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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CYREN Ltd | NASDAQ:CYRN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.2182 | 0.21 | 0.2146 | 0 | 01:00:00 |
The information in this preliminary prospectus supplement is not complete and may be changed. This preliminary prospectus supplement and the accompanying prospectus are not an offer to sell these securities and are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
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Per Share and Corresponding Warrant
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Total
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|||||||
Public offering price
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$ | $ | ||||||
Placement agent fee
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$ | $ | ||||||
Proceeds, before expenses, to us (1)
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$ | $ |
TABLE OF CONTENTS
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Page
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Prospectus Supplement
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S-ii
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S-iii
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S-1
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S-5
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S-10
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S-11
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S-12
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S-13
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S-14
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S-23
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S-25
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S-29
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S-29
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S-29
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S-30
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Page
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Prospectus
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This summary highlights information about us and the offering contained elsewhere in, or incorporated by reference into, this prospectus supplement and the accompanying prospectus. It may not contain all the information that may be important to you. You should carefully read the entire prospectus supplement, the accompanying prospectus, any applicable free writing prospectus, as well as the information incorporated by reference, before making an investment decision, especially the information presented under the heading “Risk Factors” beginning on page S-5 of this prospectus supplement, and under headings “Risk Factors” and “Operating and Financial Review and Prospects” in our most recent Annual Report on Form 20-F, and our consolidated financial statements which are incorporated by reference.
Overview
CYREN is a global leader in information security solutions for protecting web, email and mobile transactions. We are a pioneering security-as-a-service provider of integrated cloud-based security technology providing cost-effective, easily deployed solutions that mitigate external and internal threats, including modern cyber-threats, advanced malware attacks, information leaks, legal liability and productivity loss through global data detection, prevention and intelligence. CYREN delivers innovative security services and detection technologies, designed to protect end users from virus, phishing and malware attacks across all their devices, wherever end users are.
Organizations rely on the Internet and email to conduct business, and frequently send critical or confidential information outside their network perimeters as part of their established business processes. Accelerating use of rich web-based applications with real-time interaction, social web sites with user-generated content, and the rise of cloud services, are increasing the volume and value of information transmitted across the Internet. At the same time, the cost and number of security breaches involving data loss has increased, and regulatory compliance requirements have become more stringent. These trends support the need for unified, organization-wide web and email security solutions that include data loss prevention capabilities and address the dynamic nature of both web content and cyber-threats.
A fundamental shift in the sources of cyber crime, from hackers to organized crime and governments, combined with the emergence of international data trafficking and sophisticated advanced persistent threats (“APTs”), polymorphic threats, zero-day exploits, and user-transplant “drive-by” downloads, is driving an unprecedented wave of targeted, malicious attacks designed to steal valuable information. At the same time, the growth of business-to-business collaboration, as well as the consumerization of IT and the associated adoption of mobile devices and unmanaged Internet-based applications, has proliferated sensitive data and reduced the effectiveness of many existing security products. These factors have contributed to an increasing number of severe data breaches and expanding regulatory mandates, all of which have accelerated demand for effective data protection and security solutions.
CYREN provides cloud-based security solutions that deliver powerful protection through global data intelligence. Regardless of the device or its location, CYREN’s easily deployed web, email, and antimalware products deliver protection in both embedded and security-as-a-service deployments. Organizations rely on CYREN’s cloud-based threat detection and proactive security analytics to provide up-to-date spam classifications, URL categorization and malware detection services. The CYREN GlobalView™ cloud security platform leverages Recurrent Pattern Detection™ technologies to protect more than 550 million users in 190 countries.
S-1
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Our internet security solutions include real-time inbound and outbound antispam protection for service providers, our Zero-Hour™ virus outbreak detection product, our GlobalView™ Mail Reputation perimeter defense solution, Command Antivirus, GlobalView URL Filtering SDK and, more recently CYREN WebSecurity (CWS) (which includes cloud-based URL filtering and antimalware protection).
We sell our products and services internationally in approximately 190 countries primarily through third-party distribution channels comprised of distributors and value-added resellers with substantial support from our internal sales team and sales engineers. Generally, our software development kit products are provided to OEM and service provider customers, who in turn integrate the software into their product or service offerings for sale or provision of our services to their customers. We are paid service fees under a variety of fee structures, including fixed fee and fee sharing arrangements.
