Press Releases

LabStyle Innovations Announces Uplisting to NASDAQ and Capital Raise of $8.5 Million

Company Effects a 1-for-18 Reverse Stock Split

Mar 4, 2016

CAESAREA, IsraelMarch 4, 2016 /PRNewswire/ --

LabStyle Innovations Corp. (DRIO), developer of the Dario™ Diabetes Management Solution, today announced approval to list its common stock and warrants on the NASDAQ Capital Market effective March 4, 2016, and will trade under the symbols "DRIO" and "DRIOW", respectively.

The Company also announced the pricing of a firm commitment underwritten public offering of  1,333,333 shares of common stock  and warrants to purchase up to 1,333,333 shares for an approximate aggregate gross amount of $6.0 million as well as a concurrent private placement of common stock and warrants for an approximate aggregate gross amount of $2.5 million.  Each share of common stock and warrant to purchase one share of common stock are offered at a combined price to the public of $4.51. The warrants will have an exercise price of $4.50, are exercisable immediately, and will have a term of five years.

The aggregate gross proceeds to LabStyle from the public offering and private placement are expected to be $8.5 million, prior to deducting underwriting discounts, commissions and other estimated offering expenses. LabStyle has granted the underwriters a 45-day option to purchase up to an additional 200,000 shares of common stock and/or warrants to purchase 200,000 shares of common stock to cover over-allotments, if any. The offering and private placement are expected to close on or about March 8, 2016, subject to customary closing conditions.

LabStyle intends to use the net proceeds from the public offering and private placement for increasing manufacturing capacity, further development of its software platform, sales and marketing efforts to penetrate the U.S. market and other markets, working capital and general corporate purposes.

The Company also effected a 1-for-18 reverse stock split of its issued and outstanding shares of common stock and the offering price reflects such stock split. The reverse split, before giving effect to the offering and private placement, reduces the number of  LabStyle's issued and outstanding shares of common stock from approximately 54 million to approximately 3 million. The Company's common stock will trade under a new CUSIP number (50544T 302).  The exercise price and the number of shares of common stock issuable under LabStyle's outstanding warrants and options have been proportionately adjusted to reflect the reverse stock split. Fractional shares created as a result of the stock split will be rounded up to the next whole share.

Rodman & Renshaw, a unit of H.C. Wainwright & Co., and Joseph Gunnar & Co., LLC are acting as joint book-running managers for the offering.

The Securities and Exchange Commission declared effective a registration statement on Form S-1 relating to these securities onMarch 3, 2016. A final prospectus relating to this offering will be filed with the SEC. The offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained by contacting H.C. Wainwright & Co., 430 Park Avenue,New York, NY 10022, email: or Joseph Gunnar & Co, LLC, Prospectus Department, 30 Broad Street, 11th Floor, New York, NY 10004, telephone 212-440-9600, email: Investors may also obtain these documents at no cost by visiting the Securities and Exchange Commission's website at

Before you invest, you should read the prospectus and other documents the Company has filed or will file with the Securities and Exchange Commission for more complete information about the Company and the offering.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.  

About the Dario  

The Dario Blood Glucose Monitoring System is intended for the quantitative measurement of glucose (sugar) in fresh capillary whole blood. The Dario is intended for self-testing outside the body (in vitro diagnostic use) by people with diabetes at home to monitor the effectiveness of diabetes control.

The Dario Blood Glucose Monitoring System consists of a device housing that includes a blood glucose meter and lancing device. The system also includes test strips, lancets, control solutions and a mobile application. The Dario meter does not require coding or separate batteries. The Dario meter is powered via the 3.5mm audio headphone jack of the smart mobile device. Users are instructed to insert the test strip into the meter, apply the blood or control solution to the test strip, after which the meter will process the test in approximately six (6) seconds and display the test result on the smart mobile device screen via the mobile application.

The Dario Blood Glucose Monitoring System uses Apple's iOS smart mobile device technology to view the glucose test results via a mobile application. This application is available for download via the smart mobile device's application store.

About LabStyle Innovations  

LabStyle Innovations Corp. (OTCQB: DRIO) develops and commercializes patent-pending technology providing consumers with laboratory-testing capabilities using smart mobile devices. LabStyle's flagship product is the Dario Blood Glucose Monitoring System.  Dario received U.S. FDA clearance in December 2015 and received Europe's CE mark certification in September 2013. World rollout began in select countries in December 2013.  LabStyle is pursuing patent applications in multiple areas covering the specific processes related to blood glucose level measurement as well as more general methods of rapid tests of body fluids using mobile devices and cloud-based services. For more information, the content of which is not part of this press release: and .

Cautionary Note Regarding Forward-Looking Statements 

This news release and the statements of representatives and partners of LabStyle Innovations Corp. (the "Company") related thereto contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. For example, we are using forward-looking statements when we discuss our public offering and private placement and their expected closing date, our listing on the NASDAQ Capital Market and our reverse stock split. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this news release. Factors that may affect the Company's results include, but are not limited to, regulatory approvals, product demand, market acceptance, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks, and the risks associated with the adequacy of existing cash resources. Additional factors that could cause or contribute to differences between the Company's actual results and forward-looking statements include, but are not limited to, those risks discussed in the Company's filings with the U.S. Securities and Exchange Commission. Readers are cautioned that actual results  may differ significantly from those set forth in the forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. 


For further information: Contacts: Press and Investor Relations Brenda Zeitlin LabStyle Innovations +1-800-896-9062