As
filed with the Securities and Exchange Commission on March 10, 2025
Registration
No. 333-
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
S-3
REGISTRATION
STATEMENT
Under
THE
SECURITIES ACT OF 1933
MICROBOT
MEDICAL INC.
(Exact
name of Registrant as specified in its charter)
Delaware |
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94-3078125 |
(State
or other jurisdiction of |
|
(I.R.S.
Employer |
Incorporation
or organization) |
|
Identification
No.) |
175
Derby St., Bld. 27
Hingham,
MA 02043
(781)
875-3605
(Address,
including zip code, and telephone number, including area code, of Registrant’s principal executive offices)
Harel
Gadot
Chairman,
President and Chief Executive Officer
175
Derby St., Bld. 27
Hingham,
MA 02043
(781)
875-3605
(Name,
address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Stephen
E. Fox, Esq.
Ruskin
Moscou Faltischek, P.C.
1425
RXR Plaza
East
Tower, 15th Floor
Uniondale,
New York 11556-1425
(516)
663-6600
Approximate
date of commencement of proposed sale to the public:
From
time to time after the effective date of this registration statement, as determined by the Registrant.
If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check
the following box: ☐
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following
box: ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. ☐
If
this form is a post-effective amendment to a registration statement filed pursuant General Instruction I.D. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
Accelerated Filer |
☐ |
Accelerated
Filer |
☐ |
Non-Accelerated
Filer |
☒ |
Smaller
Reporting Company |
☒ |
|
|
Emerging
Growth Company |
☐ |
The
Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a)
of the Securities Act of 1933, AS AMENDED, or until THE registration statement shall become effective on such date as the SECURITIES
AND EXCHANGE Commission, acting pursuant to SAID Section 8(a), may determine.
The
information in this prospectus is not complete and may be changed. WE MAY NOT SELL These securities until the registration statement
filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities AND IS NOT soliciting
AN OFFER to buy these securities in any jurisdiction where the offer or sale is not permitted.
SUBJECT
TO COMPLETION, DATED MARCH 10, 2025
PRELIMINARY
PROSPECTUS

12,542,268
Shares of Common Stock
This
prospectus relates to the resale or other disposition from time to time of up to 12,542,268 shares of our common stock, $0.01 par value
per share, by the selling stockholders named in this prospectus, including their transferees, pledgees, donees or successors, that may
be issued upon the exercise of outstanding preferred investment options held by the selling stockholders.
This
prospectus does not cover the issuance of the shares underlying the preferred investment options to the selling stockholders upon their
exercise. We are not selling any shares of common stock under this prospectus and will not receive any of the proceeds from the sale
of shares of common stock by the selling stockholders.
The
registration of the shares covered by this prospectus does not mean that the selling stockholders will actually exercise outstanding
options held by them or offer or resell any of these shares once issued to them. The selling stockholders may resell or otherwise dispose
of the shares of common stock covered by this prospectus in a number of different ways and at varying prices. We provide more information
about how the selling stockholders may sell or otherwise dispose of their shares of common stock in the section entitled “Plan
of Distribution” beginning on page 11. The selling stockholders will pay all brokerage fees and commissions and similar expenses.
We will pay all expenses (except brokerage fees and commissions and similar expenses) relating to the registration of the shares with
the Securities and Exchange Commission. No underwriter or other person has been engaged to facilitate the resale of shares of our common
stock in this offering.
Our
common stock is listed on the Nasdaq Capital Market under the ticker symbol “MBOT.” On March 6, 2025, the last reported
closing price of our common stock on the Nasdaq Capital Market was $1.39.
Investing
in our common stock involves a high degree of risk. You should review carefully the risks and uncertainties described under the heading
“Risk Factors” beginning on page 7 of this prospectus, and under similar headings in any amendments or supplements to
this prospectus.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed
upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.
The
date of this prospectus is , 2025.
TABLE
OF CONTENTS
ABOUT
THIS PROSPECTUS
This
prospectus is part of a registration statement on Form S-3 that we filed with the United States Securities and Exchange Commission (the
“SEC”). You should read this prospectus, including the documents incorporated by reference herein, and the related registration
statement carefully. This prospectus and registration statement contain important information you should consider when making your investment
decision.
You
should rely only on the information that we have provided in this prospectus, including the documents incorporated by reference herein,
and any applicable prospectus supplement. We have not authorized anyone to provide you with different information. No dealer, salesperson
or other person is authorized to give any information or to represent anything not contained in this prospectus, including the documents
incorporated by reference herein, and any applicable prospectus supplement. You must not rely on any unauthorized information or representation.
This prospectus is an offer to sell only the securities offered hereby, but only under circumstances and in jurisdictions where it is
lawful to do so. You should assume that the information in this prospectus, including the documents incorporated by reference herein,
and any applicable prospectus supplement is accurate only as of the date on the front of the respective document, regardless of the time
of delivery of this prospectus, any applicable prospectus supplement, or any sale of a security.
This
prospectus does not contain all of the information included in the registration statement. For a more complete understanding of the offering
of the securities, you should refer to the registration statement, including its exhibits. The prospectus supplement may also add, update
or change information contained or incorporated by reference in this prospectus. However, no prospectus supplement will offer a security
that is not registered and described in this prospectus at the time of its effectiveness. This prospectus, together with the applicable
prospectus supplements and the documents incorporated by reference into this prospectus, includes all material information relating to
the offering of securities under this prospectus. You should carefully read this prospectus, the applicable prospectus supplement, the
information and documents incorporated herein by reference and the additional information under the headings “Where You Can
Find More Information” and “Incorporation of Certain Information by Reference” before making an investment
decision.
We
further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document
that is incorporated by reference in this prospectus were made solely for the benefit of the parties to such agreement, including, in
some cases, for the purpose of allocating risk among the parties to such agreements, and should not be deemed to be a representation,
warranty or covenant to you. Moreover, such representations, warranties or covenants were accurate only as of the date when made. Accordingly,
such representations, warranties and covenants should not be relied on as accurately representing the current state of our affairs.
Unless
the context indicates otherwise in this prospectus, the terms “Microbot,” the “Company,” “we,” “our”
or “us” in this prospectus refer to Microbot Medical Inc. and its wholly-owned subsidiaries.
PROSPECTUS
SUMMARY
This
summary highlights certain information about us and this offering contained elsewhere in this prospectus or in the documents we incorporate
by reference. Because it is only a summary, it does not contain all of the information that you should consider before investing in shares
of our securities and it is qualified in its entirety by, and should be read in conjunction with, the more detailed information appearing
elsewhere or incorporated by reference in this prospectus. Before you decide to invest in our securities, you should read the entire
prospectus carefully, including “Risk Factors” beginning on page 7, and the consolidated financial statements and related
notes and the other information included or incorporated by reference in this prospectus.
Overview
We
are a clinical-stage medical device company specializing in the research, design and development of next generation robotic endoluminal
surgery devices targeting the minimally invasive surgery space. We are primarily focused on leveraging our robotic technologies with
the goal of redefining surgical robotics while improving surgical outcomes for patients.
Using
our LIBERTY® technological platform, we are developing the first ever fully disposable robot for various endovascular
interventional procedures. The LIBERTY® Endovascular Robotic Surgical System is designed to maneuver guidewires and over-the-wire
devices (such as microcatheters) within the body’s vasculature. It is intended for the remote delivery and manipulation of guidewires
and catheters, and remote manipulation of guide catheters to facilitate navigation to anatomical targets, with the current intention
to focus in the peripheral vasculature market. It is designed to eliminate the need for extensive capital equipment requiring dedicated
Cath-lab rooms as well as dedicated staff.
Recent
Developments
Registered
Direct Offerings and Concurrent Private Placements
On
January 6, 2025, we entered into a securities purchase agreement with investors, pursuant to which we agreed to issue and sell, in a
registered direct offering priced at-the-market under the rules of The Nasdaq Stock Market, an aggregate of 4,000,001 shares of our common
stock at an offering price of $1.75 per share. In a concurrent private placement, we agreed to issue to the same investors series G preferred
investment options to purchase up to 8,000,002 shares of our common stock at an exercise price of $1.75 per share. Each series G preferred
investment option was exercisable immediately and expires two years from the initial exercise date. The offerings closed on January 7,
2025, and we raised approximately $7.0 million in aggregate gross proceeds from such offerings, before deducting placement agent fees
and expenses and related offering expenses. We also issued at closing to the placement agent or its designees, warrants to purchase 200,000
shares of our common stock, which were exercisable immediately, expire two years from issuance, and have an exercise price of $2.1875
per share.
On
January 7, 2025, we entered into a securities purchase agreement with investors, pursuant to which we agreed to issue and sell, in a
registered direct offering priced at-the-market under the rules of The Nasdaq Stock Market, an aggregate of 3,788,550 shares of our common
stock at an offering price of $2.27 per share. In a concurrent private placement, we agreed to issue to the same investors series H preferred
investment options to purchase up to 7,577,100 shares of our common stock at an exercise price of $2.10 per share. Each series H preferred
investment option was exercisable immediately and expires two years from the initial exercise date. The offerings closed on January 10,
2025, and we raised approximately $8.6 million in aggregate gross proceeds from such offerings, before deducting placement agent fees
and expenses and related offering expenses. We also issued at closing to the placement agent or its designees, warrants to purchase 189,428
shares of our common stock, which were exercisable immediately, expire two years from issuance, and have an exercise price of $2.8375
per share.
On
February 9, 2025, we entered into a securities purchase agreement with investors, pursuant to which we agreed to issue and sell, in a
registered direct offering priced at-the-market under the rules of The Nasdaq Stock Market, an aggregate of 6,103,289 shares of our common
stock at an offering price of $2.13 per share. In a concurrent private placement, we agreed to issue to the same investors series I preferred
investment options to purchase up to 12,206,578 shares of our common stock at an exercise price of $2.13 per share. Each series I preferred
investment option was exercisable commencing on or after the later of (i) the date on which the amendment to the Company’s articles
of incorporation that increases the number of authorized shares of common stock to an amount of shares of common stock sufficient for
the exercise in full of the series I preferred investment options is filed and accepted with the State of Delaware law (such date, the
“Authorized Share Increase Date”) and (ii) the date on which approval as may be required by the applicable rules and regulations
of the Nasdaq Stock Market (or any successor entity) from the stockholders of the Company with respect to the issuance of all the series
I preferred investment options and the shares of common stock issuable upon the exercise thereof, is received and deemed effective under
Delaware (the “Stockholder Approval Date”) and will expire two years from the initial exercise date. The offerings closed
on February 11, 2025, and we raised approximately $11.8 million in aggregate net proceeds from such offerings, after deducting placement
agent fees and expenses and related offering expenses. We also issued at closing to the placement agent or its designees, warrants to
purchase 305,164 shares of our common stock, which are exercisable on or after the later of (i)
the Authorized Share Increase Date and (ii) the Stockholder Approval Date, will expire two years from the initial exercise date (but
no later than February 9, 2030), and have an exercise price of $2.6625 per share. We are seeking stockholder approval to increase
the number of authorized shares of our common stock to 120,000,000 and to approve the issuance of the options and shares underlying the
options, at a special meeting of stockholders expected to be held on April 11, 2025.