Preliminary Second Quarter 2014 Results of Operations
Although our financial results for the three months ended June 30, 2014 are not yet finalized, the following information reflects our preliminary expectations with respect to such results based on information currently available to management:
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We expect to report total revenue between $8.1 million and $8.3 million for the three months ended June 30, 2014, compared to $8.1 million for the first quarter of 2014 and $8.1 million for the second quarter of 2013.
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We expect to report total non-GAAP revenue between $8.1 million and $8.4 million for the three months ended June 30, 2014, compared to $8.1 million for the first quarter of 2014 and $8.2 million for the second quarter of 2013. The difference between non-GAAP and GAAP revenue is derived from the fact that deferred revenues consolidated from acquired companies are accounted under GAAP based on fair value.
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We expect to report total operating loss between ($1.9 million) and ($2.3 million) for the three months ended June 30, 2014, compared to ($2.1 million) for the first quarter of 2014 and of ($0.7 million) for the second quarter of 2013.
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The following table reconciles our expected total non-GAAP revenue to our GAAP revenue for the three months ended June 30, 2014, and provides a comparison to the results from the three months ended March 31, 2014 as well as the three months ended June 30, 2013. The information presented in the following table is preliminary and unaudited.
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We have provided ranges for the preliminary estimated financial results described above because our financial closing procedures for the three months ended June 30, 2014 are not complete. The preliminary estimated financial results presented above are subject to the completion of our quarter-end financial closing procedures. Our closing procedures for the three months ended June 30, 2014 will not be complete, and our financial results for the three months ended June 30, 2014 will not be publicly available, until after the completion of this offering. The information presented above should not be considered a substitute for such full unaudited quarterly financial results once they become available.
The preliminary information presented in this “Preliminary Second Quarter 2014 Results of Operations” section is the responsibility of management, reflects management’s estimates based solely upon information available to us as of the date of this prospectus supplement and is not a comprehensive statement of our financial results for the three months ended June 30, 2014. Our actual results may differ materially from these estimated ranges. For example, during the course of the preparation of the respective financial statements and related notes, additional items that would require material adjustments to be made to the preliminary estimated financial information presented above may be identified. Our independent registered public accounting firm, Kost Forer Gabbay & Kasierer, has not audited, reviewed, compiled or performed any procedures on this preliminary information. Accordingly, Kost Forer Gabbay & Kasierer does not express an opinion or any other form of assurance with respect thereto and therefore you should not place undue reliance upon these preliminary estimates. These preliminary results should be read in conjunction with the information presented under “Operating and Financial Review and Prospects” in our most recent Annual Report on Form 20-F, our consolidated financial statements and related notes and our Reports on Form 6-K incorporated by reference into this prospectus supplement. For additional information, please see “Risk Factors.”
Corporate Information
We were organized as a private company under the laws of the State of Israel on February 10, 1991 and our legal form is a company limited by shares. We became a public company on July 15, 1999 under the name Commtouch Software Ltd. In January 2014, we changed our legal name to CYREN Ltd., and on February 19, 2014, we announced the completion of our name change.
Our principal executive offices are located at 1 Sapir Rd., 5th Floor, Beit Ampa, P.O. Box 4014, Herzliya, 46140 Israel, and our telephone number is 972–9–863–6888. Our Amended and Restated Articles of Association are on file in Israel with the office of the Israeli Registrar of Companies and available for public inspection at that office.
S-3
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The number of our ordinary shares to be outstanding after this offering is based on 26,589,023 of our ordinary shares outstanding as of July 15, 2014 and excludes:
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5,327,037 shares issuable upon the exercise of stock options outstanding as of July 15, 2014, at a weighted average exercise price of $3.03 per share;
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1,712,226 shares available for future issuance as of July 15, 2014 under our compensation plans; and
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shares issuable upon exercise of the warrants offered hereby.
