MBOT - Microbot Medical Announces Settlement and Release Agreement Effectively Resolving all Associated Legal Matters | Benzinga
BRAINTREE, Mass., Jan. 30, 2024 (GLOBE NEWSWIRE) -- Microbot Medical Inc. (NASDAQ:MBOT), developer of the innovative LIBERTY® Endovascular Robotic Surgical System, today announced it has signed a Settlement Agreement and Release with Empery Asset Master Ltd., Empery Tax Efficient, LP, Empery Tax Efficient II, LP, Hudson Bay Master Fund Ltd. that resolves all claims asserted against the Company by these entities in a lawsuit filed in 2020 relating to a June 2017 securities purchase agreement.
All of the cash payable to the plaintiffs in the settlement, representing over half of the settlement amount, will be covered by Microbot's insurance carrier. This arrangement ensures that the settlement will not impact the company's cash position or its balance sheet.
"We believe that resolving this matter while maintaining our cash position is in the best interest of our shareholders, as it allows us to continue to move forward with focus on the upcoming milestones, including our IDE submission with the FDA and planned commencement of our first in human clinical trial," said Harel Gadot, CEO, President and Chairman of Microbot Medical.
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