ATM
Offering
On
June 10, 2021, we entered into an At-the-Market Offering Agreement, as amended on July 1, 2024 (the “ATM Agreement”) with
Wainwright as sales agent, in connection with an “at the market offering” under which we may offer and sell, from time to
time in our sole discretion, shares of our common stock having an aggregate offering price of up to $4,819,905 at market prices or as
otherwise agreed with Wainwright. The compensation to Wainwright for sales of the shares is a placement fee of 3.0% of the gross sales
price of the shares of common stock sold pursuant to the ATM Agreement.
In
connection with entering into the ATM Agreement, on July 1, 2024, we filed with the SEC a prospectus supplement relating to the offer,
issuance and sale of up to $4,819,905 of our shares of common stock pursuant to the ATM Agreement.
Through
January 7, 2025, we issued and sold an aggregate of 4,276,486 shares of our common stock pursuant to the ATM Agreement, for total gross
proceeds of $4,819,278 before deducting aggregate placement fees of $144,578 and other offering expenses. Accordingly, we are no longer
selling any further shares of our common stock under the ATM Agreement.
510(k)
Premarket Notification Submission
On
December 10, 2024, we announced that we submitted a 510(k) premarket notification to the U.S. Food and Drug Administration (FDA) for
our LIBERTY® Endovascular Robotic System. The 510(k) submission follows the successful completion of our multi-center,
single-arm, trial to evaluate the performance and safety of LIBERTY® in human subjects undergoing Peripheral Vascular
Interventions.
We
anticipate FDA marketing clearance during the second quarter of 2025, with U.S. commercialization activities expected to commence after
the clearance.
Israel-Hamas
War
On
October 7, 2023, the State of Israel, where our research and development and other operations are primarily based, suffered a surprise
attack by hostile forces from Gaza, which led to Israeli military operation at first in Gaza and then in Lebanon. These military operations
and related activities, such as the recent collapse of the Assad regime in Syria and Israel’s subsequent military operations in
Syria, and the recent escalation of military operations by and against the Houthis in Yemen, are on-going as of the date of this prospectus,
although a cease fire with Hamas was declared on January 15, 2025 and there is currently a ceasefire with Hezbollah in Lebanon.
We
have considered various ongoing risks relating to the military operations and related matters, including:
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● |
That
some of our Israeli subcontractors, vendors, suppliers and other companies in which the Company relies, are currently only partially
active, as instructed by the relevant authorities; and |
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A
slowdown in the number of international flights in and out of Israel. |
We
are closely monitoring how the military operations and related activities could adversely affect our anticipated milestones and our Israel-based
activities to support future clinical and regulatory milestones, including our ability to import materials that are required to construct
the Company’s devices and to ship them outside of Israel. As of the date of this prospectus, we have determined that there have
not been any materially adverse effects on our business or operations, but we continue to monitor the situation, as any collapse of the
cease-fire with Hamas or Hezbollah or any future escalation or change could result in a material adverse effect on the ability of our
Israeli office to support the Company’s clinical and regulatory activities. We do not have any specific contingency plans in the
event of any such escalation or change.
Technological
Platforms
LIBERTY®
Endovascular Robotic Surgical System
The
LIBERTY® Endovascular Robotic Surgical System features a unique compact design with the capability to be operated remotely, reduce
radiation exposure and physical strain to the physician, as well as the potential to eliminate the use of multiple consumables when used
with its NovaCross® platform or possibly other guidewire/microcatheter technologies.
The
LIBERTY® Endovascular Robotic Surgical System is designed to maneuver guidewires and over-the-wire devices (such as microcatheters)
within the body’s vasculature. It eliminates the need for extensive capital equipment requiring dedicated Cath-lab rooms as well
as dedicated staff.
We
believe the addressable markets for the LIBERTY® Endovascular Robotic Surgical System in its current version includes
the peripheral interventional radiology market, with future versions expected to include the Interventional Cardiology and Interventional
Neuroradiology markets.
The
unique characteristics of the LIBERTY® Endovascular Robotic Surgical System - compact, mobile, disposable and remotely
controlled – also may open the opportunity of expanding telerobotic interventions to patients with limited access to life-saving
procedures.
The
LIBERTY® Endovascular Robotic Surgical System is being designed to have the following attributes:
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Compact
size - Eliminates the need for large capital equipment in dedicated cath-lab rooms with dedicated staff. |
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Fully
disposable - To our knowledge, the first fully disposable, robotic system for endovascular procedures. |
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One
& Done® - Has the potential to be compatible with Microbot’s NitiLoop’s NovaCross® products
or possibly other instruments that combines guidewire and microcatheter into a single device. We are currently evaluating this combination
in different applications. |
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State
of the art maneuverability - Provides linear and rotational control of its guidewire, as well as linear and rotational control of
a guide catheter, and the linear motion for an additional microcatheter (“over the wire”) device. |
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Compatibility
with a wide range of commercially-available guidewires, microcatheters and guide-catheters. |
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Enhanced
operator safety and comfort - Aims to reduce exposure to ionizing radiation and reduce physical strain due to the need for heavy
lead vests otherwise to be worn during procedures. |
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Ease
of use - Its intuitive remote controls aims to simplify advanced procedures while shortening the physician’s learning curve. |
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Telemedicine
capability – May serve as a platform for supporting tele-catheterization, carried out remotely by highly trained specialists.
The Company’s research collaboration with Corewell Health™ has demonstrated the feasibility of using the LIBERTY®
Endovascular Robotic System between separate and remote facilities in a coronary simulation model. The project assesses the
feasibility of using LIBERTY® to perform simulated cardiovascular interventional procedures across two sites within
the Corewell Health™ system located 5 miles apart. The telesurgery feature of LIBERTY® is still being evaluated
and is not covered under the Company’s pending 510(k) premarket submission with the U.S. Food and Drug Administration. |
On
August 17, 2020, Microbot announced the successful conclusion of its feasibility animal study using the LIBERTY® Endovascular
Robotic Surgical System. The study met all of its end points with no intraoperative adverse events, which supports Microbot’s objectives
to allow physicians to conduct a catheter-based procedure from outside the catheterization laboratory (cath-lab), avoiding radiation
exposure, physical strain and the risk of cross contamination. The study was performed by two leading physicians in the neuro vascular
and peripheral vascular intervention spaces, and the results demonstrated robust navigation capabilities, intuitive usability and accurate
deployment of embolic agents, most of which was conducted remotely from the cath-lab’s control room.
On
May 3, 2023, we announced that the LIBERTY® Endovascular Robotic Surgical System has surpassed its 100th catheterization during multiple
preclinical studies, with a 95% success rate of reaching pre-determined vascular targets, such as distal branches of hepatic, gastric,
splenic, mesenteric, renal and hypogastric arteries. Moreover, all of the procedures were completed without notable signs of intraoperative
injury.
On
June 29, 2023, we announced the successful completion of a two-day preclinical study held by leading key opinion leaders at a New York-based
research lab, where they performed dozens of catheterizations, including the utilization of the LIBERTY® Endovascular
Robotic Surgical System’s remote operation capabilities, to pre-determined vascular targets, with a 100% success rate of reaching
the intended target with no observable on-site complications.
In
October 2023, we announced the successful initial outcomes from our pivotal preclinical study with the LIBERTY® Endovascular
Robotic Surgical System. The pivotal study was conducted by three leading interventional radiologists that utilized the LIBERTY®
Endovascular Robotic Surgical System to reach a total of 48 animal targets. A total of 6 LIBERTY® Endovascular Robotic
Surgical Systems were used in the study. All 6 LIBERTY® Endovascular Robotic Surgical Systems performed flawlessly, with
100% usability and technical success. No acute adverse events or complications were visually observed intra-operative. In December 2023,
we announced that the final histopathology and lab report supplements our previous findings, and that the results of the study will support
our Investigational Device Exemption (“IDE”) submission to the FDA to commence human clinical study.
On
August 13, 2024, we announced that we received ISO 13485:2016 certification for our quality management system. Receiving ISO 13485 certification
indicates that a company has developed and implemented robust policies and procedures for the development and manufacture of regulated
medical products. This is a certification ensuring compliance with the Quality Management System (QMS) requirements of the EU Medical
Devices Regulation (MDR 2017/745) and supporting our future CE Mark approval, and to ultimately allow us to market the LIBERTY®
Endovascular Robotic Surgical System in Europe as well as other regions who accept the CE Mark. We anticipate CE Mark approval
in the second half of 2026. However, we can give no assurance that we will meet this or any other projected milestones, if ever. In addition,
in view of the recent revision published by the U.S. Food & Drug Administration (FDA) regarding the quality system management regulation
and its incorporation by reference of the ISO 13485 standard, we believe it will help streamline our transition into this revised FDA
regulation.
On
December 10, 2024, we announced that we submitted a 510(k) premarket notification to the U.S. Food and Drug Administration (FDA) for
our LIBERTY® Endovascular Robotic System. The 510(k) submission follows the successful completion of our multi-center,
single-arm, trial to evaluate the performance and safety of LIBERTY® in human subjects undergoing Peripheral Vascular
Interventions.
We
anticipate FDA marketing clearance during the second quarter of 2025, with U.S. commercialization activities expected to commence after
the clearance.
The
Company entered into an agreement with Emory University, which will allow the parties to evaluate and explore the potential for a future
collaboration in connection with autonomous robotics in endovascular procedures. Under the terms of the agreement, Emory University will
assume the responsibility of exploring the feasibility of integrating the LIBERTY® Endovascular Robotic Surgical System
with an imaging system to create an autonomous robotic system for endovascular procedures.
NovaCross®
On
October 6, 2022, we purchased substantially all of the assets, including intellectual property, devices, components and product related
materials of Nitiloop Ltd., an Israeli limited liability company. The assets include intellectual property and technology in the field
of intraluminal revascularization devices with anchoring mechanism and integrated microcatheter, and the products or potential products
incorporating the technology owned by Nitiloop and designated by Nitiloop as “NovaCross”, “NovaCross Xtreme”
and “NovaCross BTK” and any enhancements, modifications and improvements.