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S-4
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As of March 31, 2014
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Actual
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As Adjusted
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(
in thousands of U.S. dollars
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(unaudited)
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Cash and cash equivalents
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$ | 2,327 | $ | |||||
Debt:
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Bank credit line
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4,297 | 4,297 | ||||||
Earnout liabilities
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4,385 | 4,385 | ||||||
Total debt
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8,682 | 8,682 | ||||||
Shareholders’ equity:
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Ordinary shares, nominal value NIS 0.15
per share; 55,353,340 shares authorized; 26,575,349
shares issued and outstanding, actual; shares issued and outstanding, as adjusted |
986 | |||||||
Additional paid-in capital
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192,084 | |||||||
Treasury shares
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(4,462 | ) | (4,462 | ) | ||||
Accumulated other comprehensive income
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1,374 | 1,374 | ||||||
Accumulated deficit
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(163,185 | ) | (163,185 | ) | ||||
Total shareholders’ equity
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26,797 | |||||||
Total capitalization
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$ | 35,479 | $ |
High
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Low
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|||||||
Fiscal Year Ended December 31, 2012
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1st Quarter
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$ | 3.40 | $ | 2.90 | ||||
2nd Quarter
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$ | 3.21 | $ | 2.42 | ||||
3rd Quarter
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$ | 3.00 | $ | 2.48 | ||||
4th Quarter
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$ | 3.20 | $ | 2.42 | ||||
Fiscal Year Ended December 31, 2013
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1st Quarter
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$ | 3.99 | $ | 2.86 | ||||
2nd Quarter
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$ | 3.25 | $ | 2.30 | ||||
3rd Quarter
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$ | 3.30 | $ | 2.02 | ||||
4th Quarter
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$ | 3.28 | $ | 2.52 | ||||
Fiscal Year Ending December 31, 2014
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1st Quarter
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$ | 4.10 | $ | 2.88 | ||||
2nd Quarter
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$ | 3.78 | $ | 2.84 | ||||
3rd Quarter (Through July 23)
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$ | 3.03 | $ | 2.64 |
High
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Low
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|||||||
Fiscal Year Ended December 31, 2012
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1st Quarter
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NIS 13.37 | NIS 10.83 | ||||||
2nd Quarter
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NIS 12.76 | NIS 9.22 | ||||||
3rd Quarter
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NIS 11.64 | NIS 10.06 | ||||||
4th Quarter
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NIS 12.34 | NIS 9.49 | ||||||
Fiscal Year Ended December 31, 2013
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1st Quarter
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NIS 14.50 | NIS 10.51 | ||||||
2nd Quarter
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NIS 11.82 | NIS 9.90 | ||||||
3rd Quarter
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NIS 12.15 | NIS 8.24 | ||||||
4th Quarter
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NIS 11.23 | NIS 8.75 | ||||||
Fiscal Year Ending December 31, 2014
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1st Quarter
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NIS 13.99 | NIS 12.00 | ||||||
2nd Quarter
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NIS 10.55 | NIS 9.73 | ||||||
3rd Quarter (Through July 23)
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NIS 10.33 | NIS 8.72 |
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75% or more of our gross income (including our
pro rata
share of gross income for any company, U.S. or foreign, in which we are considered to own 25% or more of the shares by value), in a taxable year is passive (the “Income Test”); or
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At least 50% of our assets, averaged over the year and generally determined based upon value (including our
pro rata
share of the assets of any company in which we are considered to own 25% or more of the shares by value), in a taxable year are held for the production of, or produce, passive income (the “Asset Test”).
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offer to sell, hypothecate, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, with respect to, any ordinary shares, or any securities convertible into or exercisable or exchangeable for ordinary shares,
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file or cause to become effective a registration statement under the Securities Act relating to the offer and sale of any ordinary shares or securities convertible into or exercisable or exchangeable for ordinary shares, or
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enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the ordinary shares,
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sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, to file (or participate in the filing of) a registration statement with the SEC in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position with respect to, any ordinary shares or any other securities substantially similar to the ordinary shares or securities convertible or exchangeable into, or exercisable for, ordinary shares;
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enter into any swap or other arrangement that transfers all or a portion of the economic consequences associated with the ownership of any ordinary shares;
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make any demand for or exercise any right with respect to, the registration of any ordinary shares or any security convertible into or exercisable or exchangeable for ordinary shares; or
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publicly announce an intention to effect any of the foregoing transactions.
