ReWalk Robotics Information Revised Preliminary Proxy Assertion and Points Letter to Shareholders

      Highlights the Firm’s Latest Progress and Momentum In direction of Worth-Enhancing Commercialization and Reimbursement

Notes that Present Board and Administration Crew Have the Proper Ability Units, Institutional Information and Third-Celebration Relationships to Implement Reimbursement Protection and Create Lengthy-Time period, Sustainable Worth for Shareholders

Assessment of CVC Director Nominees Signifies They Would Not Add Worth to the Board, Particularly at this Essential Stage for the Firm

MARLBOROUGH, Mass. and BERLIN and YOKNEAM ILIT, Israel, Could 26, 2022 (GLOBE NEWSWIRE) — ReWalk Robotics Ltd. (Nasdaq: RWLK) (“ReWalk” or the “Firm”), a number one producer of robotic medical know-how for individuals with decrease extremity disabilities, as we speak introduced that it has filed its revised preliminary proxy assertion with the U.S. Securities and Alternate Fee (the “SEC”). In reference to this submitting, the Firm’s Board of Administrators (the “Board”) issued the under letter to shareholders.

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Could 26, 2022

Pricey Shareholders,

Thanks in your funding in ReWalk Robotics and your confidence in our life-changing applied sciences. We’re writing to you as a result of this 12 months’s Annual Assembly of Shareholders (the “Annual Assembly”) can be particularly necessary, as we’re closing in on reaching essential milestones to pave the best way for broader affected person entry to our options, which we consider will improve worth creation.

Your Board and administration staff are working arduous to proceed to create worth by pursuing elevated entry to wearable robotic exoskeletons via expanded reimbursement protection within the U.S. and Germany. These efforts are catalysts for reaching sustainable progress stemming from our years of considerate funding in analysis, growth and innovation. In our view, ReWalk is at an thrilling inflection level on the street to broad commercialization.

Our core technique includes the next:

• Including systemic protection and reimbursement with the Facilities for Medicare and Medicaid (“CMS”) and different payers to enhance lives and create pathways for people to profit from our applied sciences

• Making significant progress on key long-term initiatives, together with creating the infrastructure for claims processing submit payer approvals and to enhance Veterans Affairs (“VA”) assist post-COVID

• Advancing technical developments that broaden our addressable markets and permit simpler penetration below current protection applications

• Increasing the Firm product portfolio to realize sooner progress on the trail to profitability

Story continues

Beneath we define in additional element the thrilling progress thus far and our plans for the longer term.

THE BOARD AND MANAGEMENT HAVE OVERSEEN TANGIBLE PROGRESS AGAINST PREVIOUSLY SET GOALS

Your Board and administration staff have been centered on making a significant and sustainable marketplace for the non-public use of robotic applied sciences to alter sufferers’ lives. We’ve got made tangible progress, together with the next:

• Achieved 36% YOY income progress in 2021 in comparison with 2020, because of our expanded gross sales staff, growing market entry and efficiently constructing on our contracts

• Constructed foundational scientific knowledge and infrastructure that allowed us to acquire CMS Exoskeleton code issuance and progress on protection

• Prioritized working with particular person affected person circumstances to determine a extra environment friendly claims processing system with a purpose to facilitate easy processing of circumstances

• Obtained expanded Exoskeleton reimbursement protection in Germany with two further provide agreements

• Added a contract with Rebotics Know-how within the U.Ok. with a purpose to present the total infrastructure wanted to assist enlargement within the U.Ok.

• Continued to drive enhancements to our ReWalk Private Exoskeleton in preparation for 2 totally different FDA submissions anticipated in 2022. These design advances broaden upon our place as probably the most used private exoskeleton on this planet and can enhance performance and value to additional improve adoption of the ReWalk Exoskeleton

• Achieved FDA breakthrough standing for 2 R&D merchandise that certified for CMS protection below the prior Medicare Protection of Modern Know-how pointers, and we’re offering legislative assist by working with the Medical Machine Producers Affiliation for the Transitional Protection of Rising Applied sciences protection proposals which might be meant to switch and enhance the prior proposal

• Launched Nationwide Well being Service pilot and made significant progress on our U.S. nationwide pilot initiative for our ReStore stroke product within the U.Ok. and U.S.

