As
filed with the Securities and Exchange Commission on August 18, 2023
Registration
No. 333-________
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
F-3
REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933
BiondVax
Pharmaceuticals Ltd. |
(Exact name of registrant as specified in its charter) |
Israel |
|
Not Applicable |
(State or other jurisdiction of |
|
(I.R.S. Employer |
incorporation or organization) |
|
Identification No.) |
Jerusalem
BioPark, 2nd Floor
Kiryat
Hadassah, Building 1, JBP
Jerusalem,
Israel 9112001
Tel:
+972-8-930-2529
Fax:
+972-8-930-2531
(Address
and telephone number of Registrant’s principal executive offices)
Puglisi
& Associates
850 Library Avenue, Suite 204
Newark, Delaware
+1
(302) 738-6680
(Name,
address and telephone number of agent for service)
Copies
of all communications, including communications sent to agent for service, should be sent to:
Perry Wildes
Goldfarb Gross Seligman & Co.
One Azrieli Center
Tel Aviv 6702100, Israel
+972 (3) 607-4444
Approximate
date of commencement of proposed sale to the public:
From
time to time after this registration statement becomes effective as determined by market conditions
If
the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check
the following box. ☐
If
any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415, check the
following box. ☒
If
this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same
offering. ☐
If
this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐
If
this Form is a registration statement pursuant to General Instruction I.C. or a post-effective amendment thereto that shall become effective
upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box ☐
If
this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.C. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ☐
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933.
Emerging
growth company ☐
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act. ☐
†
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
The
Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date
as the Commission, acting pursuant to said Section 8(a), may determine.
The
information contained in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and
it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
Subject
to completion, dated August18, 2023
PROSPECTUS
$150,000,000
American
Depository Shares representing Ordinary Shares,
Ordinary
Shares,
Warrants
to Purchase American Depositary Shares,
Subscription
Rights and/or Units
Offered
by the Company
BIONDVAX
PHARMACEUTICALS LTD.
We
may offer and sell to the public from time to time in one or more series or issuances up to $150,000,000 in the aggregate of American
Depositary Shares (“ADSs”), ordinary shares (“Ordinary Shares”), warrants, subscription rights and/or units consisting
of two or more of these classes or series of securities. Each ADS represents four hundred (400) ordinary shares.
We
refer to the ADSs, Ordinary Shares, warrants, subscription rights and units collectively as “securities” in this prospectus.
Each
time we sell securities pursuant to this prospectus, we will provide a supplement to this prospectus that contains specific information
about the offeror, the offering and the specific terms of the securities offered. This prospectus may not be used to consummate a sale
of securities by us unless accompanied by the applicable prospectus supplement. You should read this prospectus and the applicable prospectus
supplement carefully before you invest in our securities.
We
may, from time to time, offer to sell the securities, through public or private transactions, directly or through underwriters, agents
or dealers, on or off the Nasdaq Capital Market, as applicable, at prevailing market prices or at privately negotiated prices. If any
underwriters, agents or dealers are involved in the sale of any of these securities, the applicable prospectus supplement will set forth
the names of the underwriter, agent or dealer and any applicable fees, commissions or discounts.
Our ADSs are traded on the Nasdaq Capital Market under the symbol “BVXV.”
The last reported sale price for our ADSs on August 17, 2023 as quoted on the Nasdaq Capital Market was $1.31 per share.
Investing
in these securities involves a high degree of risk. Please carefully consider the risks discussed in this prospectus under “Risk
Factors” beginning on page 3 and the “Risk Factors” in “Item 1.A. Risk Factors” of our most recent Annual
Report on Form 10-K incorporated by reference in this prospectus and in any applicable prospectus supplement for a discussion of the
factors you should consider carefully before deciding to purchase these securities.
Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the securities being offered
by this prospectus, or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The
date of this prospectus is August 18, 2023
TABLE
OF CONTENTS
ABOUT
THIS PROSPECTUS
This
prospectus is part of a registration statement that we filed with the Securities and Exchange Commission, or SEC, utilizing a “shelf”
registration process. Under this process, we may offer and sell our securities under this prospectus.
Under
this shelf process, we may sell the securities described in this prospectus in one or more offerings up to a total dollar amount of $150,000,000.
The offer and sale of securities under this prospectus may be made from time to time, in one or more offerings, in any manner described
under the section in this prospectus entitled “Plan of Distribution.”
This
prospectus provides you with a general description of the securities we may offer. Each time we sell securities we will provide a prospectus
supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or
change information contained in this prospectus, and may also contain information about any material federal income tax considerations
relating to the securities covered by the prospectus supplement. You should read both this prospectus and any prospectus supplement together
with additional information under the headings “Where You Can Find More Information” and “Incorporation of Certain
Documents by Reference.”
This
summary may not contain all of the information that may be important to you. You should read this entire prospectus, including the financial
statements and related notes and other financial data incorporated by reference in this prospectus, before making an investment decision.
This summary contains forward-looking statements that involve risks and uncertainties. Our actual results may differ significantly from
the results discussed in the forward-looking statements. Factors that might cause or contribute to such differences include those discussed
in “Risk Factors” and “Forward-Looking Statements.”
In
this prospectus, unless the context otherwise requires:
|
● |
references
to “BiondVax,” the “Company,” “us,” “we” and “our” refer to BiondVax
Pharmaceuticals Ltd. (the “Registrant”), an Israeli company; |
|
● |
references
to “ordinary shares,” “our shares” and similar expressions refer to the Registrant’s ordinary shares,
no par value; |
|
● |
references
to “ADS” refer to the Registrant’s American Depositary Shares; |
|
● |
references
to “dollars,” “U.S. dollars” and “$” are to United States Dollars; |
|
● |
references
to the “Companies Law” are to Israel’s Companies Law, 5759-1999, as amended; and |
|
● |
references
to the “SEC” are to the United States Securities and Exchange Commission. |
ABOUT
THE COMPANY
Overview
BiondVax
Pharmaceuticals Ltd. (Nasdaq: BVXV) is a biopharmaceutical company focused on developing, manufacturing and commercializing innovative
immunotherapeutic products primarily for the treatment of infectious and autoimmune diseases. Since its inception, the Company has
executed eight clinical trials including a seven country, 12,400 participant phase 3 trial of its prior lead drug candidate, a universal
influenza vaccine candidate (“M-001”), and has built a GMP biologics manufacturing facility for biopharmaceutical products.
After receiving the phase 3 trial results in Q3 2020, indicating that M-001 did not meet its clinical endpoints, the Company performed
a turnaround process that included raising fresh capital, hiring new talent (including a new CEO), signing a research collaboration agreement
with and in-licensing new intellectual property from world leading academic research institutes. . Since then, the Company is in the
process of developing a pipeline of diversified and commercially viable products built around the licensed innovative nanosized antibodies
(NanoAb). NanoAbs are nanosized antibodies derived from camelid animals and are also known as VHH-antibodies or Nanobodies. “Nanobody”
is a trademark registered by ABLYNX N.V., a wholly owned subsidiary of Sanofi. BiondVax has no affiliation with and is not endorsed by
Sanofi.