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Per Share and Corresponding Warrant
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Total
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Public offering price
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$ | $ | ||||||
Placement agent fee
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$ | $ | ||||||
Proceeds, before expenses, to us
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$ | $ |
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may not bid for or purchase any of our securities or attempt to induce any person to purchase any of our securities, other than as permitted under the Exchange Act, until it has completed its participation in the distribution
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Annual Report on Form 20-F for the fiscal year ended December 31, 2013, filed on April 30, 2014;
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Report on Form 6-K furnished on May 15, 2014; and
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The description of our ordinary shares contained in our Form 8-A filed on June 25, 1999, including any reports filed for the purpose of updating such description.
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CYREN LTD.
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By:
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Name:
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Title:
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Address for Notices:
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Name of Registered holder
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By:_________________
Name:
Title:
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CYREN LTD.
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By:
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Name:
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Title:
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Name:
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(Please Print)
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Address:
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(Please Print)
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Holder’s Signature:
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Holder’s Address:
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Annual Report on Form 20-F for the fiscal year ended December 31, 2013, filed on April 30, 2014;
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Report on Form 6-K furnished on May 15, 2014; and
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The description of our ordinary shares contained in our Form 8-A filed on June 25, 1999, including any reports filed for the purpose of updating such description.
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As of March 31, 2014
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(in thousands)
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Bank credit line:
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$ | 4,297 | ||
Earnout liabilities:
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$ |
4,385
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Total debt | $ |
8,682
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Shareholders’ equity:
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$ |
26,797
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Total debt and equity:
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$ |
35,479
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2013
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2012
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2011
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2010
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2009
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Ratios of earnings to fixed charges
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(3.6x | ) | 4.8x | 23.8x | N/A | N/A |
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the title and type of the debt securities;
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whether the debt securities will be senior or subordinated debt securities, and, with respect to debt securities issued under the subordinated indenture the terms on which they are subordinated;
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the aggregate principal amount of the debt securities;
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the price or prices at which we will sell the debt securities;
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the maturity date or dates of the debt securities and the right, if any, to extend such date or dates;
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the rate or rates, if any, per year, at which the debt securities will bear interest, or the method of determining such rate or rates;
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the date or dates from which such interest will accrue, the interest payment dates on which such interest will be payable or the manner of determination of such interest payment dates and the related record dates;
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the right, if any, to extend the interest payment periods and the duration of that extension;
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the manner of paying principal and interest and the place or places where principal and interest will be payable;
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provisions for a sinking fund, purchase fund or other analogous fund, if any;
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any redemption dates, prices, obligations and restrictions on the debt securities;
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the currency, currencies or currency units in which the debt securities will be denominated and the currency, currencies or currency units in which principal and interest, if any, on the debt securities may be payable;
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any conversion or exchange features of the debt securities;
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whether and upon what terms the debt securities may be defeased;
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any events of default or covenants in addition to or in lieu of those set forth in the indenture;
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whether the debt securities will be issued in definitive or global form or in definitive form only upon satisfaction of certain conditions;
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any special tax implications of the debt securities; and
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any other material terms of the debt securities.
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the successor entity, if any, is a U.S. corporation, limited liability company, partnership or trust (subject to certain exceptions provided for in the senior indenture);
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the successor entity assumes our obligations on the senior debt securities and under the senior indenture;
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immediately after giving effect to the transaction, no default or event of default shall have occurred and be continuing; and
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certain other conditions are met.
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failure to pay interest on any senior debt securities of such series when due and payable, if that default continues for a period of 30 days (or such other period as may be specified for such series);
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failure to pay principal on the senior debt securities of such series when due and payable whether at maturity, upon redemption, by declaration or otherwise (and, if specified for such series, the continuance of such failure for a specified period);
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default in the performance of or breach of any of our covenants or agreements in the senior indenture applicable to senior debt securities of such series, other than a covenant breach which is specifically dealt with elsewhere in the senior indenture, and that default or breach continues for a period of 90 days after we receive written notice from the trustee or from the holders of 25% or more in aggregate principal amount of the senior debt securities of such series;
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certain events of bankruptcy or insolvency, whether or not voluntary; and
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any other event of default provided for in such series of senior debt securities as may be specified in the applicable prospectus supplement.
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the holder gives the trustee written notice of a continuing event of default;
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the holders of at least 25% in aggregate principal amount of such series of senior debt securities make a written request to the trustee to pursue the remedy in respect of such event of default;
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the requesting holder or holders offer the trustee indemnity satisfactory to the trustee against any costs, liability or expense;
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the trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and
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during such 60-day period, the holders of a majority in aggregate principal amount of such series of senior debt securities do not give the trustee a direction that is inconsistent with the request.
