A public company sought to reach an arrangement with warrant holders to extend their exercise period and petitioned for relief.
The Court granted the motion and approved the arrangements reached by the public company with the warrant holders. Under the Israeli law, a company wishing to reach a compromise or arrangement, including with warrant holders, must submit a written application to a Court accompanied by supporting documents such as: a list of officers, financial statements, a list of legal proceedings, and more. In certain cases, the Court is authorized to grant the company's request and exempt it from submitting certain documents, and even establish provisions regarding the required publications. When dealing with a public company whose information is fully disclosed, it is possible, with the Court's approval, to suffice with publication in economic newspapers and on the authorities' websites. In this case, the company made the publications required by law and as no objections were filed, the Court granted the public company's request and approved the arrangements it reached with the warrant holders regarding the extension of the exercise period.
For the sake of full disclosure, the public company in this proceeding was represented by Doron Afik, Esq. and Yair Aloni, Adv. from Afik & Co.