As
part of the abovementioned turnaround, on December 22, 2021, the Company signed a definitive exclusive, worldwide, License Agreement
(“LA”) with the Max Planck Society (“MPG”), the parent organization of the Max Planck Institute for Multidisciplinary
Sciences (“MPI”), and the University Medical Center Göttingen (“UMG”), both in Gottingen, Germany, for the
development and commercialization of innovative NanoAbs for the treatment of COVID-19. The agreement provides for an upfront payment,
development and sales milestones and royalties based on sales and sharing of sublicense revenues. In addition, the Company signed an
accompanying Research Collaboration Agreement (“aRCA”) with MPG and UMG in support of the abovementioned development of a
COVID-19 NanoAb by MPI and UMG. The aRCA provided for monthly payments to MPG and UMG and had a term until the earlier of two years or
the date the Company enters into first in-human clinical trials with the COVID-19 NanoAb.
On
March 23, 2022, we signed a five-year Research Collaboration Agreement (“RCA”; collectively, with the LA and aRCA, the “MPG/UMG
Agreements”) with MPG and UMG covering the discovery, selection and characterization of NanoAbs for up to nine molecular targets
that have the potential to be further developed into drug candidates for the treatment of disease indications such as psoriasis, psoriatic
arthritis, asthma and wet macular degeneration. These are all large and growing markets with underserved medical needs. In each case,
the molecular target has been validated as an appropriate target for therapeutic intervention through inhibition by an antibody, thereby
significantly reducing the discovery work that typically entails many years of research, high cost and high risk of failure. We believe
that we can leverage our NanoAbs’ unique and strong binding affinity, stability at high temperatures, and potential for more effective
and convenient routes of administration towards competitive commercial viability. We believe that since these are clinical validated
targets, we can develop NanoAb treatments with reduced risk and cost, and accelerate the time from NanoAb selection to initiation of
clinical development. Each NanoAb candidate is therefore positioned as a “biobetter” piggybacking on prior discoveries of
others to mitigate risk but with significant potential advantages over existing therapeutics. In addition, while each NanoAb constitutes
a novel molecule for which we file patent applications thereby creating a proprietary position, all of the developed NnoAbs when viewed
together constitute a pipeline that is built around the same drug discovery, development and manufacturing platform allowing us to reduce
risks and save costs. BiondVax has the exclusive option for an exclusive, pre-negotiated worldwide license agreement for the development
and commercialization of each of the NanoAbs covered by the RCA with MPG and UMG.
On
June 5, 2023, we announced that as part of our ongoing broad-based collaboration with the Max Planck Society and the University Medical
Center Gottingen (UMG), we signed an exclusive worldwide license agreement to develop and commercialize VHH antibodies (NanoAbs) targeting
Interleukin-17 (IL-17) as treatments for all potential indications, starting with psoriasis and psoriatic arthritis.
In
June 2023, the Companydisclosed that it was pursuing a strategic partnership for its COVID-19 self-administered inhaled NanoAb therapeutic/prophylactic
which demonstrated highly promising in vivo results in animals and that it will focus on developing the anti-IL-17 nanoAb.
Corporate
Information
Our
legal and commercial name is BiondVax Pharmaceuticals Ltd. We are a company limited by shares organized under the laws of Israel. We
were incorporated in Israel in 2003 as a privately held company and started operating in 2005. In February 2007, we completed an initial
public offering of our ordinary shares on the Tel Aviv Stock Exchange (TASE), and we voluntarily delisted from the TASE in January 2018.
In May 2015 we completed an initial public offering of ADSs and ADSs warrants (which have since expired) on the Nasdaq Capital Market.
Our
principal executive offices are located at Kiryat Hadassah, Building 1, Jerusalem BioPark (“JBP”), 2nd Floor, , Jerusalem,
Israel 9112001, and our telephone number is 972-8-930-2529. Our website address is http://www.biondvax.com. The information on our website
does not constitute a part of this prospectus. Our agent for service of process in the United States is Puglisi & Associates, located
at 850 Library Avenue, Suite 204, Newark, Delaware.
RISK
FACTORS
An
investment in our securities involves a high degree of risk. Our business, financial condition or results of operations could be adversely
affected by any of these risks. You should carefully consider the risk factors discussed under the caption “Item 1.A: Risk Factors”
in our Annual Report on Form 10-K for the year ended December 31, 2022, and in any other filing we make with the SEC subsequent to the
date of this prospectus, each of which are incorporated herein by reference, and in any supplement to this prospectus, before making
your investment decision. The risks and uncertainties we have described are not the only ones we face. Additional risks and uncertainties
not presently known to us or that we currently deem immaterial may also affect our operations. Past financial performance may not be
a reliable indicator of future performance, and historical trends should not be used to anticipate results or trends in future periods.
If any of these risks actually occurs, our business, business prospects, financial condition or results of operations could be seriously
harmed. This could cause the trading price of our ADSs to decline, resulting in a loss of all or part of your investment. Please also
read carefully the section below entitled “Forward-Looking Statements.”
OFFER
STATISTICS AND EXPECTED TIMETABLE
We
may sell from time to time pursuant to this prospectus (as may be detailed in a prospectus supplement) an indeterminate number of securities
as shall have a maximum aggregate offering price of $150,000,000. The actual price per share or per security of the securities that we
will offer pursuant hereto will depend on a number of factors that may be relevant as of the time of offer. See “Plan of Distribution.”
FORWARD-LOOKING
STATEMENTS
This
prospectus, including the information incorporated by reference into this prospectus, contains, and any prospectus supplement may include
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve known
and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different
from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify
forward-looking statements by terms including “anticipates,” “believes,” “could,” “estimates,”
“expects,” “intends,” “may,” “plans,” “potential,” “predicts,”
“projects,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking
statements, but these are not the only ways these statements are identified. Forward-looking statements reflect our current views with
respect to future events and are based on assumptions and subject to risks and uncertainties. You should not put undue reliance on any
forward-looking statements. Unless we are required to do so under U.S. federal securities laws or other applicable laws, we do not intend
to update or revise any forward-looking statements. Readers are encouraged to consult the Company’s filings made on Form 6-K, which
are periodically filed with or furnished to the SEC.