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we pay or cause to be paid, as and when due and payable, the principal of and any interest on all senior debt securities of such series outstanding under the senior indenture; or
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all senior debt securities of such series have become due and payable or will become due and payable within one year (or are to be called for redemption within one year) and we deposit in trust a combination of cash and U.S. government or U.S. government agency obligations that will generate enough cash to make interest, principal and any other payments on the debt securities of that series on their various due dates.
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We deposit in trust for your benefit and the benefit of all other direct holders of the debt securities of the same series a combination of cash and U.S. government or U.S. government agency obligations that will generate enough cash to make interest, principal and any other payments on the debt securities of that series on their various due dates.
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There is a change in current U.S. federal income tax law or an IRS ruling that lets us make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit and instead repaid the debt securities ourselves when due. Under current U.S. federal income tax law, the deposit and our legal release from the debt securities would be treated as though we took back your debt securities and gave you your share of the cash and debt securities or bonds deposited in trust. In that event, you could recognize gain or loss on the debt securities you give back to us.
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We deliver to the trustee a legal opinion of our counsel confirming the tax law change or ruling described above.
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We must deposit in trust for your benefit and the benefit of all other direct holders of the debt securities of the same series a combination of cash and U.S. government or U.S. government agency obligations that will generate enough cash to make interest, principal and any other payments on the debt securities of that series on their various due dates.
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We must deliver to the trustee a legal opinion of our counsel confirming that under current U.S. federal income tax law we may make the above deposit without causing you to be taxed on the debt securities any differently than if we did not make the deposit and instead repaid the debt securities ourselves when due.
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to convey, transfer, assign, mortgage or pledge any assets as security for the senior debt securities of one or more series;
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to evidence the succession of a corporation, limited liability company, partnership or trust to us, and the assumption by such successor of our covenants, agreements and obligations under the senior indenture or to otherwise comply with the covenant relating to mergers, consolidations and sales of assets;
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to comply with requirements of the SEC in order to effect or maintain the qualification of the senior indenture under the Trust Indenture Act of 1939, as amended;
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to add to our covenants such new covenants, restrictions, conditions or provisions for the protection of the holders, and to make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an event of default;
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to cure any ambiguity, defect or inconsistency in the senior indenture or in any supplemental indenture or to conform the senior indenture or the senior debt securities to the description of senior debt securities of such series set forth in this prospectus or any applicable prospectus supplement;
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to provide for or add guarantors with respect to the senior debt securities of any series;
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to establish the form or forms or terms of the senior debt securities as permitted by the senior indenture;
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to evidence and provide for the acceptance of appointment under the senior indenture by a successor trustee, or to make such changes as shall be necessary to provide for or facilitate the administration of the trusts in the senior indenture by more than one trustee;
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to add to, delete from or revise the conditions, limitations and restrictions on the authorized amount, terms, purposes of issue, authentication and delivery of any series of senior debt securities;
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to make any change to the senior debt securities of any series so long as no senior debt securities of such series are outstanding; or
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to make any change that does not adversely affect the rights of any holder in any material respect.
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extends the final maturity of any senior debt securities of such series;
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reduces the principal amount of any senior debt securities of such series;
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reduces the rate or extends the time of payment of interest on any senior debt securities of such series;
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reduces the amount payable upon the redemption of any senior debt securities of such series;
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changes the currency of payment of principal of or interest on any senior debt securities of such series;
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reduces the principal amount of original issue discount securities payable upon acceleration of maturity or the amount provable in bankruptcy;
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waives an uncured default in the payment of principal of or interest on the senior debt securities (except in the case of a rescission of acceleration as described above);
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changes the provisions relating to the waiver of past defaults or changes or impairs the right of holders to receive payment or to institute suit for the enforcement of any payment or conversion of any senior debt securities of such series on or after the due date therefor;
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modifies any of the provisions of these restrictions on amendments and modifications, except to increase any required percentage or to provide that certain other provisions cannot be modified or waived without the consent of the holder of each senior debt security of such series affected by the modification; or
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reduces the above-stated percentage of outstanding senior debt securities of such series whose holders must consent to a supplemental indenture or modifies or amends or waives certain provisions of or defaults under the senior indenture.
