Business Context and Reporting Period
Company: Wearable Devices Ltd.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: October 7, 2024
Reporting Period: Month of October 2024
Principal Office: Yokne-am Illit, Israel
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document is a corporate action announcement regarding a reverse share split.
Material Changes
The Company announced a 1-for-20 reverse share split of its Ordinary Shares and tradable Warrants, effective October 10, 2024. Key adjustments include:
- Share Consolidation: Every 20 Ordinary Shares consolidated into 1; every 20 Warrants consolidated into 1.
- Outstanding Shares: Reduced from approximately 24,438,030 to approximately 1,221,901 Ordinary Shares.
- Outstanding Warrants: Reduced from 7,860,861 to 393,043 Warrants.
- Exercise Price: Proportionately adjusted for Warrants and options.
- Trading Symbols: Remain "WLDS" (Shares) and "WLDSW" (Warrants) on the Nasdaq Capital Market.
- CUSIP Numbers: Updated to M97838 128 (Shares) and M97838 151 (Warrants).
- Fractional Shares: No fractional shares issued; rounded to the nearest whole share based on specific thresholds.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, management commentary on future outlook, or specific risk factors beyond the mechanics of the split. The reverse share split was approved by shareholders on September 26, 2024, and executed at the Board of Directors' discretion. The split does not alter the authorized share capital, which remains at 50,000,000 Ordinary Shares.
Investor Verification Checklist
- Verify the new CUSIP numbers (M97838 128 and M97838 151) for trading and settlement purposes.
- Confirm the adjusted number of shares and warrants held in brokerage accounts post-split.
- Review the adjusted exercise prices for any outstanding options or warrants.
- Check the treatment of fractional shares if holdings do not align with the 1-for-20 ratio.
- Monitor trading activity on October 10, 2024, when split-adjusted trading begins.