Corporate
Information
Our
Company was incorporated on August 2, 1988 in the State of Delaware under the name Cellular Transplants, Inc. The original Certificate
of Incorporation was restated on February 14, 1992 to change the name of the Company to CytoTherapeutics, Inc. On May 24, 2000, the Certificate
of Incorporation as restated was further amended to change the name of the Company to StemCells, Inc. On November 28, 2016, C&RD
Israel Ltd., a wholly-owned subsidiary the Company, completed its merger with and into Microbot Medical Ltd., or Microbot Israel, an
Israeli corporation that then owned our assets and operated our current business, with Microbot Israel surviving as a wholly-owned subsidiary
of ours. We refer to this transaction as the “Merger”. On November 28, 2016, in connection with the Merger, we changed our
name from “StemCells, Inc.” to Microbot Medical Inc., and each outstanding share of Microbot Israel capital stock was converted
into the right to receive shares of our common stock. In addition, all outstanding options to purchase the ordinary shares of Microbot
Israel were assumed by us and converted into options to purchase shares of the common stock of Microbot Medical Inc. Prior to the Merger,
we were a biopharmaceutical company that operated in one segment, the research, development, and commercialization of stem cell therapeutics
and related technologies. Substantially all of the material assets relating to the stem cell business were sold on November 29, 2016.
On November 29, 2016, our common stock began trading on the Nasdaq Capital Market under the symbol “MBOT”.
Our
principal executive office address is 175 Derby St., Bld. 27, Hingham, MA 02043. Microbot also has an executive office at 6 Hayozma Street,
Yokneam, P.O.B. 242, Israel 2069204. Our telephone number is (781) 875-3605. We maintain an Internet website at www.microbotmedical.com.
The information contained on, connected to or that can be accessed via our website is not part of this prospectus. We have included our
website address in this prospectus as an inactive textual reference only and not as an active hyperlink.
Our
Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and all amendments to those reports filed or
furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, or the Exchange Act, are available free
of charge through the investor relations page of our internet website as soon as reasonably practicable after we electronically file
such material with, or furnish it to, the SEC.
Risk
Factors
Our
operations and financial results are subject to various risk and uncertainties. Before deciding to invest in our securities, you should
carefully consider the factors described under “Risk Factors” beginning on page 7 of this prospectus, as well as the other
information included elsewhere in this prospectus, and the risk factors described under “Part I, Item 1A. Risk Factors” in
our most recent Annual Report on Form 10-K and in any subsequently-filed Quarterly Reports on Form 10-Q, and those contained in our other
filings with the SEC that are incorporated by reference in this prospectus. Any of the foregoing risk factors could adversely affect
our business, results of operations, financial condition and prospects. Additional risks and uncertainties not presently known to us
or that we currently deem immaterial may also adversely affect our business operations.
THE
OFFERING
This
prospectus relates to the resale by the selling stockholders identified in this prospectus of up to 12,542,268 shares of our common stock,
as follows:
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● |
12,206,578
shares of our common stock issuable to certain of the selling stockholders upon the exercise of outstanding series I preferred investment
options expiring two years from the initial exercise date of the later of (i) the date on which the amendment to the Company’s
articles of incorporation that increases the number of authorized shares of common stock to an amount of shares of common stock sufficient
for the exercise in full of the series I preferred investment options is filed and accepted with the State of Delaware law (such
date, the “Authorized Share Increase Date”) and (ii) the date on which approval as may be required by the applicable
rules and regulations of the Nasdaq Stock Market (or any successor entity) from the stockholders of the Company with respect to the
issuance of all the series I preferred investment options and the shares of common stock issuable upon the exercise thereof, is received
and deemed effective under Delaware law (the “Stockholder Approval Date”), at an exercise price per share of $2.13; |
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305,164
shares of our common stock issuable to certain of the selling stockholders upon the exercise of outstanding preferred investment
options expiring two years from the initial exercise date of the later of (i) the Authorized Share Increase Date and (ii) the Stockholder
Approval Date, at an exercise price per share of $2.6625; and |
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30,526
shares of our common stock issuable to certain of the selling stockholders upon the exercise of outstanding preferred investment
options expiring in July 2030, at an exercise price per share of $1.875. |
Common
stock offered by the selling stockholders |
|
12,542,268
shares |
Common
stock outstanding before the offering (1) |
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34,744,476
shares |
Common
stock to be outstanding after the offering (2) |
|
47,286,744
shares |
Nasdaq
Capital Market Symbol |
|
MBOT |
(1)
|
Based
on the number of shares outstanding as of February 28, 2025. |
(2)
|
Assumes
the exercise of all of the 12,542,268 options held by the selling stockholders, the underlying shares of which are being registered
pursuant to the registration statement of which this prospectus forms a part. Does not include the exercise of any other options
or warrants that may be outstanding or issuable, including those that may be held by the selling stockholders. |
Use
of Proceeds
The
12,542,268 shares of common stock issuable upon the exercise of currently outstanding preferred investment options, in each case that
are being offered for resale by the selling stockholders will be sold for the accounts of the selling stockholders named in this prospectus.
As a result, all proceeds from the sales of such shares of common stock offered for resale hereby will go to the selling stockholders
and we will not receive any proceeds from the resale of those shares of common stock by the selling stockholders.
We
may receive up to a total of approximately $26.9 million in gross proceeds if all of the 12,542,268 preferred investment options are
exercised by the selling stockholders for cash. However, as we are unable to predict the timing or amount of potential exercises of the
options, we have not allocated any proceeds of such exercises to any particular purpose. Accordingly, all such proceeds, if any would
be allocated to working capital. Pursuant to conditions set forth in the options, the options are exercisable under certain circumstances
on a cashless basis, and should a selling stockholder elect to exercise on a cashless basis we will not receive any proceeds from the
sale of common stock issued upon the cashless exercise of the option.
We
will incur all costs associated with this registration statement and prospectus.
Dividend
Policy
We
have never paid dividends on our capital stock and do not anticipate paying any dividends for the foreseeable future.
Registration
Rights
We
have filed a Registration Statement on Form S-3, of which this prospectus forms a part, to satisfy registration rights we granted to
the selling stockholders.
RISK
FACTORS
Investing
in our securities involves risks. Before deciding whether to purchase our securities, you should carefully consider the risk factors
incorporated by reference from our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 27, 2024,
under the heading “Item 1A. Risk Factors”, any updates to those risk factors contained in our Quarterly Reports on Form 10-Q
or Current Reports on Form 8-K and the other information contained in this prospectus or any applicable prospectus supplement, as updated
by those subsequent filings with the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that
are incorporated herein by reference. These risks could materially affect our business, results of operations and financial condition
and could cause the value of our securities to decline in value, in which case you may lose all or part of your investment. For more
information, see “Where You Can Find More Information” and “Incorporation of Certain Documents by Reference.”
Political,
social and geopolitical conditions can adversely affect our business.
Political,
social and geopolitical conditions in the markets in which our products are expected to be sold have been and could continue to be difficult
to predict, resulting in adverse effects on our business. The results of elections, referendums or other political conditions (including
government shutdowns), geopolitical events and tensions, wars and other military conflicts in these markets have in the past impacted
and could continue to impact how existing laws, regulations and government programs or policies are implemented or result in uncertainty
as to how such laws, regulations, programs or policies may change, including with respect to the negotiation of new trade agreements,
new, expanded or retaliatory tariffs against certain countries or covering certain products or ingredients, sanctions, environmental
and climate change regulations, taxes, benefit programs, the movement of goods, services and people between countries, relationships
between countries, customer or consumer perception of a particular country or its government and other matters. Such conditions have
resulted in and could continue to result in exchange rate fluctuation, limitations on access to equity or credit markets and other corporate
banking services, volatility in global stock markets and global economic uncertainty and heightened risk to employee safety, any of which
can adversely affect our business.
Political
uncertainty may have an adverse impact on our operating performance and results of operations.
General
political uncertainty may have an adverse impact on our operating performance and results of operations. In particular, the U.S. continues
to experience significant political events that cast uncertainty on global financial and economic markets, especially following the recent
presidential election. It is presently unclear as to all of the actions the second Trump administration in the U.S. will implement, and
if implemented, how these actions may impact us or how we operate in the U.S., particularly any changes in personnel or processes or
procedures at the Food and Drug Administration. Any actions taken by the Trump administration, including the many recent executive orders,
may have a negative impact on the U.S. economy in general and on our business, financial condition, and results of operations in particular,
especially if any such impact delays our planned 510(k) approval.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
prospectus and the documents incorporated by reference in this prospectus include forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Exchange Act that relate to future events
or our future operations or financial performance and involve known and unknown risks, uncertainties and other factors that may cause
our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity,
performance or achievements expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking
statements by terminology such as “may”, “should”, “intends”, “expects”, “plans”,
“targets”, “anticipates”, “believes”, “estimates”, “will”, “would”,
“predicts”, “potential”, or “continue” or the negative of these terms or other comparable terminology.
These statements are only predictions and involve known and unknown risks, uncertainties and other factors. The Private Securities Litigation
Reform Act of 1995 provides a “safe harbor” for such forward-looking statements. In order to comply with the terms of the
safe harbor, we note that a variety of factors could cause actual results and experience to differ materially from the anticipated results
or other expectations expressed in the forward-looking statements.
Such
statements include, without limitation, all statements as to expectation or belief and statements as to our future results of operations;
the progress of our research, product development and clinical programs; the need for, and timing of, additional capital and capital
expenditures; partnering prospects; costs of manufacturing products; the protection of, and the need for, additional intellectual property
rights; effects of regulations; the need for additional facilities; and potential market opportunities. Our actual results may vary materially
from those contained in such forward-looking statements because of risks to which we are subject, including the fact that additional
trials may be required to confirm the safety and demonstrate the efficacy of our planned products; uncertainty as to whether the U.S.
Food and Drug Administration, or the FDA, or other regulatory authorities will clear our proposed products for commercialization and
sale; the risk that any planned clinical trials or studies could be substantially delayed beyond their expected dates or cause us to
incur substantial unanticipated costs; uncertainties in our ability to obtain the capital resources needed to continue our current or
future research and development operations and to conduct the research, preclinical development and clinical trials necessary for regulatory
approvals; the uncertainty regarding the outcome of our clinical trials or studies we may conduct in the future; the uncertainty regarding
the validity and enforceability of the patents underlying our proposed products; the uncertainty whether any of our proposed products
will prove clinically safe and effective; the uncertainty of whether we will achieve significant revenue from product sales or become
profitable; obsolescence of our technologies; competition from third parties; intellectual property rights of third parties; litigation
risks; legal, regulatory and military developments in Israel including disruptions resulting from new and ongoing hostilities between
Israel and the Palestinians, such as employees of Microbot and its vendors and business partners being called to active military duty;
and other risks to which we are subject.