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all of the indebtedness of that person for money borrowed;
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all of the indebtedness of that person evidenced by notes, debentures, bonds or other securities sold by that person for money;
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|
all of the lease obligations that are capitalized on the books of that person in accordance with generally accepted accounting principles;
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|
·
|
all indebtedness of others of the kinds described in the first two bullet points above and all lease obligations of others of the kind described in the third bullet point above that the person, in any manner, assumes or guarantees or that the person in effect guarantees through an agreement to purchase, whether that agreement is contingent or otherwise; and
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|
·
|
all renewals, extensions or refundings of indebtedness of the kinds described in the first, second or fourth bullet point above and all renewals or extensions of leases of the kinds described in the third or fourth bullet point above;
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|
·
|
the specific designation and aggregate number of, and the offering price at which we will issue, the warrants;
|
|
·
|
the currency or currency units in which the offering price, if any, and the exercise price are payable;
|
|
·
|
the date on which the right to exercise the warrants will begin and the date on which that right will expire or, if you may not continuously exercise the warrants throughout that period, the specific date or dates on which you may exercise the warrants;
|
|
·
|
whether the warrants will be issued in definitive or global form or in any combination of these forms;
|
|
·
|
any applicable material Israeli and U.S. federal income tax consequences;
|
|
·
|
the identity of the warrant agent for the warrants and of any other depositaries, execution or paying agents, transfer agents, registrars or other agents;
|
|
·
|
the proposed listing, if any, of the warrants or any securities purchasable upon exercise of the warrants on any securities exchange;
|
|
·
|
the designation and terms of any equity securities purchasable upon exercise of the warrants;
|
|
·
|
the designation, aggregate principal amount, currency and terms of any debt securities that may be purchased upon exercise of the warrants;
|
|
·
|
the number of ordinary shares purchasable upon exercise of a warrant and the price at which those shares may be purchased;
|
|
·
|
if applicable, the minimum or maximum amount of the warrants that may be exercised at any one time;
|
|
·
|
information with respect to book-entry procedures, if any;
|
|
·
|
the anti-dilution provisions of, and other provisions for changes to or adjustment in the exercise price of, the warrants, if any;
|
|
·
|
any redemption or call provisions; and
|
|
·
|
any additional terms of the warrants, including terms, procedures and limitations relating to the exchange or exercise of the warrants.
|
|
·
|
through underwriters;
|
|
·
|
through dealers;
|
|
·
|
through agents;
|
|
·
|
directly to purchasers; or
|
|
·
|
through a combination of any of these methods of sale.
|
|
·
|
at a fixed price, or prices, which may be changed from time to time;
|
|
·
|
at market prices prevailing at the time of sale;
|
|
·
|
at prices related to such prevailing market prices; or
|
|
·
|
at negotiated prices.
|
|
·
|
the name of the agent or any underwriters;
|
|
·
|
the public offering or purchase price and the proceeds we will receive from the sale of the securities;
|
|
·
|
any discounts and commissions to be allowed or re-allowed or paid to the agent or underwriters;
|
|
·
|
all other items constituting underwriting compensation;
|
|
·
|
any discounts and commissions to be allowed or re-allowed or paid to dealers; and
|
|
·
|
any exchanges on which the securities will be listed.
|
|
·
|
the purchase by an institution of the securities covered under that contract shall not at the time of delivery be prohibited under the laws of the jurisdiction to which that institution is subject; and
|
|
·
|
if the securities are also being sold to underwriters acting as principals for their own account, the underwriters shall have purchased such securities not sold for delayed delivery. The underwriters and other persons acting as our agents will not have any responsibility in respect of the validity or performance of delayed delivery contracts.
|
SEC registration fee
|
$ |
6,440
|
||
Printing and engraving*
|
4,000
|
|||
Accounting services*
|
5,000
|
|||
Legal fees of registrant’s counsel*
|
90,000
|
|||
Transfer agent’s fees and expenses*
|
3,000
|
|||
Miscellaneous*
|
3,000
|
|||
Total
|
$ |
111,440
|
||
___________
|
||||
*Estimated
|
1 Year CYREN Chart |
1 Month CYREN Chart |
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