The
following is a summary of some of the principal risks we face. The list below is not exhaustive, and investors should read the “Risk
Factors” in “Item 1.A.: Risk Factors” of our most recent Annual Report on Form 10-K in full.
| ● | We
are a developmental stage biopharmaceutical company with a history of operating losses, with no product candidate that generates revenue
and as such we are not currently profitable, do not expect to become profitable in the near future, may never become profitable and as
a result may need to wind up our business and operation. |
| ● | We
will require substantial additional financing to achieve our goals, and a failure to obtain this necessary capital when needed could
force us to delay, limit, reduce or terminate our product development or commercialization efforts. |
| ● | Our
business strategy may not be successful. |
| ● | If
we breach certain provisions of our 24 million Euro finance agreement with the EIB it could result in the EIB accelerating the loans
thereunder and exercising secured creditor remedies over collateral securing those loans, and that collateral consists of substantially
all of our assets. The exercise of such remedies may have a material adverse effect on our company. We do not have control over certain
events that constitute a breach of this finance documentation. |
| ● | We
are highly dependent upon our ability to enter into agreements with partners to develop, commercialize, and market any current and future
product candidate(s) or enter into other strategic partnerships; |
| ● | Raising
additional capital may cause dilution to our existing shareholders, restrict our operations or require us to relinquish rights to our
technologies or product candidate(s); |
| ● | Our
novel nanosized antibodies, also known as VHH-antibodies, Nanobodies or NanoAbs, represent a relatively new approach to treating diseases,
and we must overcome significant challenges in order to successfully develop, commercialize and manufacture product candidates based
on this technology. |
| ● | Clinical
trials are very expensive, time-consuming and difficult to design and implement, and, as a result, we may suffer delays or suspensions
in future trials which would have a material adverse effect on our ability to generate revenues. |
| ● | Positive
results from any clinical trials we conduct may not be predictive of the results in later clinical trials of current and future product
candidates, and the results of any clinical trials we conduct may not be replicated in additional clinical trials that we may be required
to conduct, which could result in development delays or a failure to obtain marketing approval. |
| ● | We
may be unsuccessful in adapting our Covid-19 NanoAbs to protect against variants of COVID-19. Furthermore, our ability to commercialize
our Covid-19 NanoAbs may be adversely affected to the extent that the coronavirus disease evolves worldwide. |
We
may not be successful in finding a partner to further develop our pre-clinical stage COVID19 program. Such partners may be commercial,
pharmaceutical companies or governmental agencies. In such case, we may not have sufficient capital to take the COVID19 program to clinical
trials.
| ● | We
may not be successful in developing our anti-IL-17 NanoAbs for the treatment of autoimmune diseases, such as plaque psoriasis, psoriatic
arthritis and Hidradenitis suppurativa (HS). |
| ● | If
we are not successful in discovering, developing and commercializing current and future product candidates, our ability to expand our
business and achieve our strategic objectives may be impaired. |
| ● | Under
the collaboration agreement with MPG, we have the option to in-license up to 9 total NanoAbs. To date, we have licensed anti-COVID-19
NanoAbs and anti-IL-17 NanoAbs. We may be unsuccessful in in-licensing, developing, and/or commercializing additional NanoAbs from MPG. |
| ● | We
are a developmental stage biopharmaceutical company with no product candidate(s) in clinical development or approved, which makes it
difficult to assess our future viability. |
| ● | We
face significant competition. If we cannot successfully compete with new or existing product candidate(s), our marketing and sales will
suffer, and we may never be profitable. |
| ● | Our
NanoAbs program is based on an exclusive, worldwide license from the Max Planck Society, and we could lose our rights to this license
if a dispute with MPG arises or if we fail to comply with the financial and other terms of the license. |
| ● | We
recently announced our plans to utilize our manufacturing site and laboratories by launching a Contract Development and Manufacturing
Organization business unit. There is no guarantee that our strategy will succeed, that we will be able to ramp up operations, that we
will become profitable. |
| ● | We
are currently non-compliant with Nasdaq Listing Rule 5550(b) regarding minimum stockholders’ equity requirement for continued listing
on the Nasdaq Capital Market. If we do not regain compliance, and if we become non-compliant with other Nasdaq Listing Rules, we may
be delisted from the Nasdaq exchange. |
You
should review carefully the risks and uncertainties described under the heading “Risk Factors” in this prospectus for a discussion
of these and other risks that relate to our business and investing in our securities. The forward-looking statements contained in this
prospectus are expressly qualified in their entirety by this cautionary statement. Except as required by law, we undertake no obligation
to update publicly any forward-looking statements after the date of this prospectus to conform these statements to actual results or
to changes in our expectations.
CAPITALIZATION
The
table below sets forth our total capitalization as of June 30, 2023. The financial data in the following table should be read together
with our financial statements and notes thereto incorporated by reference herein.
| |
As of June30, 2023 | |
| |
Actual | |
| |
(in thousands) | |
| |
| |
Ordinary shares, no par value | |
$ | - | |
Additional paid-in capital | |
| 117,740 | |
Accumulated deficit | |
| (123,112 | ) |
Accumulated other comprehensive loss | |
| (1,740 | ) |
Total shareholders’ deficit | |
| (7,112 | ) |
Total capitalization | |
$ | 18,009 | |
OFFER
AND LISTING DETAILS
Our
ADSs have been trading on the Nasdaq Capital Market under the symbol “BVXV” since May 18, 2015.
USE
OF PROCEEDS
Except
as otherwise indicated in an accompanying prospectus supplement, we currently intend that the net proceeds from the sale of securities
will be used for general corporate purposes, which may include working capital, research and development activities, regulatory matters,
or other related purposes, and pre-commercialization and commercialization activities. Additional information relating thereto may
be set forth in any applicable prospectus supplement.
DESCRIPTION
OF ORDINARY SHARES
The
following description of our share capital is a summary of the material terms of our articles of association and Israeli corporate law
regarding our ordinary shares and the holders thereof. This description contains all material information concerning our ordinary shares
but does not purport to be complete.
For
a complete description, you should read our articles of association, a copy of which has been filed with the SEC as an exhibit to the
registration statement of which this prospectus forms a part. The following description is qualified in its entirety by reference to
our articles of association and applicable law.
General
As
of July 31, 2023 our authorized share capital consists of 20,000,000,000 ordinary shares, no par value. As of July 31, 2023 there were
3,651,927 ADSs (representing 1,460,770,784 Ordinary Shares) issued and outstanding. As of July 31, 2023, we had issued and outstanding,
outstanding warrants to purchase an aggregate of 2,279,700 ADSs with the latest expiration date of these warrants being between the years
2023 and 2025. We also have options to purchase an aggregate of 72,550 ADSs under the Employees Option Plan with the latest expiration
date of the year 2033. In addition, as of July 31, 2023, we had an aggregate of 204,897 RSUs ADSs.
All
of our outstanding ordinary shares are validly issued, fully paid and non-assessable. Our ordinary shares are not redeemable and do not
have any preemptive rights. Our ordinary shares are not listed on any national stock exchange. No preferred shares are issuable, issued
and outstanding.
Registration
Number and Purposes of the Company
Our
registration number with the Israeli Registrar of Companies is 51-343610-5. Our purpose as set forth in our articles of association is
to engage in any lawful activity, including every lawful purpose in the Biotechnology field.
Voting
Rights
Holders
of our ordinary shares have one vote for each ordinary share held on all matters submitted to a vote of shareholders at a shareholder
meeting. Shareholders may vote at shareholder meetings either in person, by proxy or by written ballot. Israeli law does not allow public
companies to adopt shareholder resolutions by means of written consent in lieu of a shareholder meeting. The board of directors shall
determine and provide a record date for each shareholders meeting and all shareholders at such record date may vote. Unless stipulated
differently in the Companies Law or in the articles of association, all shareholders’ resolutions shall be approved by a simple
majority vote. Except as otherwise disclosed herein, an amendment to our articles of association requires the prior approval of the holders
of at least 75% of our shares, represented and voting at a general meeting.