We
have based these forward-looking statements on our current expectations and projections about future events. We believe that the assumptions
and expectations reflected in such forward-looking statements are reasonable, based on information available to us on the date hereof,
but we cannot assure you that these assumptions and expectations will prove to have been correct or that we will take any action that
we may presently be planning. These forward-looking statements are inherently subject to known and unknown risks and uncertainties. We
have included important cautionary statements in this prospectus, in the documents incorporated by reference in this prospectus, and
in the sections in our periodic reports, including our most recent Annual Report on Form 10-K, entitled “Business,”
“Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,”
as supplemented by our subsequent Quarterly Reports on Form 10-Q or our Current Reports on Form 8-K, discussing some of the factors that
we believe could cause actual results or events to differ materially from the forward-looking statements that we are making including,
but are not limited to, research and product development uncertainties, regulatory policies and approval requirements, competition from
other similar businesses, market and general economic factors.
In
light of these assumptions, risks and uncertainties, the results and events discussed in the forward-looking statements contained in
this prospectus or in any document incorporated herein by reference might not occur. Investors are cautioned not to place undue reliance
on the forward-looking statements, which speak only as of the date of this prospectus or the date of the document incorporated by reference
in this prospectus. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking
statements, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements attributable
to us or to any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred
to in this section.
USE
OF PROCEEDS
The
12,542,268 shares of common stock issuable upon the exercise of currently outstanding preferred investment options, in each case that
are being offered for resale by the selling stockholders will be sold for the accounts of the selling stockholders named in this prospectus.
As a result, all proceeds from the sales of such shares of common stock offered for resale hereby will go to the selling stockholders
and we will not receive any proceeds from the resale of those shares of common stock by the selling stockholders.
We
may receive up to a total of approximately $26.9 million in gross proceeds if all of the 12,542,268 preferred investment options are
exercised by the selling stockholders for cash. However, as we are unable to predict the timing or amount of potential exercises of the
options, we have not allocated any proceeds of such exercises to any particular purpose. Accordingly, all such proceeds, if any would
be allocated to working capital. Pursuant to conditions set forth in the options, the options are exercisable under certain circumstances
on a cashless basis, and should a selling stockholder elect to exercise on a cashless basis we will not receive any proceeds from the
sale of common stock issued upon the cashless exercise of the option.
We
will incur all costs associated with this registration statement and prospectus.
SELLING
STOCKHOLDERS
The
following table set forth certain information regarding the selling stockholders and the shares of common stock beneficially owned by
them. The selling stockholders may offer the shares under this prospectus
from time to time and may elect to sell some, all or none of the shares set forth under this prospectus. However, for the purposes of
the table below, we have assumed that, after completion of the offering, none of the shares covered by this prospectus will be held by
the selling stockholders. In addition, a selling stockholder may have sold, transferred or otherwise disposed of all or a portion of
that holder’s shares of common stock since the date on which the selling stockholder provided information for this table. We have
not made independent inquiries about such transfers or dispositions. See the section entitled “Plan of Distribution” beginning
on page 11.
Beneficial
ownership is determined in accordance with Rule 13d-3(d) promulgated by the SEC under the Exchange Act. Unless otherwise provided, the
percentage of shares beneficially owned prior to the offering is based on 34,744,476 shares of our common stock outstanding as of March
6, 2025.
| |
Number of
Shares of
Common
Stock
Beneficially
Owned | | |
| | |
Number of
Shares of
Common | | |
Shares of Common
Stock Beneficially
Owned After Sale of All
Shares of Common
Stock Pursuant to this
Prospectus | |
Selling Stockholder | |
Before Any Sale | | |
% of Class | | |
Stock Offered | | |
Number of Shares | | |
% of Class | |
Intracoastal Capital, LLC(1) | |
| 5,868,172 | | |
| (1 | ) | |
| 2,816,902 | | |
| 3,051,270 | | |
| (1 | ) |
CVI Investments, Inc.(2)(3) | |
| 9,507,077 | | |
| (2 | ) | |
| 3,755,870 | | |
| 5,751,207 | | |
| (2 | ) |
Anson Investments Master Fund LP(4) | |
| 7,506,658 | | |
| (4 | ) | |
| 2,929,580 | | |
| 4,577,078 | | |
| (4 | ) |
Anson East Master Fund LP(5) | |
| 1,896,322 | | |
| (5 | ) | |
| 826,290 | | |
| 1,070,032 | | |
| 2.92 | |
Stuywater Capital LLC(3)(6) | |
| 3,802,684 | | |
| (6 | ) | |
| 1,877,936 | | |
| 1,924,748 | | |
| (6 | ) |
Noam Rubenstein(7) | |
| 346,006 | | |
| * | | |
| 105,743 | | |
| 240,263 | | |
| * | |
Michael Vasinkevich(7) | |
| 704,370 | | |
| 1.99 | | |
| 215,261 | | |
| 489,109 | | |
| 1.38 | |
Craig Schwabe(7) | |
| 37,072 | | |
| * | | |
| 11,329 | | |
| 25,743 | | |
| * | |
Charles Worthman(7) | |
| 10,985 | | |
| * | | |
| 3,357 | | |
| 7,628 | | |
| * | |
TOTAL(8) | |
| | | |
| | | |
| 12,542,268 | | |
| | | |
| | |
* |
Represents
beneficial ownership of less than one percent of the outstanding shares of our common stock. |
(1) |
Represents
options to purchase shares of our common stock. Mitchell P. Kopin (“Mr. Kopin”) and Daniel B. Asher (“Mr. Asher”),
each of whom are managers of Intracoastal Capital LLC (“Intracoastal”), have shared voting control and investment discretion
over the securities reported herein that are held by Intracoastal. As a result, each of Mr. Kopin and Mr. Asher may be deemed to
have beneficial ownership (as determined under Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) of the securities reported herein that are held by Intracoastal. The options are subject to a beneficial ownership limitation
of 4.99% or 9.99%, which such limitation restricts the selling stockholder from exercising that portion of the options that would
result in the selling stockholder and its affiliates owning, after exercise, a number of shares of common stock in excess of the
beneficial ownership limitation. The principal business office of Intracoastal is 245 Palm Trail, Delray Beach, FL 33483. |
(2) |
Heights
Capital Management, Inc. (“Heights”), the authorized agent of CVI Investments, Inc. (“CVI”), has discretionary
authority to vote and dispose of the shares held by CVI and may be deemed to be the beneficial owner of these shares. Martin Kobinger,
in his capacity as President of Heights, may also be deemed to have investment discretion and voting power over the shares held by
CVI. Mr. Kobinger disclaims any such beneficial ownership of the shares. CVI is affiliated with one or more FINRA members, none of
whom are currently expected to participate in the sale pursuant to the Registration Statement on Form S-1 of which this prospectus
forms a part. Pursuant to a Schedule 13G filed by CVI on January 13, 2025, Heights and CVI beneficially owned approximately 6.1%
of our common stock, based on 20,651,434 shares outstanding at December 4, 2024. The options are subject to a beneficial ownership
limitation of 4.99% or 9.99%, as the case may be, which such limitation restricts the selling stockholder from exercising that portion
of the options that would result in the selling stockholder and its affiliates owning, after exercise, a number of shares of common
stock in excess of the beneficial ownership limitation. The address of CVI is c/o Heights Capital Management, Inc., 101 California
Street, Suite 3250, San Francisco, CA 94111. |
(3) |
The
selling stockholder is an affiliate of a registered broker-dealer. |
(4) |
Represents
options to purchase shares of our common stock. Anson Advisors Inc and Anson Funds Management LP, the Co-Investment Advisers of Anson
Investments Master Fund LP (“Anson”), hold voting and dispositive power over the common stock held by Anson. Tony Moore
is the managing member of Anson Management GP LLC, which is the general partner of Anson Funds Management LP. Moez Kassam and Amin
Nathoo are directors of Anson Advisors Inc. Mr. Moore, Mr. Kassam and Mr. Nathoo each disclaim beneficial ownership of these shares
of common stock except to the extent of their pecuniary interest therein. The options are subject to a beneficial ownership limitation
of 4.99%, which such limitation restricts the selling stockholder from exercising that portion of the options that would result in
the selling stockholder and its affiliates owning, after exercise, a number of shares of common stock in excess of the beneficial
ownership limitation. The principal business address of Anson is Maples Corporate Services Limited, PO Box 309, Ugland House, Grand
Cayman, KY1-1104, Cayman Islands. |
(5) |
Represents
options to purchase shares of our common stock. Anson Advisors Inc and Anson Funds Management LP, the Co-Investment Advisers of Anson
East Master Fund LP (“Anson East”), hold voting and dispositive power over the common stock held by Anson East. Tony
Moore is the managing member of Anson Management GP LLC, which is the general partner of Anson Funds Management LP. Moez Kassam and
Amin Nathoo are directors of Anson Advisors Inc. Mr. Moore, Mr. Kassam and Mr. Nathoo each disclaim beneficial ownership of these
shares of common stock except to the extent of their pecuniary interest therein. The options are subject to a beneficial ownership
limitation of 4.99%, which such limitation restricts the selling stockholder from exercising that portion of the options that would
result in the selling stockholder and its affiliates owning, after exercise, a number of shares of common stock in excess of the
beneficial ownership limitation. The principal business address of Anson East is Maples Corporate Services Limited, PO Box 309, Ugland
House, Grand Cayman, KY1-1104, Cayman Islands. |
(6) |
Consists
of 938,968 shares of our common stock and options to purchase an aggregate of 2,863,716 shares of our common stock. Noam Rubenstein,
the sole member of Stuywater Capital LLC (“Stuywater”), has sole voting control and investment discretion over the securities
reported herein that are held by Stuywater. As a result, he may be deemed to have beneficial ownership (as determined under Section
13(d) of the Securities Exchange Act of 1934, as amended) of the securities reported herein that are held by Stuywater. The options
are subject to a beneficial ownership limitation of 4.99%, which restricts the selling stockholder from exercising that portion of
the options that would result in the selling stockholder and its affiliates owning, after exercise, a number of shares of common
stock in excess of the beneficial ownership limitation. The address of Stuywater is 430 Park Avenue, 3rd Floor, New York, New York
10022. |
(7) |
Consists
of warrants or options to purchase shares of common stock. Each of such selling stockholders is affiliated with H.C. Wainwright &
Co., LLC, a registered broker dealer with a registered address of c/o H.C. Wainwright & Co., LLC, 430 Park Ave, 3rd Floor, New
York, NY 10022, and has sole voting and dispositive power over the securities held. The number of shares beneficially owned prior
to this offering consist of shares of common stock issuable upon exercise of placement agent warrants, which were received as compensation
for placement agent services provided by Wainwright to the Company from time to time over the last three years. Such selling stockholder
acquired the placement agent warrants in the ordinary course of business and, at the time the placement agent warrants were acquired,
the selling stockholder had no agreement or understanding, directly or indirectly, with any person to distribute such securities.
|
(8) |
Does
not take into account any 4.99% beneficial ownership limitation that certain of the selling stockholders are subject to. |
Information
about any other selling stockholders will be included in prospectus supplements or post-effective amendments, if required. Information
about the selling stockholders may change from time to time. Any changed information with respect to which we are given notice will be
included in prospectus supplements.
