Microbot Medical Inc. (NASDAQ:MBOT), a micro-cap medical device company currently valued at $16.34 million, announced the appointment of David J. Wilson as a Class III director following his election at the Annual Meeting of Stockholders on December 17, 2024.
According to InvestingPro data, the company maintains a FAIR financial health score despite experiencing a challenging year with its stock down over 40% year-to-date. Wilson, also designated to serve on the company's Audit and Compensation Committees, brings a wealth of experience from his tenure at various healthcare and medical device companies.
Wilson's appointment fills the vacancy created by the departure of Yoseph Bornstein. With a background that includes leadership roles at InnovHeart Corporation, Haemonetics (NYSE:HAE) Corporation, and Johnson & Johnson, Wilson's expertise is expected to complement the existing board's capabilities. His qualifications include a Bachelor of Mechanical Engineering, a Master of Science in Biomedical Engineering, and an MBA from Columbia University.
In addition to the board appointment, stockholders at the December 17 meeting voted on several key proposals. The election of Prattipati Laxminarain alongside Wilson as Class III Directors was approved, with both set to serve until the 2027 Annual Meeting. A proposal to amend the 2020 Omnibus Performance Award Plan, increasing the number of shares reserved for issuance, was also passed.
Furthermore, the ratification of Brightman Almagor Zohar & Co. as the company's independent registered public accounting firm for the year ending December 31, 2024, was confirmed.
Wilson will receive standard compensation for his directorship as per the company's policy for non-management directors and has entered into the company’s standard director indemnification agreement.
The information in this article is based on a press release statement from Microbot Medical (TASE:PMCN) Inc. and reflects the company's ongoing commitment to strengthen its leadership and corporate governance. With a current ratio of 3.64, the company maintains strong liquidity despite operational challenges. Discover more detailed insights and 7 additional key ProTips about MBOT's financial health with InvestingPro.
In other recent news, Microbot Medical has made substantial progress in its ACCESS-PVI clinical trial for the LIBERTY® Endovascular Robotic Surgical System, with the trial nearing completion. The company aims to submit a 510(k) application to the U.S. Food and Drug Administration (FDA) by the end of 2024.
Financially, Microbot Medical has amended its agreement with H.C. Wainwright & Co., LLC, allowing it to offer and sell shares of its common stock worth up to $4,819,905.
The company also secured approximately $2.35 million from a stock sale and investment options, with H.C. Wainwright & Co. serving as the exclusive placement agent. H.C. Wainwright has adjusted its outlook on Microbot Medical, reducing the price target to $7.00 while maintaining a Buy rating.
In a bid to expand its reach, Microbot Medical has extended its pivotal human clinical trial for the LIBERTY system to include Baptist Hospital of Miami, following FDA approval. However, Microbot Medical has been notified by Nasdaq about a potential delisting if it fails to meet the minimum bid price requirement by April 7, 2025. These are recent developments for Microbot Medical.
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