Form 8-K - Current report

---

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 18, 2024

 

ReWalk Robotics Ltd.

---

(Exact name of registrant as specified in its charter)

  

Israel	001-36612	Not applicable
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
3 Hatnufa St., Floor 6, Yokneam Ilit, Israel		2069203
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code: +972.4.959.0123

  

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol		Name of each exchange on which registered
Ordinary Shares, par value NIS 1.75		LFWD		Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

  

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

---

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 18, 2024, the Board of Directors (the “Board”) of ReWalk Robotics Ltd. (the “Company”) increased the size of the Board from six (6) to seven (7) members, and appointed Michael Swinford to serve as a member of the Board, effective immediately. Mr. Swinford will serve as a Class III director of the Company, to serve until the 2026 annual meeting of shareholders and until his successor has been duly qualified or his earlier resignation or removal.  Mr. Swinford has not yet been appointed to any committees of the Board. In connection with his appointment, the Board determined that Mr. Swinford satisfies the independence requirements under the rules of the Securities and Exchange Commission and the listing standards of The Nasdaq Stock Market LLC.

 

Mr. Swinford, 54, has more than 30 years of experience in healthcare and has served as CEO of Numotion since 2014. He has grown Numotion into the largest provider of mobility and independence solutions in the United States serving over four hundred thousand individuals annually with Spinal Cord Injuries, Traumatic Brain Injuries, ALS, Muscular Dystrophy, Cerebral Palsy, Multiple Sclerosis, Spinal Muscular Atrophy, Amputees and many other mobility related disabilities. He has expanded commercial coverage with over 5000 health plans, rehab hospitals, specialty and multi-disciplinary clinics, skilled nursing facilities, primary care and home health providers. He has led efforts for benefit coverage determination for Power Wheelchair Seat Elevation systems in 2023 and is actively leading efforts for Power Standing Wheelchairs and reform of Service and Repair regulations and reimbursement levels. Prior to Numotion, Mike worked at GE Healthcare over a 22 year career where he held multiple leadership commercial and operational roles. He was appointed an officer of the General Electric Company in 2011 as the President and CEO of the $5B GE Healthcare Services global business. Mike also serves as a director of CareATC, a technology enabled population health primary care provider as well as a director of Aspen Surgical, a global surgical supply manufacturer. Mr. Swinford has a Bachelor's Degree in Electrical Engineering from the Missouri University of Science & Technology. 

 

As compensation for his services as director, Mr. Swinford will be entitled to standard compensation available to non-employee directors of the Company as disclosed under “Director Compensation” in the Company’s most recent definitive proxy statement on Schedule 14A, filed with the Securities and Exchange Commission on August 9, 2023. Other than with respect to the above-described arrangements, there are no transactions in which Mr. Swinford has an interest requiring disclosure under Item 404(a) of Regulation S-K, and Mr. Swinford does not have any family relationship with any director or executive officer of the Company or any person nominated or chosen by the Company to become a director or executive officer.

Item 9.01 Financial Statements and Exhibits.

(d)

Exhibits

99.1	Press release of ReWalk Robotics Ltd. dated April 19, 2024.*

*	Furnished herewith.

 

---

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	ReWalk Robotics Ltd.
Dated: April 19, 2024	By:	/s/ Michael Lawless
	Name:	Michael Lawless
	Title:	Chief Financial Officer

---

---

Exhibit 99.1

Lifeward Announces the Appointment of Mike Swinford to its

Board of Directors

Experienced healthcare and rehabilitation technology professional brings more than 30 years of

experience in commercialization and new business development

---

MARLBOROUGH, MA, and YOKNEAM ILLIT, Israel, April 19, 2024 – ReWalk Robotics Ltd. (DBA Lifeward™) (Nasdaq: LFWD) (“Lifeward” or the “Company”), a global market leader delivering life-changing solutions to revolutionize what is possible in rehabilitation, recovery, and the pursuit of life’s passions in the face of physical limitation or disability, announced that the Board has approved the appointment of Mike Swinford to the Board of Directors, effective April 18, 2024.