Transfer
of Shares
Our
ordinary shares that are fully paid for are issued in registered form and may be freely transferred under our articles of association,
unless the transfer is restricted or prohibited by applicable law or the rules of a stock exchange on which the shares are traded. The
ownership or voting of our ordinary shares by non-residents of Israel is not restricted in any way by our articles of association or
Israeli law, except for ownership by nationals of some countries that are, or have been, in a state of war with Israel.
The
Powers of the Directors
Our
board of directors shall direct the Company’s policy and shall supervise the performance of the Company’s Chief Executive
Officer. Pursuant to the Companies Law and our articles of association, our board of directors may exercise all powers and take all actions
that are not required under law or under our articles of association to be exercised or taken by our shareholders, including the power
to borrow money for company purposes.
Amendment
of share capital
Our
articles of association enable us to increase or reduce our share capital. Any such changes are subject to the provisions of the Companies
Law and must be approved by a resolution duly passed by our shareholders at a general or special meeting by voting on such change in
the capital. In addition, transactions that have the effect of reducing capital, such as the declaration and payment of dividends in
the absence of sufficient retained earnings and profits and an issuance of shares for less than their nominal value, require a resolution
of our board of directors and court approval.
Dividends
Under
Israeli law, we may declare and pay dividends only if, upon the determination of our board of directors, there is no reasonable concern
that the distribution will prevent us from being able to meet the terms of our existing and foreseeable obligations as they become due.
Under the Companies Law, the distribution amount is further limited to the greater of retained earnings or earnings generated over the
two most recent years legally available for distribution according to our then last reviewed or audited financial statements, provided
that the date of the financial statements is not more than six months prior to the date of distribution. In the event that we do not
have retained earnings or earnings generated over the two most recent years legally available for distribution, we may seek the approval
of the court in order to distribute a dividend. The court may approve our request if it is determines that there is no reasonable concern
that the payment of a dividend will prevent us from satisfying our existing and foreseeable obligations as they become due.
Election
of Directors
Our
ordinary shares do not have cumulative voting rights for the election of directors. As a result, the holders of a majority of the voting
power represented at a shareholders meeting have the power to elect all of our directors, subject to the special approval requirements
for external directors under the Israeli Companies Law.
Under
our articles of association, our board of directors must consist of at least three and not more than eleven directors, including any
external directors required by Israeli law. Our board of directors currently consists of ten members, including our non-executive Chairman
of the board of directors. Our directors, excluding the external directors, may be divided into three groups, as nearly equal in number
as practicable, with staggered three-year terms. group A, group B and group C shall each consist of one-third of the directors, constituting
our entire board of directors (other than the external directors). At each annual meeting, the three-year duration of service of one
group of directors shall expire and the directors of such group will stand for election. Each of the directors or the successors elected
to replace the directors of a group whose term shall have expired at such annual meeting shall be elected to hold office until the third
annual meeting held after the date of his or her election and until his or her respective successor is elected. If no directors are appointed
at the annual meeting, the directors appointed at the previous annual meeting will continue their service. Directors whose service period
has ended may be appointed again.
Shareholder
Meetings
Under
Israeli law, we are required to hold an annual general meeting of our shareholders once every calendar year and in any event no later
than 15 months after the date of the previous annual general meeting. All meetings other than the annual general meeting of shareholders
are referred to as special meetings. Our board of directors may call special meetings whenever it sees fit, at such time and place, within
or outside of Israel, as it may determine. In addition, the Companies Law and our articles of association provide that our board of directors
is required to convene a special meeting upon the written request of (i) any two of our directors or one quarter of the directors then
in office; or (ii) one or more shareholders holding, in the aggregate either (a) 5% of our issued share capital and 1% of our outstanding
voting power, or (b) 5% of our outstanding voting power.
Subject
to the provisions of the Companies Law and the regulations promulgated thereunder, shareholders entitled to participate and vote at general
meetings are the shareholders of record on a date to be decided by the board of directors. Furthermore, the Companies Law and our articles
of association require that resolutions regarding the following matters must be passed at a general meeting of our shareholders:
|
● |
amendments
to our articles of association; |
|
● |
appointment
or termination of our auditors; |
|
● |
appointment
of directors and appointment and dismissal of external directors; |
|
● |
approval
of acts and transactions requiring general meeting approval pursuant to the Companies Law; |
|
● |
director
compensation, indemnification and change of the principal executive officer; |
|
● |
increases
or reductions of our authorized share capital; |
|
● |
the
exercise of our board of director’s powers by a general meeting, if our board of directors is unable to exercise its powers
and the exercise of any of its powers is required for our proper management. |
|
● |
authorizing
the chairman of the board of directors or his relative to act as the company’s chief executive officer or act with such authority;
or authorize the company’s chief executive officer or his relative to act as the chairman of the board of directors or act
with such authority. |
The
Companies Law requires that a notice of any annual or special shareholders meeting be provided at least 21 days prior to the meeting
and if the agenda of the meeting includes the appointment or removal of directors, the approval of transactions with office holders or
interested or related parties, or an approval of a merger, notice must be provided at least 35 days prior to the meeting.
Quorum
The
quorum required for our general meetings of shareholders consists of one or more shareholders present in person, by proxy or by other
voting instrument in accordance with the Companies Law who hold or represent, in the aggregate, at least 10% of the total outstanding
voting rights, within half an hour from the appointed time.
A
meeting adjourned for lack of a quorum is adjourned to the same day in the following week at the same time and place or on a later date
if so specified in the summons or notice of the meeting. At the reconvened meeting, any number of our shareholders present in person
or by proxy shall constitute a lawful quorum.
Resolutions
Our
articles of association provide that all resolutions of our shareholders require a simple majority vote, unless otherwise required by
applicable law or by another provision of the articles of association.
Israeli
law provides that a shareholder of a public company may vote in a meeting and in a class meeting by means of a written ballot in which
the shareholder indicates how he or she votes on resolutions relating to the following matters:
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an
appointment or removal of directors; |
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an
approval of transactions with office holders or interested or related parties, that require shareholder approval; |
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an
approval of a merger; |
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authorizing
the chairman of the board of directors or his relative to act as the company’s chief executive officer or act with such authority;
or authorize the company’s chief executive officer or his relative to act as the chairman of the board of directors or act
with such authority; |
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any
other matter that is determined in the articles of association to be voted on by way of a written ballot. Our articles of association
do not stipulate any additional matters; and |
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other
matters which may be prescribed by Israel’s Minister of Justice. |
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The
provision allowing the vote by written ballot does not apply where the voting power of the controlling shareholder is sufficient to determine
the vote.
The
Companies Law provides that a shareholder, in exercising his or her rights and performing his or her obligations toward the company and
its other shareholders, must act in good faith and in a customary manner, and avoid abusing his or her power. This is required when voting
at general meetings on matters such as changes to the articles of association, increasing the company’s registered capital, mergers
and approval of certain interested or related party transactions. A shareholder also has a general duty to refrain from depriving any
other shareholder of its rights as a shareholder. In addition, any controlling shareholder, any shareholder who knows that its vote can
determine the outcome of a shareholder vote and any shareholder who, under such company’s articles of association, can appoint
or prevent the appointment of an office holder or other power towards the company, is required to act with fairness towards the company.
