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Published // Financing Milestones

In this long-form post published on LinkedIn Pulse and titled “9 Milestone Questions Negotiating Parties Must Ask”, Einat Katzenell of Katzenell Dimant lists some benefits emerging tech-companies can find in listing their equity on the Tel Aviv Stock Exchange as opposed to VC financing.

I had the pleasure of working with Einat and providing Editorial Services for this piece.

Einat Katzenell is the Founding Partner of Katzenell Dimant and provides strategic and practical legal advice to hi-tech, life sciences and biotechnology entrepreneurs, investors, early stage and mature companies, academic institutions and business initiatives.

From the post: “9 Milestone Questions Negotiating Parties Must Ask“:

“Including milestones in commercial agreements enables us to set expectations between the engaging parties and link compensation to achievements.

We advise our clients who are contemplating the use of milestones not to fall for their seemingly straightforward appearance, and to take the time to consider potential issues that may arise down the road.

In general terms, the milestones mechanism defines certain obligations that one party must fulfill in order to trigger the obligations of the other party. Milestones work great when the parties are satisfied with the direction in which the engagement is moving, however they can be a source for bitter squabble and strife if the parties have a falling out – particularly if the milestone terms are not defined clearly.”

Link to the full post.

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Published // Tender Offers

In this long-form post published on LinkedIn Pulse and titled “Tender Offers & Control Premiums”, Ran Dimant of Katzenell Dimant discusses the “tender offer” as a takeover bid mechanism, in theory and practice.

I had the pleasure of working with Ran and providing Editorial Services for this piece.

Ran Dimant is a Founding Partner of Katzenell Dimant and provides strategic and practical legal advice to public and private companies, equity crowdfunding platforms, startups, founders, investors and various business initiatives.

From Tender Offers & Control Premiums:

“This week saw a public takeover bid for one of the few TASE companies that does not have a controlling shareholder, which happened to involve one of our clients. The takeover bid was carried out through a “tender offer”, the mechanism designed to prevent a situation where control of a public company is acquired without sharing the financial value of control with the other shareholders.

When a takeover is being attempted, the bidding party will generally offer existing shareholders a higher price per share than the going price on the stock exchange, accounting for the financial value that is inherit to control. The “control premium” is the excess price the controlling shareholder is willing to pay for the shares conferring control, reflecting the financial value of the benefits the controlling shareholder expects to gain from controlling the company.”

Link to the full post.

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Published // Crowdfunding 2

In this long-form post published on LinkedIn Pulse and titled “Startups with 1000 Shareholders”, Ran Dimant of Katzenell Dimant discusses legal structural challenges unique to the hot topic of equity crowdfunding.

I had the pleasure of working with Ran and providing Editorial Services for this piece.

מתוך הפוסט: ״חברות הזנק עם 1000 בעלי מניות״:

“גיוס הון באמצעות מימון המונים דורש מבנים משפטיים אשר מסוגלים להתמודד עם פלטפורמה שהיא מעין בורסה אבל היא לא בדיוק בורסה, עם מבנה האחזקות חדש שטרם נוסה, ועם מארג התקשרויות פלטפורמה-חברה וחברה-משקיעים מאתגר בלשון המעטה.

מימון המונים זה שם גדול להרבה דברים. יש מימון המונים לתגמול ומכירה מוקדמת, יש מימון המונים של תרומות ויש מימון המונים לגיוס חוב (הלוואות). כעת אנו מכינים את הקרקע לשלב הבא. זה עולם חדש שנפתח ואנחנו גאים בחלקנו בפיתוח הכלים המשפטיים אשר מאפשרים לזה לקרות.”

קישור לפוסט המלא.

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קהל הקוראים שלכם לא מחפש ייעוץ משפטי בבלוג או בלינקדאין

קהל הקוראים שלכם רוצה לדעת שאתם מומחים בתחומכם, שאתם עוקבים אחרי ההתפתחויות האחרונות והכי חשוב שאתם יודעים לספר על העבודה שלכם בשפה שהם מבינים. מבינים?

Published // IL companies listed in the US

In this long-form post published on LinkedIn Pulse and titled “IL companies listed in the US may be eligible for exemptions”, Ori Zanco of Katzenell Dimant describes two significant easements for Israeli public companies listed for trade in the United States, which where included in recent amendments to the Israel Securities Regulations.

I had the pleasure of working with Ori and providing Editorial Services for this piece.

Ori Zanco is a Partner at Katzenell Dimant, where he deals with challenging issues of corporate governance and regulatory compliance, securities law and capital markets, ISA and TASE reporting obligations, public equity and debt financing.

From IL companies listed in the US may be eligible for exemptions:

“A couple of weeks ago Prof. Shmuel Hauser spoke at the 2020 Forecast Conference, hosted by TheMarker. If you haven’t read the press I recommend doing so here – the chairman of the Israel Securities Authority shared with the audience of his dream to someday bring an end to the IPO draught, and in doing so listed many steps the capital market regulators are taking in their quest to make the Tel Aviv Stock Exchange more attractive to emerging companies.

While many efforts are aimed at bringing in new companies, the ISA and the TASE are also trying to make life easier for listed companies by removing obstacles and reducing regulation where possible. One such place where regulation has been reduced applies to Israeli companies listed for trade on stock exchanges in the United States.

Recent amendments to the Companies Regulations published in April 2016 set forth that companies listed for trade on NASDAQ, NYSE or AMGX that meet certain criteria can be exempt from the requirement to appoint external directors, as generally required from public Israeli companies.”

Link to the full post.

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