• Maintained a robust stability sheet with no debt, to assist the achievement of our objectives

WE HAVE STRONG MOMENTUM HEADING INTO THE SECOND HALF OF 2022 AND ARE APPROACHING CRITICAL MILESTONES THAT REQUIRE OUR FULL BOARD’S EXPERTISE AND KNOWLEDGE

A number of pivotal milestones lay forward within the the rest of this 12 months, and collectively we’re laser-focused on leveraging the value-enhancing potential of those developments by:

• Constructing on the CMS code that was achieved by defining the profit class – with the constructive growth that we’ve been included within the June 8^th first biannual Healthcare Widespread Process Coding System (HCPCS) session; in parallel, we’ll start to submit the primary Medicare circumstances as a part of the pricing and provide course of within the the rest of this 12 months

• Anticipating the issuance of a German Federal Social Court docket ruling that might make clear the reimbursement construction for exoskeletons and assist to determine them as an ordinary of care. This could allow the enlargement of further provide contracts

• Seeking to obtain YOY income progress with the VA reopening submit COVID-19 pandemic, German enlargement and the initiation of circumstances with CMS

• Specializing in new enterprise growth with the potential addition of a number of business product traces designed to leverage our present gross sales pathways and shorten the timeline to profitability

WE ARE COMMITTED TO ENSURING OUR BOARD IS CONTINUALLY REFRESHED WITH THE RIGHT MIX OF SKILL SETS AND EXPERIENCE TO OVERSEE VALUE CREATION

We consider we’ve a robust Board with the required mixture of important expertise and related expertise to assist drive our efforts to realize broader reimbursement for, and commercialization of, our life-changing applied sciences.

As a Board, we’re centered on refreshment and evaluating on an ongoing foundation whether or not we’ve the suitable talent units to maximise worth in any respect ranges. Our dedication to Board refreshment is one thing we take very critically:

• Final month, we appointed Joseph Turk, Jr., a seasoned medical system skilled with in depth expertise in medical system commercialization, to the Board

• Previous to that, in October 2020, we appointed Randel Richner to the Board. Ms. Richner is a healthcare coverage and reimbursement professional with over 30 years of expertise bringing well being economics and reimbursement strategic companies to the healthcare trade

• Each Mr. Turk and Ms. Randel deliver important talent units in reimbursement and post-CMS reimbursement, which is what we consider ReWalk wants at this essential level

Sadly, Inventive Worth Capital Restricted Partnership (“CVC”), which claims to carry roughly 3% of ReWalk’s excellent shares, has submitted a discover of its intent to appoint candidates for election to the Board and submit two further proposals for consideration on the Annual Assembly.

We consider that every one three of our candidates up for election on the Annual Assembly – CEO Larry Jasinski, Dr. John William Poduska and Randel Richner – are essential to sustaining momentum with reimbursement and know-how growth. Their expertise and particular roles in these areas are important to our success. CVC has offered restricted details about its nominees and has not articulated why they need to be elected to the Board. We strongly advocate that shareholders don’t vote for any of CVC’s nominees.

Moreover, amongst CVC’s proposals is the removing of three of our sitting administrators: Chairman Jeff Dykan, Yohanan Engelhardt and Yasushi Ichiki – all of whom deliver integral and distinctive talent units and expertise to the Board. CVC has offered no rationalization as to why it believes it might be good for our Firm to take away these administrators from the Board, together with the Chairman, and we consider such removals could be detrimental to shareholders. We subsequently advocate that shareholders don’t assist this proposal.

Regardless of ongoing discussions, CVC has not made religion try to work constructively with our Board, nor has it offered us with any strategies for enhancing our enterprise or some other perception into how its nominees would improve worth for all shareholders. In consequence, our Board can not and doesn’t endorse any of the shareholder nominees. Nevertheless, we stay open to a continued dialogue with a purpose to keep away from a pricey, distracting and pointless proxy contest that threatens our trajectory.

Thanks in your assist.

Sincerely,

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About ReWalk Robotics Ltd.

ReWalk Robotics Ltd. develops, manufactures and markets wearable robotic exoskeletons for people with decrease limb disabilities because of spinal wire harm or stroke. ReWalk’s mission is to essentially change the standard of life for people with decrease limb incapacity via the creation and growth of market main robotic applied sciences. Based in 2001, ReWalk has headquarters within the U.S., Israel and Germany. For extra data on the ReWalk methods, please go to rewalk.com.

ReWalk® and ReStore® are registered emblems of ReWalk Robotics Ltd. in america and different jurisdictions.