The Companies Law does not describe the substance of this duty except that the remedies generally available upon a breach of contract
will also apply to a breach of the duty to act with fairness, and, to the best of our knowledge, there is no binding case law that addresses
this subject directly.
Under
the Companies Law, unless provided otherwise in a company’s articles of association, a resolution at a shareholders meeting requires
approval by a simple majority of the voting rights represented at the meeting, in person, by proxy or written ballot, and voting on the
resolution. Generally, a resolution for the voluntary winding up of the company requires the approval of holders of 75% of the voting
rights represented at the meeting, in person, by proxy or by written ballot and voting on the resolution.
In
the event of our liquidation, after satisfaction of liabilities to creditors, our assets will be distributed to the holders of our ordinary
shares in proportion to their shareholdings. This right, as well as the right to receive dividends, may be affected by the grant of preferential
dividend or distribution rights to the holders of a class of shares with preferential rights that may be authorized in the future.
Access
to Corporate Records
Under
the Companies Law, all shareholders of a company generally have the right to review minutes of the company’s general meetings,
its shareholders register and principal shareholders register, articles of association, financial statements and any document it is required
by law to file publicly with the Israeli Companies Registrar and the ISA. Any of our shareholders may request to review any document
in our possession that relates to any action or transaction with a related party, interested party or office holder that requires shareholder
approval under the Companies Law. We may deny a request to review a document if we determine that the request was not made in good faith,
that the document contains a commercial secret or a patent or that the document’s disclosure may otherwise prejudice our interests.
Acquisitions
under Israeli Law
Full
Tender Offer
A
person wishing to acquire shares of a public Israeli company and who would as a result hold over 90% of the target company’s issued
and outstanding share capital is required by the Companies Law to make a tender offer to all of the company’s shareholders for
the purchase of all of the issued and outstanding shares of the company. A person wishing to acquire shares of a public Israeli company
and who would as a result hold over 90% of the issued and outstanding share capital of a certain class of shares is required to make
a tender offer to all of the shareholders who hold shares of the same class for the purchase of all of the issued and outstanding shares
of the same class. If the shareholders who do not accept the offer hold less than 5% of the issued and outstanding share capital of the
company or of the applicable class, all of the shares that the acquirer offered to purchase will be transferred to the acquirer by operation
of law (provided that a majority of the offerees that do not have a personal interest in such tender offer shall have approved the tender
offer except that if the total votes to reject the tender offer represent less than 2% of the company’s issued and outstanding
share capital, in the aggregate, approval by a majority of the offerees that do not have a personal interest in such tender offer is
not required to complete the tender offer). However, a shareholder that had its shares so transferred may petition the court within six
months from the date of acceptance of the full tender offer, whether or not such shareholder agreed to the tender or not, to determine
whether the tender offer was for less than fair value and whether the fair value should be paid as determined by the court unless the
acquirer stipulated in the tender offer that a shareholder that accepts the offer may not seek appraisal rights, so long as prior to
the acceptance of the full tender offer, the acquirer and the company disclosed the information required by law in connection with the
full tender offer. If the shareholders who did not accept the tender offer hold 5% or more of the issued and outstanding share capital
of the company or of the applicable class, the acquirer may not acquire shares of the company that will increase its holdings to more
than 90% of the company’s issued and outstanding share capital or of the applicable class from shareholders who accepted the tender
offer.
Special
Tender Offer
The
Companies Law provides that an acquisition of shares of a public Israeli company must be made by means of a special tender offer if as
a result of the acquisition the purchaser would become a holder of 25% or more of the voting rights in the company, unless one of the
exemptions in the Companies Law is met. This rule does not apply if there is already another holder of at least 25% of the voting rights
in the company. Similarly, the Companies Law provides that an acquisition of shares in a public company must be made by means of a tender
offer if as a result of the acquisition the purchaser would become a holder of 45% or more of the voting rights in the company, if there
is no other shareholder of the company who holds 45% or more of the voting rights in the company, unless one of the exemptions in the
Companies Law is met.
A
special tender offer must be extended to all shareholders of a company, but the offeror is not required to purchase shares representing
more than 5% of the voting power attached to the company’s outstanding shares, regardless of how many shares are tendered by shareholders.
A special tender offer may be consummated only if (i) at least 5% of the voting power attached to the company’s outstanding shares
will be acquired by the offeror and (ii) the number of shares tendered in the offer exceeds the number of shares whose holders objected
to the offer.
If
a special tender offer is accepted, then the purchaser or any person or entity controlling it or under common control with the purchaser
or such controlling person or entity may not make a subsequent tender offer for the purchase of shares of the target company and may
not enter into a merger with the target company for a period of one year from the date of the offer, unless the purchaser or such person
or entity undertook to effect such an offer or merger in the initial special tender offer.
Under
regulations enacted pursuant to the Companies Law, the above special tender offer requirements may not apply to companies whose shares
are listed for trading on a foreign stock exchange if, among other things, the relevant foreign laws or the rules of the stock exchange,
include provisions limiting the percentage of control which may be acquired or that the purchaser is required to make a tender offer
to the public. However, the Israeli Securities Authority’s opinion is that such leniency does not apply with respect to companies
whose shares are listed for trading on stock exchanges in the United States, including the NASDAQ Capital Market, which do not provide
for sufficient legal restrictions on obtaining control or an obligation to make a tender offer to the public, therefore the special tender
offer requirements shall apply to such companies.
Merger
The
Companies Law permits merger transactions if approved by each party’s board of directors and, unless certain requirements described
under the Companies Law are met, a majority of each party’s shares voted on the proposed merger at a shareholders’ meeting
called with at least 35 days’ prior notice.
For
purposes of the shareholder vote, unless a court rules otherwise, the merger will not be deemed approved if a majority of the shares
represented at the shareholders meeting that are held by parties other than the other party to the merger, or by any person who holds
25% or more of the outstanding shares or the right to appoint 25% or more of the directors of the other party, vote against the merger.
If the transaction would have been approved but for the separate approval of each class or the exclusion of the votes of certain shareholders
as provided above, a court may still approve the merger upon the request of holders of at least 25% of the voting rights of a company,
if the court holds that the merger is fair and reasonable, taking into account the value of the parties to the merger and the consideration
offered to the shareholders.
Upon
the request of a creditor of either party to the proposed merger, the court may delay or prevent the merger if it concludes that there
exists a reasonable concern that, as a result of the merger, the surviving company will be unable to satisfy the obligations of any of
the parties to the merger, and may further give instructions to secure the rights of creditors.
In
addition, a merger may not be completed unless at least 50 days have passed from the date that a proposal for approval of the merger
was filed by each party with the Israeli Registrar of Companies and 30 days have passed from the date the merger was approved by the
shareholders of each party.
