|12 Months Ended|
Dec. 31, 2021
|Subsequent Events [Abstract]|
Commencing July 2021 and through the date of this report, the Company and seven (7) existing Company shareholders entered into definitive agreements relating to a private placement (the “Private Placement”) of the Company’s Ordinary Shares for aggregate gross proceeds to the Company of $2,850,000. The Company anticipates receiving an additional $150,000 from this round of the Private Placement from these investors subject to completion of the subscription procedures. In February 2022, the Company issued an aggregate of 40,068,888 Ordinary Shares in respect of the definitive agreements mentioned above (the shares were issued based on $0.07 per ordinary share following the decision received in the shareholders meeting that took place on September 19, 2021, refer to Note 11.b.7 for additional information).
The $2,850,000 mentioned above were collected as follows:
As part of the $3.0 million investment described above, the Company agreed to the request of certain of the Private Placement investors to nominate three members to the Company’s board of directors (the “Company Board”). The Company Board prior to that investment was comprised of six sitting directors and one vacancy. David Boas and Ofer Greenebreger were appointed as new Directors commencing May 19, 2022 and replaced Ran Eisenberg, the Company Chief executive officer (who remained the Company’s Chief executive officer) and Dr. Astorre Modena. The Company Board is looking to fill the missing member.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef