ReWalk Robotics Ltd. (Nasdaq: RWLK), a robotics company focused on developing mobility and wellness solutions among individuals with neurological conditions, has announced the execution of an agreement for the acquisition of AlterG, Inc. (“AlterG”). AlterG is a manufacturer of an “Anti-Gravity” treadmill using pressurized air to counter the effects of gravity for use in both physical and neurological rehabilitation.
AlterG’s Differential Air Pressure technology, derived from NASA patents, is pivotal in creating “Anti-Gravity” systems that counteract the effects of gravity, allowing individuals to move with calibrated support and minimizing discomfort. These systems are reportedly in use in over 4,000 global facilities, aiding individuals in attaining their mobility objectives.
The acquisition will see ReWalk disbursing a cash purchase amount of approximately $19 million upon closing, projected to occur on August 11, 2023. The transaction’s finalization hinges on the fulfillment of customary closing conditions. Potential additional cash earnouts are contingent upon a percentage of AlterG’s year-over-year revenue growth over the next two years.