Anti-Takeover
Measures
The
Companies Law allows us to create and issue shares having rights different from those attached to our ordinary shares, including shares
providing certain preferred rights, distributions or other matters and shares having preemptive rights. As of the date of this annual
report, we do not have any authorized or issued shares other than our ordinary shares. In the future, if we do create and issue a class
of shares other than ordinary shares, such class of shares, depending on the specific rights that may be attached to them, may delay
or prevent a takeover or otherwise prevent our shareholders from realizing a potential premium over the market value of their ordinary
shares. The authorization of a new class of shares will require an amendment to our articles of association which requires the prior
approval of the holders of at least 75% of our shares at a general meeting. In addition, the rules and regulations of the TASE also limit
the terms permitted with respect to a new class of shares and prohibit any such new class of shares from having voting rights. Shareholders
voting in such meeting will be subject to the restrictions provided in the Companies Law as described above.
Transfer
Agent and Depositary
The
transfer agent and registrar for our ordinary shares is Vstock Transfer, LLC. Our ADRs were issued pursuant to a Depositary Agreement
entered into with The Bank of New York Mellon., which acts as depositary.
DESCRIPTION
OF AMERICAN DEPOSITARY SHARES
A
description of the ADSs, each of which represents four hundred (400) of our Ordinary Shares, can be found in Exhibit 4.1 to our Annual
Report on Form 10-K filed with the SEC on April 17, 2023.
DESCRIPTION
OF WARRANTS
We
may issue warrants to purchase ADS and/or Ordinary Shares. Warrants may be issued independently or together with any other securities
and may be attached to, or separate from, such securities. We will evidence each series of warrants by warrant certificates that we may
issue under a separate agreement. We may enter into a warrant agreement with a warrant agent. We may also choose to act as our own warrant
agent. We will indicate the name and address of any such warrant agent in the applicable prospectus supplement relating to a particular
series of warrants. The terms of any warrants to be issued and a description of the material provisions of the applicable warrant agreement
will be set forth in the applicable prospectus supplement.
The
applicable prospectus supplement will describe the following terms of any warrants in respect of which this prospectus is being delivered:
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the
title of such warrants; |
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the
aggregate number of such warrants; |
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the
price or prices at which such warrants will be issued and exercised; |
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the
currency or currencies in which the price of such warrants will be payable; |
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the
securities purchasable upon exercise of such warrants; |
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the
date on which the right to exercise such warrants shall commence and the date on which such right shall expire; |
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if
applicable, the minimum or maximum amount of such warrants which may be exercised at any one time; |
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if
applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued
with each such security; |
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if
applicable, the date on and after which such warrants and the related securities will be separately transferable; |
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information
with respect to book-entry procedures, if any; |
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any
material Israeli and United States federal income tax consequences; |
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the
anti-dilution provisions of the warrants, if any; and |
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any
other terms of such warrants, including terms, procedures and limitations relating to the exchange and exercise of such warrants. |
Amendments
and Supplements to Warrant Agreement
We
and the warrant agent may amend or supplement the warrant agreement for a series of warrants without the consent of the holders of the
warrants issued thereunder to effect changes that are not inconsistent with the provisions of the warrants and that do not materially
and adversely affect the interests of the holders of the warrants.
DESCRIPTION
OF SUBSCRIPTION RIGHTS
We
may issue subscription rights to purchase our Ordinary Shares and/or ADSs. These subscription rights may be issued independently or together
with any other security offered hereby and may or may not be transferable by the shareholder receiving the subscription rights in such
offering. In connection with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters
or other purchasers pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed
for after such offering.
The
prospectus supplement relating to any subscription rights we offer, if any, will, to the extent applicable, include specific terms relating
to the offering, including some or all of the following:
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the
price, if any, for the subscription rights; |
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the
exercise price payable for each ordinary share and/or ADS upon the exercise of the subscription rights; |
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the
number of subscription rights to be issued to each shareholder; |
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the
number and terms of the Ordinary Shares and/or ADSs which may be purchased per each subscription right; |
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the
extent to which the subscription rights are transferable; |
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any
other terms of the subscription rights, including the terms, procedures and limitations relating to the exchange and exercise of
the subscription rights; |
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the
date on which the right to exercise the subscription rights shall commence, and the date on which the subscription rights shall expire; |
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the
extent to which the subscription rights may include an over-subscription privilege with respect to unsubscribed securities; and |
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if
applicable, the material terms of any standby underwriting or purchase arrangement which may be entered into by us in connection
with the offering of subscription rights. |
The
description in the applicable prospectus supplement of any subscription rights we offer will not necessarily be complete and will be
qualified in its entirety by reference to the applicable subscription right agreement, which will be filed with the SEC if we offer subscription
rights. For more information on how you can obtain copies of the applicable subscription right agreement if we offer subscription rights,
see “Where You Can Find More Information; Incorporation of Information by Reference” beginning on page 20. We urge you to
read the applicable subscription right agreement and any applicable prospectus supplement in their entirety.
DESCRIPTION
OF UNITS
We
may issue units comprised of one or more of the other securities that may be offered under this prospectus, in any combination. Each
unit will be issued so that the holder of the unit is also the holder of each security included in the unit. Thus, the holder of a unit
will have the rights and obligations of a holder of each included security. The unit agreement under which a unit is issued may provide
that the securities included in the unit may not be held or transferred separately at any time, or at any time before a specified date.
The
prospectus supplement relating to any units we offer, if any, will, to the extent applicable, include specific terms relating to the
offering, including some or all of the following:
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the
material terms of the units and of the securities comprising the units, including whether and under what circumstances those securities
may be held or transferred separately; |
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any
material provisions relating to the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising
the units; and |
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material provisions of the governing unit agreement that differ from those described above. |
The
description in the applicable prospectus supplement of any units we offer will not necessarily be complete and will be qualified in its
entirety by reference to the applicable unit agreement, which will be filed with the SEC if we offer units. For more information on how
you can obtain copies of the applicable unit agreement if we offer units, see “Where You Can Find More Information; Incorporation
of Information by Reference” beginning on page 20. We urge you to read the applicable unit agreement and any applicable prospectus
supplement in their entirety.
PLAN
OF DISTRIBUTION
The
securities being offered by this prospectus may be sold:
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to
or through one or more underwriters on a firm commitment or agency basis; |
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through
put or call option transactions relating to the securities; |
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in
“at the market offerings” into an existing trading market, on an exchange or otherwise; |
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through
broker-dealers; |
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directly
to purchasers, through a specific bidding or auction process, on a negotiated basis or otherwise; |
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through
any other method permitted pursuant to applicable law; or |
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through
a combination of any such methods of sale. |
At
any time a particular offer of the securities covered by this prospectus is made, a revised prospectus or prospectus supplement, if required,
will be distributed which will set forth the aggregate amount of securities covered by this prospectus being offered and the terms of
the offering, including the name or names of any underwriters, dealers, brokers or agents, any discounts, commissions, concessions and
other items constituting compensation from us and any discounts, commissions or concessions allowed or reallowed or paid to dealers.
