Ekso rises on deal to buy Parker-Hannifin unit

Chronoscale

05/12/2022 15:07

** Shares of medical device maker Ekso Bionics Holdings Inc
 EKSO.O  up 1.2% at $1.24 in morning trade 
    ** Stock rose nearly ~14% in premarket trade before paring
gains
    ** Company says it acquired Parker-Hannifin Corp's  PH.N 
human motion and control unit in U.S. and Europe for $10 mln 
    ** Ekso says it paid $5 mln at closing and delivered a $5
mln subordinated, unsecured zero coupon note payable quarterly
over four years, commencing Dec. 31, 2023
    ** Deal includes PH's FDA-approved Indego brand of wearable
products, which are used by patients with weakness or paralysis
in lower parts of the body from hip to the toes - Ekso
    ** Also says EKSO President Scott Davis will replace Steven
Sherman as chief executive officer, effective immediately 
    ** As of last close, shares of Ekso down ~54% and PH down
~7% YTD 
 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))