Material
Relationships with the Selling Stockholders
Other
than in connection with the transactions described above and elsewhere in this prospectus, we have not had any material relationships
with the selling stockholders in the last three years.
PLAN
OF DISTRIBUTION
The
selling stockholders, which, as used herein, includes donees, pledgees, transferees or other successors-in-interest selling shares of
common stock or interests in shares of common stock received after the date of this prospectus from a selling stockholder as a gift,
pledge, partnership distribution or other transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their
shares of common stock or interests in shares of common stock on any stock exchange, market or trading facility on which the shares are
traded or in private transactions. These dispositions may be at fixed prices, at prevailing market prices at the time of sale, at prices
related to the prevailing market price, at varying prices determined at the time of sale, or at negotiated prices.
The
selling stockholders may use any one or more of the following methods when disposing of shares or interests therein:
|
● |
ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers; |
|
|
|
|
● |
block
trades in which the broker-dealer will attempt to sell the shares as agent, but may position and resell a portion of the block as
principal to facilitate the transaction; |
|
|
|
|
● |
purchases
by a broker-dealer as principal and resale by the broker-dealer for its account; |
|
|
|
|
● |
an
exchange distribution in accordance with the rules of the applicable exchange; |
|
|
|
|
● |
privately
negotiated transactions; |
|
|
|
|
● |
short
sales effected after the date the registration statement of which this prospectus is a part is declared effective by the SEC; |
|
|
|
|
● |
through
the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise; |
|
|
|
|
● |
broker-dealers
may agree with the selling stockholders to sell a specified number of such shares at a stipulated price per share; |
|
|
|
|
● |
a
combination of any such methods of sale; and |
|
|
|
|
● |
any
other method permitted by applicable law. |
The
selling stockholders may, from time to time, pledge or grant a security interest in some or all of the shares of common stock owned by
them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares
of common stock, from time to time, under this prospectus, or under an amendment to this prospectus under Rule 424(b)(3) or other applicable
provision of the Securities Act amending the list of selling stockholders to include the pledgee, transferee or other successors-in-interest
as selling stockholders under this prospectus. The selling stockholders also may transfer the shares of common stock in other circumstances,
in which case the transferees, pledgees or other successors-in-interest will be the selling beneficial owners for purposes of this prospectus.
In
connection with the sale of our common stock or interests therein, the selling stockholders may enter into hedging transactions with
broker-dealers or other financial institutions, which may in turn engage in short sales of the common stock in the course of hedging
the positions they assume. The selling stockholders may also sell shares of our common stock short and deliver these securities to close
out their short positions, or loan or pledge the common stock to broker-dealers that in turn may sell these securities. The selling stockholders
may also enter into option or other transactions with broker-dealers or other financial institutions or the creation of one or more derivative
securities which require the delivery to such broker-dealer or other financial institution of shares offered by this prospectus, which
shares such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect
such transaction).
The
aggregate proceeds to the selling stockholders from the sale of the common stock offered by them will be the purchase price of the common
stock less discounts or commissions, if any. Each of the selling stockholders reserves the right to accept and, together with their agents
from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly or through agents. We will
not receive any of the proceeds from this offering. Upon any exercise of the warrants by payment of cash, however, we will receive the
exercise price of the warrants.
The
selling stockholders also may resell all or a portion of the shares in open market transactions in reliance upon Rule 144 under the Securities
Act, provided that they meet the criteria and conform to the requirements of that rule.
The
selling stockholders and any underwriters, broker-dealers or agents that participate in the sale of the common stock or interests therein
may be “underwriters” within the meaning of Section 2(11) of the Securities Act. Any discounts, commissions, concessions
or profit they earn on any resale of the shares may be underwriting discounts and commissions under the Securities Act. Selling stockholders
who are “underwriters” within the meaning of Section 2(11) of the Securities Act will be subject to the prospectus delivery
requirements of the Securities Act.
To
the extent required, the shares of our common stock to be sold, the names of the selling stockholders, the respective purchase prices
and public offering prices, the names of any agents, dealer or underwriter, any applicable commissions or discounts with respect to a
particular offer will be set forth in an accompanying prospectus supplement or, if appropriate, a post-effective amendment to the registration
statement of which this prospectus is a part.
In
order to comply with the securities laws of some states, if applicable, the common stock may be sold in these jurisdictions only through
registered or licensed brokers or dealers. In addition, in some states the common stock may not be sold unless it has been registered
or qualified for sale or an exemption from registration or qualification requirements is available and is complied with.
We
have advised the selling stockholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of shares
in the market and to the activities of the selling stockholders and their affiliates. In addition, to the extent applicable we will make
copies of this prospectus (as it may be supplemented or amended from time to time) available to the selling stockholders for the purpose
of satisfying the prospectus delivery requirements of the Securities Act. The selling stockholders may indemnify any broker-dealer that
participates in transactions involving the sale of the shares against certain liabilities, including liabilities arising under the Securities
Act.
We
will pay all expenses of the registration of the shares of common stock, including, without limitation, SEC filing fees and expenses
of compliance with state securities or “blue sky” laws; provided, however, that each selling stockholder will pay all underwriting
discounts and selling commissions, if any, and any related legal expenses incurred by it. We will indemnify the selling stockholders
against certain liabilities, including some liabilities under the Securities Act, arising in connection with the registration statement
of which this prospectus is a part.
DESCRIPTION
OF CAPITAL STOCK
The
following description summarizes the material terms of our capital stock as of the date of this prospectus. Because it is only a summary,
it does not contain all the information that may be important to you. For a complete description of our capital stock, you should refer
to our certificate of incorporation and our bylaws, and to the provisions of applicable Nevada law.
General
Our
authorized capital stock consists of 60,000,000 shares of common stock, par value $0.01, of which 34,744,476 shares were issued and outstanding
as of March 6, 2025 and 1,000,000 shares of preferred stock, none of which are issued and outstanding. Our preferred stock and/or
common stock may be issued from time to time without prior approval by our stockholders. Our preferred stock and/or common stock may
be issued for such consideration as may be fixed from time to time by our Board of Directors. Our Board of Directors may issue such shares
of our preferred stock in one or more series, with such voting powers, designations, preferences and rights or qualifications, limitations
or restrictions thereof as shall be stated in the resolution or resolutions.
We
are seeking stockholder approval to increase the number of authorized shares of our common stock to 120,000,000, at a special meeting
of stockholders expected to be held on April 11, 2025.
Common
Stock
We
are authorized to issue 60,000,000 shares of common stock, $0.01 par value. Each share of common stock shall have one vote per share
for all purposes. The holders of a majority of the shares entitled to vote, present in person or represented by proxy shall constitute
a quorum at all meetings of our stockholders. Our common stock does not provide preemptive, subscription or conversion rights and there
are no redemption or sinking fund provisions or rights. Our common stock holders are not entitled to cumulative voting for election of
the Board of Directors.
Holders
of common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders and do not have cumulative
voting rights. Holders of common stock are entitled to receive proportionately any dividends as may be declared by our board of directors,
out of funds that we may legally use to pay dividends, subject to any preferential dividend rights of any outstanding series of preferred
stock or series of preferred stock that we may designate and issue in the future. All shares of common stock outstanding as of the date
of this prospectus and, upon issuance and sale, all shares of common stock that we may offer pursuant to this prospectus, will be fully
paid and nonassessable.
In
the event of our liquidation or dissolution, the holders of common stock are entitled to receive proportionately our net assets available
for distribution to stockholders after the payment of all debts and other liabilities and subject to the prior rights of any outstanding
preferred stock. Holders of common stock have no preemptive, subscription, redemption or conversion rights. There are no redemption or
sinking fund provisions applicable to the common stock.
Preferred
Stock
The
Company is authorized to issue 1,000,000 shares of preferred stock. Our Board of Directors is authorized to cause us to issue, from our
authorized but unissued shares of preferred stock, one or more series of preferred stock, to establish from time to time the number of
shares to be included in each such series, as well as to fix the designation and any preferences, conversion and other rights and limitations
of such series. These rights and limitations may include voting powers, limitations as to dividends, and qualifications and terms and
conditions of redemption of the shares of each such series. As of the date of this prospectus, no shares of our preferred stock were
outstanding or designated.
