Wearable Devices Announces First Half 2022 Financial

YOKNE’AM ILLIT, Israel, Sept. 29, 2022 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (Nasdaq: WLDS) (“Wearable Devices” or the “Company”), a progress firm creating a non-invasive neural enter interface know-how for B2B and B2C prospects, as we speak introduced its monetary outcomes for the six months ended June 30, 2022.

Wearable Devices continued its funding in analysis and growth actions and along with the bills incurred in reference to the Company’s preliminary public providing (“IPO”), the Company’s web loss elevated to $(2,051,000), or $(0.18) per diluted share, for the six months ended June 30, 2022, as in comparison with a web lack of $(640,000), or $(0.08) per diluted share for the six months ended June 30, 2021.

As beforehand introduced, on September 15, 2022, the Company closed its IPO of three,750,000 items. Each unit was provided at a public providing value of $4.25 and consisted of 1 atypical share and two warrants to buy one atypical share every, at an preliminary train value of $4.00 per atypical share. In addition, the underwriter for the IPO partially exercised its over-allotment possibility with respect to 1,125,000 warrants to buy 1,125,000 atypical shares. The gross proceeds of the providing had been roughly $16 million earlier than deducting underwriting reductions, commissions and providing bills.

Commenting on the IPO and the upcoming targets of the Company, Mr. Asher Dahan, Chairman of the Board and Chief Executive Officer of Wearable Devices, mentioned, “We are thankful to all our investors and very excited about the successful IPO, which is an important step as we bring to market revolutionary solutions that enable the user’s hand to become a universal input device for touchless interaction with technology. We believe that neural-based interfaces will become as common to interaction with wearable computing and digital devices in the near future as the touchscreen is a universal input method for smartphones. This IPO enables us to drive the development of our innovative technology for B2B customers and transition to production on our B2C wearable Mudra wrist band for controlling digital devices using subtle finger movements.

With the Metaverse widely considered to be the future of the internet, we believe the neural control interface market is positioned for growth given that user interfaces frequently dictate the pace of technology advancements. On the B2B side, more than 100 companies have purchased our Mudra Inspire development kit, and 30 of those are multinational technology companies. These companies are exploring various input and control use-cases for their products, across multiple countries and industry sectors, including consumer electronics manufacturers, consumer electronics brands, electronic components manufacturers, IT services and software development companies, industrial companies, and utility providers. Our objective with these companies is to commercialize the Mudra technology by licensing it for integration in the hardware and software of these companies’ products and services.  

On the B2C side of our business, we are launching a smart band for the Apple Watch which allows users to control the watch and operate applications using same-hand touchless finger movements.  We plan to utilize IPO proceeds in part to deliver pre-orders of our Mudra Band and to solidify production capabilities and volumes. In parallel, we intend to increase our marketing efforts to further expand global awareness of our brand,” mentioned Mr. Dahan.

About Wearable Devices Ltd.

Wearable Devices is a progress firm creating a non-invasive neural enter interface know-how within the type of a wrist wearable band for controlling digital gadgets utilizing refined finger actions. Our firm’s imaginative and prescient is to create a world wherein the person’s hand turns into a common enter system for touchlessly interacting with know-how, and we consider that our know-how is setting the usual enter interface for the Metaverse. Since our know-how was launched to the market, we’ve been working with each Business-to-Business and Business-to-Consumer prospects as a part of our push-pull technique. Combining our personal proprietary sensors and Artificial Intelligence, or AI, algorithms into a trendy wristband, our Mudra platform allows customers to regulate digital gadgets via refined finger actions and hand gestures, with out bodily contact or contact. For extra data, go to https://www.wearabledevices.co.il/.

Forward-Looking Statement Disclaimer

This press launch incorporates “forward-looking statements” inside the which means of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are meant to be coated by the “safe harbor” created by these sections. Forward-looking statements, that are based mostly on sure assumptions and describe our future plans, methods and expectations, can typically be recognized by means of forward-looking phrases resembling “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or different comparable phrases. For instance, we’re utilizing forward-looking statements after we are discussing our beliefs concerning the neural management interface market place, Metaverse being the way forward for the web, our technological capabilities and our future monetary efficiency. All statements aside from statements of historic info included on this press launch concerning our methods, prospects, monetary situation, operations, prices, plans and targets are forward-looking statements. Forward-looking statements are neither historic info nor assurances of future efficiency. Instead, they’re based mostly solely on our present beliefs, expectations and assumptions concerning the way forward for our business, future plans and techniques, projections, anticipated occasions and traits, the economy and different future circumstances. Because forward-looking statements relate to the long run, they’re topic to inherent uncertainties, dangers and modifications in circumstances which are tough to foretell and lots of of that are exterior of our management. Our precise outcomes and monetary situation could differ materially from these indicated within the forward-looking statements. Therefore, you shouldn’t depend on any of those forward-looking statements. Important elements that would trigger our precise outcomes and monetary situation to vary materially from these indicated within the forward-looking statements embrace, amongst others, the next: our use of proceeds from the providing; the buying and selling of our atypical shares or warrants and the event of a liquid buying and selling market; our potential to efficiently market our services and products; the acceptance of our services and products by prospects; our continued potential to pay working prices and skill to satisfy demand for our services and products; the quantity and nature of competitors from different safety and telecom services and products; the results of modifications within the cybersecurity and telecom markets; our potential to efficiently develop new services and products; our success establishing and sustaining collaborative, strategic alliance agreements, licensing and provider preparations; our potential to adjust to relevant laws; and the opposite dangers and uncertainties described within the prospectus dated September 12, 2022 and our different filings with the SEC. We undertake no obligation to publicly replace any forward-looking assertion, whether or not written or oral, that could be made once in a while, whether or not because of new data, future developments or in any other case.

Investor Contact:

John Nesbett/Jennifer Belodeau
IMS Investor Relations
203.972.9200
[email protected]