Mr. Swinford has been Chief Executive Officer of Numotion since July 2014, where he has grown the company to become the largest provider of mobility and independence solutions in the United States - serving over 400,000 individuals annually with Spinal Cord Injuries, Traumatic Brain Injuries, ALS, Muscular Dystrophy, Cerebral Palsy, Multiple Sclerosis, Spinal Muscular Atrophy, Amputees and many other mobility related disabilities. As CEO at Numotion, he has expanded commercial coverage with over 5000 health plans, rehab hospitals, specialty and multi-disciplinary clinics, skilled nursing facilities, primary care, and home health providers. He has led efforts for benefit coverage determination for Power Wheelchair Seat Elevation systems in 2023 and is actively leading efforts for Power Standing Wheelchairs and reform of Service and Repair regulations and reimbursement levels.

Prior to Numotion, he had a highly successful 22-year career at GE Healthcare, including serving as the President and CEO of GE Healthcare Services and as an officer of General Electric Company. Mr. Swinford held various operational and commercial roles throughout his career leading through various business cycles from start-ups to turnarounds. Mr. Swinford also serves as a director of CareATC, a technology enabled population health primary care provider, as well as a director of Aspen Surgical, a global surgical supply manufacturer. 

“As someone who is passionate about improving healthcare access and inclusion for people with disabilities, I am excited to join the Board of Directors of Lifeward,” said Mr. Swinford. “I look forward to bringing my knowledge of the industry and my experience with CMS coverage implementation to help Lifeward further its commercialization strategies for the benefit of the disabled community.”

“Mike Swinford brings unique experience and familiarity with the industry and reimbursement to our Board,” said Jeff Dykan, Chairman of the Board of Directors of Lifeward. “He has a remarkable track record that is an excellent fit with our focus on commercialization and expanded access to devices for physical rehabilitation and recovery, and his commitment to furthering opportunities for people with disabilities is an inspiration to us all. This is another step to increase the direct commercialization skills and experience within our Board. We are delighted to welcome Mike to the Board.”

For more information, please visit GoLifeward.com

---

About Lifeward
Lifeward designs, develops, and commercializes life-changing solutions that span the continuum of care in physical rehabilitation and recovery, delivering proven functional and health benefits in clinical settings as well as in the home and community. Our mission at Lifeward is to relentlessly drive innovation to change the lives of individuals with physical limitations or disabilities. We are committed to delivering groundbreaking solutions that empower individuals to do what they love. The Lifeward portfolio features innovative products including the ReWalk Exoskeleton, the AlterG Anti-Gravity systems, the ReStore Exo-Suit, and the MyoCycle FES Systems.

Founded in 2001, Lifeward has operations in the United States, Israel, and Germany. For more information on the Lifeward product portfolio, please visit GoLifeward.com.

ReWalk®, ReStore® and Alter G® are registered trademarks of ReWalk Robotics Ltd. (DBA Lifeward) and/or its affiliates.

Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements may include projections regarding the Company’s future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "should," "would," "seek," and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of Lifeward’s control. Important factors that could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements are more fully discussed in the Company’s periodic filings with the Securities and Exchange Commission (“SEC”), including the risk factors described under the heading "Risk Factors" in the Company’s annual report on Form 10-K for the year ended December 31, 2023 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause the Company’s actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for the Company to predict all of them. Except as required by law, Lifeward undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

Lifeward Media Relations:
LifeSci Communications
E: [e-mail]

Lifeward Investor Contact:

Mike Lawless

Chief Financial Officer

Lifeward
E: [e-mail]

---

Document and Entity Information	Apr. 18, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Apr. 18, 2024
Entity File Number	001-36612
Entity Registrant Name	ReWalk Robotics Ltd.
Entity Central Index Key	0001607962
Entity Incorporation, State or Country Code	L3
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	3 Hatnufa St.
Entity Address, Address Line Two	Floor 6
Entity Address, City or Town	Yokneam Ilit
Entity Address, Country	IL
Entity Address, Postal Zip Code	2069203
City Area Code	972
Local Phone Number	4.959.0123
Title of 12(b) Security	Ordinary Shares, par value NIS 0.25
Trading Symbol	LFWD
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

---