UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 18, 2023
MICROBOT MEDICAL INC.
(Exact name of registrant as specified in its charter)
| Delaware | | 000-19871 | | 94-3078125 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
25 Recreation Park Drive, Unit 108
Hingham, Massachusetts 02043
(Address of Principal Executive Offices) (Zip Code)
Registrant’s telephone number, including area code: (781) 875-3605
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, $0.01 par value | | MBOT | | NASDAQ Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
On May 18, 2023, Microbot Medical Inc. (the “Company”) issued a press release announcing its Core Business Focus Program and cost restructuring plan to continue enhancing the focus on its core LIBERTY technology while maximizing available resources to support it. This includes the focus on completing the validation and verification process and completing the planned first- in- human (FIH) clinical cases with its LIBERTY Robotic Surgical System, both expected during the second half of 2023.
As part of the Core Business Focus Program, and to maximize available resources, the Company will eliminate non-core technology expenses by terminating agreements relating to the TipCat, ViRob and CardioSert technologies. In addition, it executed several cost reduction initiatives to reduce expenses that are not directly supporting the Company’s core technology, including reduction in positions not directly supporting the core LIBERTY technology and compensation reductions or restructurings for its leadership team and certain advisors.
Further information about the Company’s Core Business Focus Program and cost restructuring plan, as well as other information about the Company’s results of operations and financial condition, can be found in its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2023, filed with the Securities and Exchange Commission on May 17, 2023.
The press release, which is filed as Exhibit 99.1 to this Current Report on Form 8-K, is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | MICROBOT MEDICAL INC. |
| | |
| | By: | /s/ Harel Gadot |
| | Name: | Harel Gadot |
| | Title: | Chief Executive Officer, President and Chairman |
Date: May 18, 2023
