RTTNews | Feb 23, 2021 10:25AM EST

10:25 Tuesday, February 23, 2021 (RTTNews.com) - Shares of Brainsway Ltd. (BWAY) are currently slipping nearly 15% after the medical device maker announced the pricing of its American Depositary Shares offering.

BWAY is currently trading at $8.55, down $1.48 or 14.76%, on the Nasdaq.

BrainsWay announced it has priced public offering of 4.62 million ADS, each representing two ordinary shares, at an offering price of $8.50 per ADS. The proceeds from the offering will be about $39.3 million. The closing of the offering is expected to take place on February 25, 2021.

Jerusalem, Israel-based Brainsway is a commercial stage medical device company marketing non-invasive neuromodulation products for the treatment of major depressive disorder and obsessive-compulsive disorder.

BrainsWay intends to use the proceeds of the offering, together with its existing cash and cash equivalents, for commercial expansion and general corporate purposes.

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