Options
As
of March 6, 2025, we had:
|
● |
3,002,145
shares of our common stock issuable upon the exercise of outstanding stock options granted to employees, directors and consultants,
with exercise prices ranging from approximately $0.005 to $15.75 and having a weighted-average exercise price of $4.19 per share; |
|
|
|
|
● |
156,585
shares of our common stock reserved for future grant under our 2017 Equity Incentive Plan; and |
|
|
|
|
● |
147,217
shares of our common stock reserved for future grant under our 2020 Omnibus Performance Award Plan. |
Warrants
and Preferred Investment Options
As
of March 6, 2025, we had outstanding:
|
● |
51,125
shares of our common stock issuable upon the exercise of outstanding warrants expiring in October 2027, at an exercise price per
share of $6.1125; |
|
|
|
|
● |
32,778
shares of our common stock issuable upon the exercise of outstanding warrants expiring in November 2026, at an exercise price per
share of $2.75; |
|
|
|
|
● |
60,476
shares of our common stock issuable upon the exercise of outstanding warrants expiring in November 2026, at an exercise price per
share of $2.75; |
|
|
|
|
● |
35,088
shares of our common stock issuable upon the exercise of outstanding warrants expiring in November 2026, at an exercise price per
share of $2.6719; |
|
|
|
|
● |
1,075,165
shares of our common stock issuable upon the exercise of outstanding series E preferred investment options expiring in July 2029,
at an exercise price per share of $1.50; |
|
|
|
|
● |
3,133,338
shares of our common stock issuable upon the exercise of outstanding series F preferred investment options expiring in June 2026,
at an exercise price per share of $1.50; |
|
● |
8,000,002
shares of our common stock issuable upon the exercise of outstanding series G preferred investment options expiring in January 2027,
at an exercise price per share of $1.75; |
|
|
|
|
● |
7,577,100
shares of our common stock issuable upon the exercise of outstanding series H preferred investment options expiring in January 2027,
at an exercise price per share of $2.10; |
|
|
|
|
● |
12,206,578
shares of our common stock issuable upon the exercise of outstanding series I preferred investment options, expiring two years after
the later of (i) the Authorized Share Increase Date and (ii) the Stockholder Approval Date, at an exercise price per share of $2.13; |
|
|
|
|
● |
31,231
shares of our common stock issuable upon the exercise of outstanding warrants expiring in June 2028, at an exercise price per share
of $4.0625; |
|
|
|
|
● |
84,284
shares of our common stock issuable upon the exercise of outstanding placement agent preferred investment options expiring in July
2029, at an exercise price per share of $2.025; |
|
|
|
|
● |
78,333
shares of our common stock issuable upon the exercise of outstanding placement agent preferred investment options expiring in June
2026, at an exercise price per share of $1.875; |
|
|
|
|
● |
200,000
shares of our common stock issuable upon the exercise of outstanding placement agent preferred investment options expiring in January
2027, at an exercise price per share of $2.1875; and |
|
|
|
|
● |
189,428
shares of our common stock issuable upon the exercise of outstanding placement agent preferred investment options expiring in January
2027, at an exercise price per share of $2.8375; |
|
|
|
|
● |
305,164
shares of our common stock issuable upon the exercise of placement agent preferred investment options, expiring two years after the
later of (i) the Authorized Share Increase Date and (ii) the Stockholder Approval Date, at an exercise price per share of $2.6625;
and |
|
|
|
|
● |
30,526
shares of our common stock issuable upon the exercise of placement agent preferred investment options, expiring in July 2030, at
an exercise price per share of $1.875. |
The
common stock being registered pursuant to the Registration Statement on Form S-3 of which this prospectus forms a part, are underlying
our 12,206,578 outstanding series I preferred investment options, our 305,164 outstanding placement agent preferred investment options,
and our 30,526 outstanding placement agent preferred investment options. See “Prospectus Summary-Recent Developments-Registered
Direct Offerings” above, for a summary of the terms of the series I preferred investment options and the placement agent preferred
investment options issued concurrently therewith.
Trading
Market
The
shares of our common stock are currently quoted on the Nasdaq Capital Market under the symbol “MBOT”.
Transfer
Agent
The
transfer agent of our common stock is Computershare Trust Company, N.A. Its address is 150 Royall Street, Canton, MA 02021.
Certain
Provisions of Delaware Law and of the Company’s Certificate of Incorporation and Bylaws
Anti-Takeover
Provisions
Delaware
Law
We
are subject to the anti-takeover provisions of Section 203 of the Delaware General Corporation Law, or DGCL. Section 203 prohibits a
publicly-held Delaware corporation from engaging in a “business combination” with an “interested stockholder”
for a period of three years after the date of the transaction in which the person became an interested stockholder, unless the business
combination is, or the transaction in which the person became an interested stockholder was, approved in a prescribed manner or another
prescribed exception applies. For purposes of Section 203, a “business combination” is defined broadly to include a merger,
asset sale or other transaction resulting in a financial benefit to the interested stockholder, and, subject to certain exceptions, an
“interested stockholder” is a person who, together with his or her affiliates and associates, owns, or within three years
prior, did own, 15% or more of the corporation’s voting stock.
Staggered
Board
Our
restated certificate of incorporation and restated by-laws provide for the Board of Directors to be divided into three classes serving
staggered terms. At each annual meeting of stockholders, directors elected to succeed those directors whose terms expire are elected
for a three-year term of office. All directors elected to our classified Board of Directors will serve until the election and qualification
of their respective successors or their earlier resignation or removal. The Board of Directors is authorized to create new directorships
and to fill such positions so created and is permitted to specify the class to which any such new position is assigned. The person filling
such position would serve for the term applicable to that class. The Board of Directors (or its remaining members, even if less than
a quorum) is also empowered to fill vacancies on the Board of Directors occurring for any reason for the remainder of the term of the
class of directors in which the vacancy occurred. Members of the Board of Directors may only be removed for cause and only by the affirmative
vote of 80% of the outstanding voting stock. These provisions are likely to increase the time required for stockholders to change the
composition of the Board of Directors. For example, in general, at least two annual meetings will be necessary for stockholders to effect
a change in a majority of the members of the Board of Directors. The provision for a classified board could prevent a party who acquires
control of a majority of our outstanding common stock from obtaining control of our Board of Directors until our second annual stockholders
meeting following the date the acquirer obtains the controlling stock interest. The classified board provision could have the effect
of discouraging a potential acquirer from making a tender offer or otherwise attempting to obtain control of us and could increase the
likelihood that incumbent directors will retain their positions.
Advance
notice provisions for stockholder proposals
Our
restated by-laws establish an advance notice procedure for stockholder nominations of candidates for election to our Board of Directors,
as well as procedures for including proposed nominations at special meetings at which directors are to be elected. Stockholders at our
annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the
direction of our board or by a stockholder who was a stockholder of record on the record date for the meeting, who is entitled to vote
at the meeting and who has given to our secretary timely written notice, in proper form, of the stockholder’s intention to bring
that business before the meeting, and who has complied with the procedures and requirements set forth in the by-laws. Although the by-laws
do not give the Board of Directors the power to approve or disapprove stockholder nominations of candidates or proposals regarding other
business to be conducted at a special or annual meeting, these by-laws may have the effect of precluding the conduct of some business
at a meeting if the proper procedures are not followed or may discourage or defer a potential acquirer from conducting a solicitation
of proxies to elect its own slate of directors or otherwise attempting to obtain control of Microbot.
Special
meetings of stockholders
Special
meetings of the stockholders may be called only by the Board of Directors, president or secretary upon the application of a majority
of the directors. Stockholders are not permitted to call a special meeting or to require our Board of Directors to call a special meeting.
No
stockholder action by written consent
Our
restated certificate of incorporation and restated by-laws do not permit our stockholders to act by written consent. As a result, any
action to be effected by our stockholders must be effected at a duly called annual or special meeting of the stockholders.
Super-majority
stockholder vote required for certain actions.
The
DGCL provides generally that the affirmative vote of a majority of the shares entitled to vote on any matter is required to amend a corporation’s
certificate of incorporation or by-laws, unless the corporation’s certificate of incorporation or by-laws, as the case may be,
requires a greater percentage. Our restated certificate of incorporation requires the affirmative vote of the holders of at least 80%
of our outstanding voting stock to amend or repeal certain provisions of our restated certificate of incorporation. This 80% stockholder
vote would be in addition to any separate class vote that might in the future be required pursuant to the terms of any preferred stock
that might then be outstanding. In addition, an 80% vote is also required for any amendment to, or repeal of, our restated by-laws by
the stockholders. Our restated by-laws may be amended or repealed by a vote of a majority of the total number of authorized directors.
Limitation
of Liability and Indemnification
Our
restated certificate of incorporation and our amended and restated bylaws provide that each person who was or is made a party or is threatened
to be made a party to or is otherwise involved (including, without limitation, as a witness) in any action, suit or proceeding, whether
civil, criminal, administrative or investigative, by reason of the fact that he or she is or was one of our directors or officers or
is or was serving at our request as a director, officer, or trustee of another corporation, or of a partnership, joint venture, trust
or other enterprise, including service with respect to an employee benefit plan, whether the basis of such proceeding is alleged action
in an official capacity as a director, officer or trustee or in any other capacity while serving as a director, officer or trustee, shall
be indemnified and held harmless by us to the fullest extent authorized by the DGCL against all expense, liability and loss (including
attorneys’ fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred or suffered
by such.
Section
145 of the DGCL permits a corporation to indemnify any director or officer of the corporation against expenses (including attorneys’
fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in connection with any action, suit or proceeding
brought by reason of the fact that such person is or was a director or officer of the corporation, if such person acted in good faith
and in a manner that he or she reasonably believed to be in, or not opposed to, the best interests of the corporation, and, with respect
to any criminal action or proceeding, if he or she had no reasonable cause to believe his or her conduct was unlawful. In a derivative
action (i.e., one brought by or on behalf of the corporation), indemnification may be provided only for expenses actually and reasonably
incurred by any director or officer in connection with the defense or settlement of such an action or suit if such person acted in good
faith and in a manner that he or she reasonably believed to be in, or not opposed to, the best interests of the corporation, except that
no indemnification shall be provided if such person shall have been adjudged to be liable to the corporation, unless and only to the
extent that the Delaware Chancery Court or the court in which the action or suit was brought shall determine that such person is fairly
and reasonably entitled to indemnity for such expenses despite such adjudication of liability.
Pursuant
to Section 102(b)(7) of the DGCL, Article Ninth of our restated certificate of incorporation eliminates the liability of a director to
us or our stockholders for monetary damages for such a breach of fiduciary duty as a director, except for liabilities arising:
|
● |
from
any breach of the director’s duty of loyalty to us or our stockholders; |
|
|
|
|
● |
from
acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; |
|
|
|
|
● |
under
Section 174 of the DGCL; and |
|
|
|
|
● |
from
any transaction from which the director derived an improper personal benefit. |
We
have entered into indemnification agreements with our directors and certain officers, in addition to the indemnification provided in
our restated certificate of incorporation and our amended and restated bylaws, and intend to enter into indemnification agreements with
any new directors and executive officers in the future. We have purchased and intend to maintain insurance on behalf of any person who
is or was a director or officer against any loss arising from any claim asserted against him or her and incurred by him or her in any
such capacity, subject to certain exclusions.
The
foregoing discussion of our restated certificate of incorporation, amended and restated bylaws, indemnification agreements, indemnity
agreement, and Delaware law is not intended to be exhaustive and is qualified in its entirety by such restated certificate of incorporation,
amended and restated bylaws, indemnification agreements, indemnity agreement, or law.