Such prospectus supplement, and, if necessary, a post-effective amendment to the registration statement of which this prospectus is a
part, will be filed with the SEC to reflect the disclosure of additional information with respect to the distribution of the securities
covered by this prospectus. In order to comply with the securities laws of certain states, if applicable, the securities sold under this
prospectus may only be sold through registered or licensed broker-dealers. In addition, in some states the securities may not be sold
unless they have been registered or qualified for sale in the applicable state or an exemption from registration or qualification requirements
is available and is complied with.
The
distribution of securities may be effected from time to time in one or more transactions, including block transactions and transactions
on the Nasdaq Capital Market or any other organized market where the securities may be traded. The securities may be sold at a fixed
price or prices, which may be changed, or at market prices prevailing at the time of sale, at prices relating to the prevailing market
prices or at negotiated prices. The consideration may be cash or another form negotiated by the parties. Agents, underwriters or broker-dealers
may be paid compensation for offering and selling the securities. That compensation may be in the form of discounts, concessions or commissions
to be received from us or from the purchasers of the securities. Any dealers and agents participating in the distribution of the securities
may be deemed to be underwriters, and compensation received by them on resale of the securities may be deemed to be underwriting discounts.
If any such dealers or agents were deemed to be underwriters, they may be subject to statutory liabilities under the Securities Act.
Agents
may from time to time solicit offers to purchase the securities. If required, we will name in the applicable prospectus supplement any
agent involved in the offer or sale of the securities and set forth any compensation payable to the agent. Unless otherwise indicated
in the prospectus supplement, any agent will be acting on a best efforts basis for the period of its appointment. Any agent selling the
securities covered by this prospectus may be deemed to be an underwriter, as that term is defined in the Securities Act, of the securities.
If
underwriters are used in a sale, securities will be acquired by the underwriters for their own account and may be resold from time to
time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined
at the time of sale, or under delayed delivery contracts or other contractual commitments. Securities may be offered to the public either
through underwriting syndicates represented by one or more managing underwriters or directly by one or more firms acting as underwriters.
If an underwriter or underwriters are used in the sale of securities, an underwriting agreement will be executed with the underwriter
or underwriters, as well as any other underwriter or underwriters, with respect to a particular underwritten offering of securities,
and will set forth the terms of the transactions, including compensation of the underwriters and dealers and the public offering price,
if applicable. The prospectus and prospectus supplement will be used by the underwriters to resell the securities.
If
a dealer is used in the sale of the securities, we or an underwriter will sell the securities to the dealer, as principal. The dealer
may then resell the securities to the public at varying prices to be determined by the dealer at the time of resale. To the extent required,
we will set forth in the prospectus supplement the name of the dealer and the terms of the transactions.
We
may directly solicit offers to purchase the securities and may make sales of securities directly to institutional investors or others.
These persons may be deemed to be underwriters within the meaning of the Securities Act with respect to any resale of the securities.
To the extent required, the prospectus supplement will describe the terms of any such sales, including the terms of any bidding or auction
process, if used.
Agents,
underwriters and dealers may be entitled under agreements which may be entered into with us to indemnification by us against specified
liabilities, including liabilities incurred under the Securities Act, or to contribution by us to payments they may be required to make
in respect of such liabilities. If required, the prospectus supplement will describe the terms and conditions of the indemnification
or contribution. Some of the agents, underwriters or dealers, or their affiliates may be customers of, engage in transactions with or
perform services for us or our subsidiaries.
Any
person participating in the distribution of securities registered under the registration statement that includes this prospectus will
be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the applicable SEC rules
and regulations, including, among others, Regulation M, which may limit the timing of purchases and sales of any of our securities by
that person. Furthermore, Regulation M may restrict the ability of any person engaged in the distribution of our securities to engage
in market-making activities with respect to our securities. These restrictions may affect the marketability of our securities and the
ability of any person or entity to engage in market-making activities with respect to our securities.
Certain
persons participating in an offering may engage in over-allotment, stabilizing transactions, short-covering transactions, penalty bids
and other transactions that stabilize, maintain or otherwise affect the price of the offered securities. These activities may maintain
the price of the offered securities at levels above those that might otherwise prevail in the open market, including by entering stabilizing
bids, effecting syndicate covering transactions or imposing penalty bids, each of which is described below.
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stabilizing bid means the placing of any bid, or the effecting of any purchase, for the purpose of pegging, fixing or maintaining
the price of a security. |
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A
syndicate covering transaction means the placing of any bid on behalf of the underwriting syndicate or the effecting of any purchase
to reduce a short position created in connection with the offering. |
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A
penalty bid means an arrangement that permits the managing underwriter to reclaim a selling concession from a syndicate member in
connection with the offering when offered securities originally sold by the syndicate member are purchased in syndicate covering
transactions. |
These
transactions may be effected on an exchange or automated quotation system, if the securities are listed on that exchange or admitted
for trading on that automated quotation system, or in the over-the-counter market or otherwise.
If
so indicated in the applicable prospectus supplement, we will authorize agents, underwriters or dealers to solicit offers from certain
types of institutions to purchase offered securities from us at the public offering price set forth in such prospectus supplement pursuant
to delayed delivery contracts providing for payment and delivery on a specified date in the future. Such contracts will be subject only
to those conditions set forth in the prospectus supplement and the prospectus supplement will set forth the commission payable for solicitation
of such contracts.
In
addition, our ADSs may be issued upon conversion of or in exchange for debt securities or other securities.
Any
underwriters to whom offered securities are sold for public offering and sale may make a market in such offered securities, but such
underwriters will not be obligated to do so and may discontinue any market making at any time without notice. The offered securities
may or may not be listed on a national securities exchange. No assurance can be given that there will be a market for the offered securities.
Any
securities that qualify for sale pursuant to Rule 144 or Regulation S under the Securities Act, may be sold under Rule 144 or Regulation
S rather than pursuant to this prospectus.
To
the extent that we make sales to or through one or more underwriters or agents in at-the-market offerings, we will do so pursuant to
the terms of a distribution agreement between us and the underwriters or agents. If we engage in at-the-market sales pursuant to a distribution
agreement, we will sell securities to or through one or more underwriters or agents, which may act on an agency basis or on a principal
basis. During the term of any such agreement, we may sell securities on a daily basis in exchange transactions or otherwise as we agree
with the underwriters or agents. The distribution agreement will provide that any securities sold will be sold at prices related to the
then prevailing market prices for ADSs. Therefore, exact figures regarding proceeds that will be raised or commissions to be paid cannot
be determined at this time and will be described in a prospectus supplement. Pursuant to the terms of the distribution agreement, we
also may agree to sell, and the relevant underwriters or agents may agree to solicit offers to purchase, blocks of ADSs or other securities.
The terms of each such distribution agreement will be set forth in more detail in a prospectus supplement to this prospectus.
In
connection with offerings made through underwriters or agents, we may enter into agreements with such underwriters or agents pursuant
to which we receive our outstanding securities in consideration for the securities being offered to the public for cash. In connection
with these arrangements, the underwriters or agents may also sell securities covered by this prospectus to hedge their positions in these
outstanding securities, including in short sale transactions. If so, the underwriters or agents may use the securities received from
us under these arrangements to close out any related open borrowings of securities.
