX:BNKL) is a robotics company focused on providing rehabilitation and mobility solutions to individuals with neurological and mobility challenges from hospital to home. The Company has a portfolio of products focused on upper and lower extremity rehabilitation for stroke and other mobility-impaired patients, including three products on the market and four products in varying stages of development. The InMotion Systems — the InMotion ARM™, InMotion Wrist™, InMotion Hand™ and InMotion AnkleBot™ — are designed to provide intelligent, patient-adaptive therapy in a manner that has been clinically verified to maximize neuro-recovery. Bionik is also developing a lower-body exoskeleton, ARKE™, designed to allow paraplegics as well as other wheelchair users the ability to rehabilitate through walking. ARKE is designed to continually adapt to a patient's ability and provide real-time feedback to the physiotherapist.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements may include, without limitation, statements regarding (i) the plans and objectives of management for future operations, including plans or objectives relating to the design, development and commercialization of human exoskeletons and other robotic rehabilitation products, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the market and projected market for our existing and planned products and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances, and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions, and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of our products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, volatility in the price of the Company's raw materials, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company does not undertake to update these forward-looking statements.
SOURCE Bionik Laboratories Corp.
Released July 12, 2017