LEGAL
MATTERS
The
validity of the shares being offered under this prospectus by us will be passed upon for us by Ruskin Moscou Faltischek, P.C., Uniondale,
New York.
EXPERTS
The
consolidated financial statements of Microbot Medical Inc. as of December 31, 2023 and 2022, and for each of the two years in the period
ended December 31, 2023, incorporated by reference in this Prospectus, have been audited by Brightman Almagor Zohar and Co., a Firm in
the Deloitte Global Network, an independent registered public accounting firm, as stated in their report. Such consolidated financial
statements are incorporated by reference in reliance upon the report of such firm given their authority as experts in accounting and
auditing.
WHERE
YOU CAN FIND MORE INFORMATION
We
are subject to the reporting requirements of the Exchange Act and file annual, quarterly and current reports, proxy statements and other
information with the SEC. SEC filings are available at the SEC’s website at http://www.sec.gov.
This
prospectus is only part of a registration statement on Form S-3 that we have filed with the SEC under the Securities Act and therefore
omits certain information contained in the registration statement. We have also filed exhibits and schedules with the registration statement
that are excluded from this prospectus, and you should refer to the applicable exhibit or schedule for a complete description of any
statement referring to any contract or other document.
The
registration statement and the documents referred to below under “Incorporation of Certain Information by Reference” are
also available on our website at http://www.microbotmedical.com. We have not incorporated by reference into this prospectus the information
on our website, and you should not consider it to be a part of this prospectus.
INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE
The
SEC allows us to “incorporate by reference” information that we file with them. Incorporation by reference allows us to disclose
important information to you by referring you to those other documents. The information incorporated by reference is an important part
of this prospectus, and information that we file later with the SEC will automatically update and supersede this information. We filed
a registration statement on Form S-3 under the Securities Act with the SEC with respect to the securities we may offer pursuant to this
prospectus. This prospectus omits certain information contained in the registration statement, as permitted by the SEC. You should refer
to the registration statement, including the exhibits, for further information about us and the securities we may offer pursuant to this
prospectus. Statements in this prospectus regarding the provisions of certain documents filed with, or incorporated by reference in,
the registration statement are not necessarily complete and each statement is qualified in all respects by that reference. Copies of
all or any part of the registration statement, including the documents incorporated by reference or the exhibits, are available at the
SEC’s website at http://www.sec.gov. The documents we are incorporating by reference are:
| ● | our
Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March
27, 2024; |
| ● | our
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024, and
September 30, 2024, filed with the SEC on May 15, 2024, August 14, 2024, and November 13,
2024, respectively; |
| ● | our
Current Reports on Form 8-K filed with the SEC on January 2, 2024, January 12, 2024, January 18, 2024, January 30, 2024, February 27, 2024, April 15, 2024, April 24, 2024, June 3, 2024,
June 4, 2024, June 17, 2024, July 1, 2024, July 3, 2024, July 8, 2024, July 9, 2024, July 18, 2024, August 1, 2024, August 13, 2024, August 22, 2024, September 17, 2024, September 30, 2024, October 11, 2024, October 15, 2024, December 10, 2024, December 19, 2024, January 6, 2025, January 7, 2025, January 10, 2025, January 24, 2025, January 27, 2025, February 7, 2025, February 10, 2025, February 11, 2025, February 12, 2025 and February 25, 2025 (except
in each case for information contained therein which is furnished rather than filed); |
| ● | our
Definitive Proxy Statement on Schedule 14A, filed with the SEC on November 6, 2024 (but only
with respect to information required by Part III of our Annual Report on Form 10-K for the
fiscal year ended December 31, 2023, which information shall update and supersede information
included in Part III of our Annual Report on Form 10-K for the fiscal year ended December
31, 2023); and |
| ● | the
description of our common stock contained in our registration statement on Form 8-A filed
August 3, 1998, under the Exchange Act, including any amendment or report filed for the purpose
of updating such description; and |
| ● | all
reports and other documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14
and 15(d) of the Exchange Act, except as to any portion of any report or documents that is
not deemed filed under such provisions, after the date of this prospectus and prior to the
termination of this offering. |
The
SEC file number for each of the documents listed above is 000-19871.
Any
statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference into this prospectus will
be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained in this prospectus or
any other subsequently filed document that is deemed to be incorporated by reference into this prospectus modifies or supersedes the
statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute a part of this
prospectus.
We
will provide, upon written or oral request, without charge to each person, including any beneficial owner, to whom a copy of this prospectus
is delivered, a copy of any or all of the information incorporated herein by reference (exclusive of exhibits to such documents unless
such exhibits are specifically incorporated by reference herein). You may request a copy of any or all of these filings, at no cost,
by writing or telephoning us at: Microbot Medical Inc., Attn: Chief Financial Officer, 175 Derby St., Bld. 27, Hingham, MA 02043. You
may also telephone us at (781) 875-3605.
You
should rely only on information contained in, or incorporated by reference into, this prospectus and any prospectus supplement. We have
not authorized anyone to provide you with information different from that contained in this prospectus or incorporated by reference in
this prospectus. We are not making offers to sell the securities in any jurisdiction in which such an offer or solicitation is not authorized
or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer
or solicitation.
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
Item
14. Other Expenses of Issuance and Distribution.
The
following table sets forth the various expenses in connection with the sale and distribution of the securities being registered, all
of which are being borne by us.
SEC registration fee | |
$ | 2,611.50 | |
Legal fees and expenses | |
| 10,000.00 | |
Accounting fees and expenses | |
| 15,000.00 | |
Miscellaneous | |
| 2,388.50 | |
Total | |
$ | 30,000.00 | |
Item
15. Indemnification of Directors and Officers.
Section
145 of the Delaware General Corporation Law (“DGCL”) permits, in general, a Delaware corporation, to indemnify any person
who was or is a party to any proceeding (other than an action by, or in the right of, the corporation) by reason of the fact that or
she is or was a director, or officer, of the corporation, or served another business enterprise in any capacity at the request of the
corporation, against liability incurred in connection with such proceeding, including the expenses (including attorneys’ fees),
judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such proceeding if such person
acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation
and, in criminal actions or proceedings, additionally had no reasonable cause to believe that his or her conduct was unlawful. A Delaware
corporation’s power to indemnify applies to actions brought by or in the right of the corporation, but only to the extent of expenses
(including attorneys’ fees) actually and reasonably incurred by the person in connection with the defense or settlement of the
action or suit, provided that no indemnification shall be provided in such actions in the event of any adjudication of negligence or
misconduct in the performance of such person’s duties to the corporation, unless a court believes that in light of all the circumstances
indemnification should apply. Section 145 of the DGCL also permits, in general, a Delaware corporation to purchase and maintain insurance
on behalf of any person who is or was a director or officer of the corporation, or served another entity in any capacity at the request
of the corporation, against liability incurred by such person in such capacity, whether or not the corporation would have the power to
indemnify such person against such liability.
Section
102(b)(7) of the DGCL permits a corporation to include in its certificate of incorporation a provision eliminating or limiting the personal
liability of a director to the corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, provided
that such provision shall not eliminate or limit the liability of a director (i) for any breach of the director’s duty of loyalty
to the corporation or its stockholders, (ii) for acts or omissions not in good faith or that involve intentional misconduct or a knowing
violation of law, (iii) under Section 174 of the DGCL or (iv) for any transaction from which the director derived an improper personal
benefit.
The
Company’s restated certificate of incorporation provides that the Company’s directors shall not be liable to the Company
or its stockholders for monetary damages for breach of fiduciary duty as a director except to the extent that exculpation from liabilities
is not permitted under the DGCL as in effect at the time such liability is determined. The Company’s restated certificate of incorporation
further provides that the Company shall indemnify its directors and officers to the fullest extent permitted by the DGCL.
We
maintain a directors’ and officers’ insurance policy pursuant to which our directors and officers are insured against liability
for actions taken in their capacities as directors and officers. We believe that these indemnification provisions and insurance are necessary
to attract and retain qualified directors and officers.
Indemnification
Agreements
The
Company has entered into indemnification agreements with each of its directors and executive officers. These indemnification agreements
may require the Company, among other things, to indemnify its directors and officers for some expenses, including attorneys’ fees,
judgments, fines and settlement amounts incurred by a director or officer in any action or proceeding arising out of his or her service
as one of the Company’s directors or officers, or any of its subsidiaries or any other company or enterprise to which the person
provides services at our request.
Item
16. Exhibits.
The
exhibits to this registration statement are listed in the Exhibit Index to this registration statement, which Exhibit Index is hereby
incorporated by reference.
Item
17. Undertakings.
(a)
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by section 10(a)(3) of the Securities Act of 1933;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume
and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration
Fee” table in the effective registration statement; and
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement; provided, however, that paragraphs (a)(1)(i), (a)(1)(ii)
and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the Commission by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange
Act of 1934 that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant
to Rule 424(b) that is part of the registration statement.
(2)
That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.
(4)
That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
(i)
Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and
(ii)
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on
Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required
by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier
of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the
offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date
an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the
registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such effective date.
(5)
That, for the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution
of the securities, in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means
of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer
or sell such securities to such purchaser:
(i)
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
424;
(ii)
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
the undersigned registrant;
(iii)
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and
(iv)
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(b)
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing
of the registrant’s annual report pursuant to section 13(a) or section 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan’s annual report pursuant to section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
(e)
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification
is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person
of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Hingham, State of Massachusetts, on the 10th day of March, 2025.
|
MICROBOT
MEDICAL INC. |
|
|
|
|
By: |
/s/
Harel Gadot |
|
|
Harel
Gadot |
|
|
Chairman,
President and Chief Executive Officer |
POWER
OF ATTORNEY
KNOW
ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Harel Gadot and Rachel Vaknin and
each of them such person’s true and lawful attorney-in-fact and agent, for such person and in such person’s name, place and
stead, in any and all capacities, to sign any and all amendments, including post-effective amendments, to this registration statement
or any registration statement relating to this offering to be effective upon filing pursuant to Rule 462(b) under the Securities Act
of 1933, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange
Commission granting unto said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite
and necessary to be done, as fully to all intents and purposes as such person might or could do in person, hereby ratifying and confirming
all that said attorney-in-fact and agent or such person’s substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
Pursuant
to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and
on the dates indicated.
