Company: BWAY
Filing Date: 2025-04-22
Form Type: F-3
Source: 0001171843-25-002378
Chunk: 9

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: F-3
Chunk 9
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MS system
is sold to the customer for a fixed purchase price. Additional potential revenues may be derived from extended warranty fees paid for
the system for service coverage beyond the standard included warranty period, and from variable or usage fees based on the number of treatments
performed with the system. We are also able to leverage our platform technology, which includes the ability to treat multiple indications
using different H-Coil helmets, to facilitate transactions utilizing combined pricing models often involving a single system with one
or more add-on helmets. These flexible offerings are designed to facilitate market penetration by addressing the differing clinical needs
and risk tolerance among our customer base. We commercialize Deep TMS for OCD based generally on either the sale model, or as part of
a fixed-fee lease model together with our MDD system. Following our receipt of FDA clearance for smoking addiction, we completed controlled
and limited market releases of our system for this indication, and are currently in the process of a clinical data collection effort to
facilitate a long term commercial plan for this product.

<div align='center'>PIPE Investment</div>

On November 5, 2024, we issued to the selling shareholder
in a private placement offering, an aggregate of 2,103,745 ADSs, representing 4,207,490 Ordinary Shares, at a purchase price of US$9.50686
per ADS, and a Warrant to purchase up to an additional 1,500,000 ADSs, representing up to 3,000,000 Ordinary Shares, pursuant to the Purchase
Agreement (the “PIPE Investment”). The Warrant has an exercise price of US$9.50686 per ADS (the “Exercise Price”),
became exercisable immediately upon issuance thereof at the closing of the PIPE Investment and will expire 18 months from the date of
issuance (the “Exercise Period”), provided, however, that during the Exercise Period, if the ADS closing price for any thirty
(30) consecutive trading days exceeds the Exercise Price by 40% or more, the holder of the Warrant shall be required to fully exercise
the Warrant in accordance with its terms within five (5) trading days.

The issuance of the securities in the PIPE Investment
was exempt from the registration requirements of the Securities Act pursuant to an exemption provided by Section 4(a)(2) thereof and Rule
506 of Regulation D promulgated thereunder as a transaction by an issuer not involving a public offering. Pursuant to the