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Ekso Bionics Raising $15M in Private Placement of Convertible Preferred Stock

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Ekso Bionics Holdings (EKSO), a developer of wearable robotic gear used to rehabilitate paralyzed people, is raising $15 million in a private placement of convertible preferred stock and warrants to fund clinical trials and sales and marketing efforts. The company said in a statement on Christmas Eve that it entered into a definitive agreement for the financing with a group of healthcare-focused institutional investors. They agreed to buy preferred stock that will convert into common shares at $1.01 each, which was a 12.2% discount to where Ekso shares were trading when the deal was announced. Ekso fell 17 cents, or 13.5%, to $1.09 on Monday, Dec. 28, after the holiday weekend.