Signature |
|
Title |
|
Date |
|
|
|
|
|
/s/
Harel Gadot |
|
Chairman,
President and Chief Executive Officer |
|
March
10, 2025 |
Harel
Gadot |
|
(Principal
Executive Officer) |
|
|
|
|
|
|
|
/s/
Rachel Vaknin |
|
Chief
Financial Officer |
|
March
10, 2025 |
Rachel
Vaknin |
|
(Principal
Financial and Accounting Officer) |
|
|
|
|
|
|
|
|
|
Director |
|
|
Tal
Wenderow |
|
|
|
|
|
|
|
|
|
/s/
David J. Wilson |
|
Director |
|
March
10, 2025 |
David
J. Wilson |
|
|
|
|
|
|
|
|
|
/s/
Prattipati Laxminarain |
|
Director |
|
March
10, 2025 |
Prattipati
Laxminarain |
|
|
|
|
|
|
|
|
|
/s/
Scott Burell |
|
Director |
|
March
10, 2025 |
Scott
Burell |
|
|
|
|
|
|
|
|
|
/s/
Martin Madden |
|
Director |
|
March
10, 2025 |
Martin
Madden |
|
|
|
|
|
|
|
|
|
/s/
Aileen Stockburger |
|
Director |
|
March
10, 2025 |
Aileen
Stockburger |
|
|
|
|
EXHIBIT
INDEX
Exhibit |
|
Description |
2.1 |
|
Agreement and Plan of Merger and Reorganization, dated as of August 15, 2016, by and among StemCells, Inc., C&RD Israel Ltd. and Microbot Medical Ltd. (incorporated by reference to the Company’s Current Report on Form 8-K filed on August 15, 2016). |
3.1 |
|
Restated Certificate of Incorporation of the Company (incorporated by reference to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2006 and filed on March 15, 2007). |
3.2 |
|
Certificate of Amendment to the Restated Certificate of Incorporation of the Company (incorporated by reference to the Company’s Current Report on Form 8-K filed on November 29, 2016). |
3.3 |
|
Certificate of Amendment to the Restated Certificate of Incorporation (incorporated by reference to the Company’s Current Report on Form 8-K filed on September 4, 2018). |
3.4 |
|
Amended and Restated By-Laws of the Company (incorporated by reference to the Company’s Current Report on Form 8-K filed on May 3, 2016). |
3.5 |
|
Certificate of Elimination (incorporated by reference to the Company’s Current Report on Form 8-K filed on December 12, 2018). |
3.6 |
|
Certificate of Amendment to the Restated Certificate of Incorporation (incorporated by reference to the Company’s Current Report on Form 8-K filed on September 11, 2019). |
3.7 |
|
Amendment to Section 5 of the Amended and Restated By-Laws of the Company (incorporated by reference to the Company’s Current Report on Form 8-K filed on May 3, 2021). |
4.1 |
|
Description of the Company’s Securities (incorporated by reference to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019). |
4.2 |
|
Form of Series A Warrant (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on October 25, 2022) |
4.3 |
|
Form of Wainwright Warrant (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on October 25, 2022) |
4.4 |
|
Form of Wainwright Warrant (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on May 23, 2023) |
4.5 |
|
Form of Wainwright Warrant (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on May 24, 2023) |
4.6 |
|
Form of Warrant Amendment Agreement (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on May 24, 2023) |
4.7 |
|
Form of Series C Warrant (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on June 6, 2023) |
4.8 |
|
Form of Wainwright Warrant (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on June 6, 2023) |
4.9 |
|
Form of Series D Warrant (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on June 28, 2023) |
4.10 |
|
Form of Wainwright Warrant (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on June 28, 2023) |
4.11 |
|
Form of Inducement Investment Option (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on January 2, 2024) |
4.12 |
|
Form of Placement Agent Investment Option (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on January 2, 2024) |
4.13 |
|
Form of Series F Preferred Investment Option (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on June 4, 2024) |
4.14 |
|
Form of Placement Agent Investment Option (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on June 4, 2024) |
4.15 |
|
Form of Series G Preferred Investment Option (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on January 7, 2025) |
4.16 |
|
Form of Placement Agent Investment Option (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on January 7, 2025) |
4.17 |
|
Form of Series H Preferred Investment Option (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on January 10, 2025) |
4.18 |
|
Form of Placement Agent Investment Option (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on January 10, 2025) |
4.19 |
|
Form of Series I Preferred Investment Option (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on February 11, 2025) |
4.20 |
|
Form of Placement Agent Investment Option (incorporated by reference to the Registrant’s Current Report on Form 8-K filed on February 11, 2025) |
5.1 |
|
Opinion of Ruskin Moscou Faltischek, P.C. |
23.1 |
|
Consent of Ruskin Moscou Faltischek, P.C. (contained in Exhibit 5.1) |
23.2 |
|
Consent of Brightman Almagor Zohar & Co., a firm in the Deloitte Global Network |
24.1 |
|
Power of Attorney (included on the signature page hereto) |
107 |
|
Filing Fee Table |
Exhibit
5.1

Microbot
Medical Inc.
288
Grove Street, Suite 388
Braintree,
MA 02184
|
Re: |
Registration
Statement on Form S-3 |
Ladies
and Gentlemen:
We
have acted as counsel for Microbot Medical Inc. (the “Company”) in connection with the preparation and filing of that certain
Registration Statement on Form S-3 (the “Registration Statement”) filed on the date hereof with the Securities and Exchange
Commission (the “SEC”) under the Securities Act of 1933, as amended, with respect to the registration of the resale of an
aggregate of up to 12,542,268 shares (the “Shares”) of the Company’s common stock, $0.01 par value per share, issuable
upon the exercise in full of outstanding investment options of the Company (the “Options”).
The
Shares are being registered on behalf of certain persons or entities identified in the Registration Statement. The offering of the Shares
will be as set forth in the prospectus contained in the Registration Statement, and as supplemented by one or more supplements to the
prospectus (the “Prospectus”).
As
counsel to the Company, we have examined the originals or copies of such documents, corporate records and other instruments and undertaken
such further inquiry as we have deemed necessary or appropriate for purposes of this opinion, including, but not limited to, the Registration
Statement, corporate resolutions authorizing the issuance of the Shares and the Certificate of Incorporation and Bylaws of the Company,
including amendments thereto. In such examination, we have assumed the following: (a) the authenticity of original documents and the
genuineness of all signatures; (b) the legal capacity of all natural persons, the accuracy and completeness of all documents submitted
to us; (c) the conformity to the originals of all documents submitted to us as copies; (d) the genuineness of all signatures contained
in the records, documents, instruments and certificates we have reviewed; and (e) the truth, accuracy and completeness of the information,
representations and warranties contained in the records, documents, instruments and certificates we have reviewed. This opinion letter
is given, and all statements herein are made, in the context of the foregoing.
Based
on and subject to the foregoing, we are of the opinion that the Shares, when issued upon exercise of the Options in accordance with the
terms thereof, are or will be duly and validly authorized,
validly issued, fully paid and non-assessable.
March
10, 2025
Page
2
The
information set forth herein is as of the date hereof. We assume no obligation to advise you of changes that may hereafter be brought
to our attention. We are members of the Bar of the State of New York. We do not express any opinion concerning the laws of any jurisdiction
other than (i) the State of New York, (ii) the Federal laws of the United States and (iii) the Delaware General Corporation Law. Our
opinion is based on statutory laws and judicial decisions that are in effect on the date hereof, and we do not opine with respect to
any law, regulation, rule or governmental policy that may be enacted or adopted after the date hereof, nor do we assume any responsibility
to advise you of future changes in our opinion. We do not express an opinion on any matters other than those expressly set forth in this
letter.
No
opinion is expressed herein with respect to the qualification of the Shares under the securities or blue sky laws of any state or any
foreign jurisdiction.
We
hereby consent to the use and filing of this opinion as an exhibit to the Registration Statement as filed with the Securities and Exchange
Commission and to the reference to our firm under the heading “Legal Matters” in the Prospectus and the Registration Statement.
In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Act
or the rules and regulations of the Securities and Exchange Commission promulgated thereunder.
|
Very
truly yours, |
|
|
|
/s/
Ruskin Moscou Faltischek PC |
|
|
|
RUSKIN
MOSCOU FALTISCHEK, P.C. |
Exhibit
23.2
CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We
consent to the incorporation by reference in this Registration Statement on Form S-3 of our report dated March 27, 2024 relating to the
financial statements of Microbot Medical Inc. appearing in the Annual Report on Form 10-K of Microbot Medical Inc. for the year ended
December 31, 2023. We also consent to the reference to us under the heading “Experts” in such Registration Statement.
/s/
Brightman Almagor Zohar & Co.
Brightman
Almagor Zohar & Co.
Certified
Public Accountants
A
Firm in the Deloitte Global Network
Tel
Aviv, Israel
March
10, 2025
Exhibit
107
Calculation
of Filing Fee Table
Form
S-3
(Form
Type)
Microbot
Medical Inc.
(Exact
Name of Registrant as Specified in its Charter)
Table
1: Newly Registered and Carry Forward Securities
| |
Security
Type | |
Security
Class Title | | |
Fee
Calculation Rule or Carry Forward Rule | | |
Amount
Registered (1) | | |
Proposed
Maximum Offering Price Per Unit(2) | | |
Maximum
Aggregate Offering Price(1) | | |
Fee
Rate | | |
Amount
of Registration Fee(2) | |
Fees
to be Paid | |
Equity | |
| Common
Stock, $0.01 par value per share (3) | | |
| 457 | (c) | |
| 12,542,268 | | |
$ | 1.39 | | |
$ | 17,433,753 | | |
| 0.00015310 | | |
$ | 2,669.11 | |
Fees
Previously Paid | |
– | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
Carry
Forward Securities | |
– | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | | |
| – | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Total Offering Amounts | | |
| | | |
| | | |
$ | 17,433,753 | | |
| 0.00015310 | | |
$ | 2,669.11 | |
| |
Total Fee Offsets | | |
| | | |
| | | |
| | | |
| | | |
$ | – | |
| |
Net Fee Due | | |
| | | |
| | | |
| | | |
| | | |
$ | 2,669.11 | |
(1) | Pursuant
to Rule 416 under the Securities Act, this registration statement shall also cover any additional
shares of the registrant’s securities that become issuable by reason of any share splits,
share dividends or similar transactions. |
(2) | Estimated
in accordance with Rules 457(c) solely for purposes of calculating the registration fee,
based on the average of the high and low prices of the Registrant’s common stock as
reported on the Nasdaq Capital Market on March 6, 2025 ($1.39 per share of
common stock). |
(3) | Consists
of an aggregate of 12,542,268 shares of the Registrant’s common stock issuable upon
the exercise of outstanding investment options of the Registrant. |
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