Check-Cap Ltd. (NASDAQ: MBAI) raised $10.0 million in gross proceeds from a firm-commitment underwritten public offering that closed August 27, 2026 — the day after the company completed its business combination with MBody AI Corp.
The offering priced 1,538,462 ordinary shares at $6.50 per share. No warrants, preferred shares, or convertible securities were issued. Northland Capital Markets acted as sole book-runner.
The underwriter holds a 30-day option to purchase up to an additional 230,769 ordinary shares at the same $6.50 offering price, less underwriting discounts and commissions.
Following the merger close and the offering, the company has approximately 15,293,552 ordinary shares issued and outstanding, excluding any shares that may be issued upon exercise of the underwriter's option. Of those, 12,379,581 ordinary shares — approximately 81% — are held by former MBody AI Corp. shareholders. Those shares were issued in an exempt transaction and are classified as restricted securities.
The company says it intends to use net proceeds for the deployment of additional robots with enterprise customers, working capital, and general corporate purposes.
The merger itself had a long runway to closing. Check-Cap and MBody AI originally announced the business combination on September 12, 2025. Check-Cap shareholders endorsed the deal on November 14, 2025. The company publicly filed its registration statement on Form F-1 with the SEC on July 24, 2026, and subsequently responded to all comments from SEC staff before the combination closed August 26, 2026.
David Lontini, Chairman and Interim Chief Executive Officer of Check-Cap Ltd., is quoted in the company's August 28, 2026 Form 6-K filed with the SEC on the transaction's regulatory progress. Per the filing, Lontini stated that the company had responded to every SEC staff comment received and that the listing application had been through Nasdaq's initial review.
MBody AI Corp. describes itself as a hardware-agnostic enterprise robotics platform that deploys and manages autonomous robot workforces for operators in hospitality, gaming, and commercial real estate. Its proprietary MBody AI Orchestrator™ manages diverse robot fleets across sites and use cases under long-term subscription agreements. The company counts leading Fortune 500 operators among its customers, according to the company's own characterization in its August 28, 2026 Form 6-K filed with the SEC.
Upon completion of the merger, Check-Cap expects to reposition itself as a publicly traded company focused on embodied artificial intelligence, targeting enterprise AI orchestration for robotic systems in hospitality, healthcare, logistics, and data center operations. The combined company is set to change its name from Check-Cap Ltd. to MBody AI Ltd. Shares continue to trade on the Nasdaq Capital Market under the symbol MBAI, CUSIP M6S83C106.
The next disclosed milestone is the underwriter's option window: 30 days from the August 27, 2026 offering close to exercise the additional 230,769-share allotment.