Ahead Trying Statements

Along with historic data, this press launch incorporates forward-looking statements inside the which means of the U.S. Personal Securities Litigation Reform Act of 1995, Part 27A of the U.S. Securities Act of 1933, and Part 21E of the U.S. Securities Alternate Act of 1934. Such forward-looking statements could embrace projections concerning ReWalk’s future efficiency and different statements that aren’t statements of historic truth and, in some circumstances, could also be recognized by phrases like “anticipate,” “assume,” “consider,” “proceed,” “may,” “estimate,” “anticipate,” “intend,” “could,” “plan,” “potential,” “predict,” “mission,” “future,” “will,” “ought to,” “would,” “search” and comparable phrases or phrases. The forward-looking statements contained on this press launch are primarily based on administration’s present expectations, that are topic to uncertainty, dangers and adjustments in circumstances which might be tough to foretell and plenty of of that are outdoors of ReWalk’s management. Essential components that might trigger ReWalk’s precise outcomes to vary materially from these indicated within the forward-looking statements embrace, amongst others: uncertainties related to future scientific trials and the scientific growth course of, the product growth course of and FDA regulatory submission evaluate and approval course of; the adversarial impact that the COVID-19 pandemic has had and will proceed to have on the Firm’s enterprise and outcomes of operations; ReWalk’s capacity to have ample funds to fulfill sure future capital necessities, which may impair the Firm’s efforts to develop and commercialize current and new merchandise; ReWalk’s capacity to take care of compliance with the continued itemizing necessities of the Nasdaq Capital Market and the danger that its extraordinary shares can be delisted if it can not accomplish that; ReWalk’s capacity to take care of and develop its fame and the market acceptance of its merchandise; ReWalk’s capacity to realize reimbursement from third-party payors, together with CMS, for its merchandise; ReWalk’s restricted working historical past and its capacity to leverage its gross sales, advertising and coaching infrastructure; ReWalk’s expectations as to its scientific analysis program and scientific outcomes; ReWalk’s expectations concerning future progress, together with its capacity to extend gross sales in its current geographic markets and broaden to new markets; ReWalk’s capacity to acquire sure elements of its merchandise from third-party suppliers and its continued entry to its product producers; ReWalk’s capacity to enhance its merchandise and develop new merchandise; ReWalk’s compliance with medical system reporting laws to report adversarial occasions involving the Firm’s merchandise, which may end in voluntary corrective actions or enforcement actions corresponding to obligatory remembers, and the potential influence of such adversarial occasions on ReWalk’s capacity to market and promote its merchandise; ReWalk’s capacity to realize and preserve regulatory approvals; ReWalk’s capacity to take care of satisfactory safety of its mental property and to keep away from violation of the mental property rights of others; the danger of a cybersecurity assault or breach of the Firm’s IT methods considerably disrupting its enterprise operations; ReWalk’s capacity to make use of successfully the proceeds of its choices of securities; and different components mentioned below the heading “Threat Elements” in ReWalk’s annual report on Kinds 10-Ok and 10-Ok/A for the 12 months ended December 31, 2021 filed with the SEC and different paperwork subsequently filed with or furnished to the SEC. Any forward-looking assertion made on this press launch speaks solely as of the date hereof. Elements or occasions that might trigger ReWalk’s precise outcomes to vary from the statements contained herein could emerge on occasion, and it’s not attainable for ReWalk to foretell all of them. Besides as required by regulation, ReWalk undertakes no obligation to publicly replace any forward-looking statements, whether or not because of new data, future developments or in any other case.

Essential Further Info

The Firm, its administrators and sure of its government officers are individuals within the solicitation of proxies from the Firm’s shareholders in reference to the Annual Assembly. The Firm intends to file a definitive proxy assertion and a WHITE proxy card with the SEC in reference to any such solicitation of proxies from the Firm’s shareholders. SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ SUCH PROXY STATEMENT, ACCOMPANYING WHITE PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. The Firm’s definitive proxy assertion for the 2021 annual assembly of shareholders incorporates data concerning the direct and oblique pursuits, by safety holdings or in any other case, of the Firm’s administrators and government officers within the Firm’s securities. Info concerning subsequent adjustments to their holdings of the Firm’s securities will be discovered within the SEC filings on Kinds 3, 4 and 5, which can be found on the Firm’s web site at http://ir.rewalk.com or via the SEC’s web site at www.sec.gov. Info may also be discovered within the Firm’s Annual Report on Type 10-Ok for the 12 months ended December 31, 2021 and Modification No. 1 to the Firm’s Annual Report on Type 10-Ok for the 12 months ended December 31, 2021 on file with the SEC. Up to date data concerning the id of potential individuals, and their direct or oblique pursuits, by safety holdings or in any other case, can be set forth within the definitive proxy assertion and different supplies to be filed with the SEC in reference to the Annual Assembly. Shareholders will have the ability to receive the definitive proxy assertion, any amendments or dietary supplements to the proxy assertion and different paperwork filed by the Firm with the SEC at no cost on the SEC’s web site at www.sec.gov. Copies may also be out there at no cost on the Firm’s web site at http://ir.rewalk.com.

Contacts

Traders:

Morrow Sodali
Michael Verrechia / Eric Kamback, 203-658-9400
[email protected] / [email protected]

Media:

Longacre Sq. Companions
Joe Germani / Greg Marose
[email protected] / [email protected]