We
may enter into derivative transactions with third parties or sell securities not covered by this prospectus to third parties in privately
negotiated transactions. If the applicable prospectus supplement indicates, in connection with those derivatives, such third parties
(or affiliates of such third parties) may sell securities covered by this prospectus and the applicable prospectus supplement, including
in short sale transactions. If so, such third parties (or affiliates of such third parties) may use securities pledged by us or borrowed
from us or others to settle those sales or to close out any related open borrowings of shares, and may use securities received from us
in settlement of those derivatives to close out any related open borrowings of shares. The third parties (or affiliates of such third
parties) in such sale transactions will be underwriters and, if not identified in this prospectus, will be identified in the applicable
prospectus supplement (or a post-effective amendment).
We
may loan or pledge securities to a financial institution or other third party that in turn may sell the securities using this prospectus.
Such financial institution or third party may transfer its short position to investors in our securities or in connection with a simultaneous
offering of other securities offered by this prospectus or in connection with a simultaneous offering of other securities offered by
this prospectus.
LEGAL
MATTERS
Certain
legal matters with respect to Israeli law and with respect to the validity of the offered securities under Israeli law will be
passed upon for us by Goldfarb Gross Seligman & Co. Certain legal matters with respect to U.S. federal securities law and
New York law will be passed upon for us by Lucosky Brookman LLP.
EXPERTS
The
financial statements incorporated in this prospectus by reference to the annual report on Form 10-K for the year ended December 31, 2022
have been so incorporated in reliance on the report of Kost Forer Gabbay & Kasierer, a member of Ernst & Young Global, an independent
registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
WHERE
YOU CAN FIND MORE INFORMATION
We
have filed with the SEC a registration statement on Form F-3 under the Securities Act, with respect to the securities offered by this
prospectus. However, as is permitted by the rules and regulations of the SEC, this prospectus, which is part of our registration statement
on Form F-3, omits certain non-material information, exhibits, schedules and undertakings set forth in the registration statement. For
further information about us, and the securities offered by this prospectus, please refer to the registration statement.
We
are subject to the reporting requirements of the Exchange Act that are applicable to a foreign private issuer. In accordance with the
Exchange Act, we file reports, including annual reports on Form 20-F. We also furnish to the SEC under cover of Form 6-K material information
required to be made public in Israel, filed with and made public by any stock exchange or distributed by us to our shareholders.
The
SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers, such
as us, that file electronically with the SEC (http://www.sec.gov).
As
a foreign private issuer, we are exempt from the rules under the Exchange Act prescribing the furnishing and content of proxy statements
to shareholders and our officers, directors and principal shareholders are exempt from the “short-swing profits” reporting
and liability provisions contained in Section 16 of the Exchange Act and related Exchange Act rules.
INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE
We
file annual and special reports and other information with the SEC (File Number 001-37353). These filings contain important information
which does not appear in this prospectus. The SEC allows us to “incorporate by reference” information into this prospectus,
which means that we can disclose important information to you by referring you to other documents which we have filed or will file with
the SEC. We are incorporating by reference in this prospectus the documents listed below and all amendments or supplements we may file
to such documents, as well as any future filings we may make with the SEC on Form 20-F under the Exchange Act before the time that all
of the securities offered by this prospectus have been sold or de-registered:
|
● |
our Annual Report on Form 10-K for the fiscal year ended on December 31, 2022, filed with the SEC on April 17, 2023. |
|
● |
reports
on Form 6-K furnished to the Commission on July 3, 2023 (two reports), July 5, 2023 (relating to our Annual General Meeting of
Shareholders), July 12, 2023, August 1, 2023 and August 11, 2023 and reports on Form 6-K/A furnished to the Commission on August 14, 2023 and August 18, 2023. |
|
● |
the description of our ordinary shares contained under the heading “Item 1. Description of Registrant’s Securities to be Registered” in our registration statement on Form 8-A, as filed with the SEC on April 20, 2015, including any subsequent amendment or any report filed for the purpose of updating such description. |
In
addition, any reports on Form 6-K submitted to the SEC by the registrant pursuant to the Exchange Act after the date of the initial registration
statement and prior to effectiveness of the registration statement that we specifically identify in such forms as being incorporated
by reference into the registration statement of which this prospectus forms a part and all subsequent annual reports on Form 20-F filed
after the effective date of this registration statement and prior to the termination of this offering and any reports on Form 6-K subsequently
submitted to the SEC or portions thereof that we specifically identify in such forms as being incorporated by reference into the registration
statement of which this prospectus forms a part, shall be considered to be incorporated into this prospectus by reference and shall be
considered a part of this prospectus from the date of filing or submission of such documents.
Certain
statements in and portions of this prospectus update and replace information in the above listed documents incorporated by reference.
Likewise, statements in or portions of a future document incorporated by reference in this prospectus may update and replace statements
in and portions of this prospectus or the above listed documents.
We
will provide you without charge, upon your written or oral request, a copy of any of the documents incorporated by reference in this
prospectus, other than exhibits to such documents which are not specifically incorporated by reference into such documents. Please direct
your written or telephone requests to BiondVax Pharmaceuticals Ltd., Jerusalem BioPark, 2nd Floor, Hadassah Ein Kerem Campus, Jerusalem,
Israel, Attn: Uri Ben Or, telephone number +972 8-930-2529. You may also obtain information about us by visiting our website at www.biondvax.com.
Information contained in our website is not part of this prospectus.
ENFORCEABILITY
OF CIVIL LIABILITIES
We
are incorporated under the laws of the State of Israel. Service of process upon us and upon our directors and officers and the Israeli
experts named in this prospectus, substantially all of whom reside outside the United States, may be difficult to obtain within the United
States. Furthermore, because substantially all of our assets and substantially all of our directors and officers are located outside
the United States, any judgment obtained in the United States against us or any of our directors and officers may not be collectible
within the United States.
We
have irrevocably appointed Puglisi & Associates as our agent to receive service of process in any action against us in any U.S. federal
or state court arising out of this offering or any purchase or sale of securities in connection with this offering. The address of our
agent is 850 Library Avenue, Suite 204, Newark, Delaware.
We have been informed by our legal counsel in Israel, Goldfarb Gross
Seligman & Co., that it may be difficult to initiate an action with respect to U.S. securities law in Israel. Israeli courts may refuse
to hear a claim based on an alleged violation of U.S. securities laws reasoning that Israel is not the most appropriate forum to hear
such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that Israeli law and not U.S. law is applicable
to the claim. If U.S. law is found to be applicable, the content of applicable U.S. law must be proved as a fact by expert witnesses which
can be a time-consuming and costly process. Certain matters of procedure may also be governed by Israeli law.
Subject
to certain time limitations and legal procedures, Israeli courts may enforce a U.S. judgment in a civil matter which, subject to certain
exceptions, is non-appealable, including judgments based upon the civil liability provisions of the Securities Act and the Exchange Act
and including a monetary or compensatory judgment in a non-civil matter, provided that:
|
● |
the
judgment was rendered by a court which was, according to the laws of the state of the court, competent to render the judgment; |
|
● |
the
obligation imposed by the judgment is enforceable according to the rules relating to the enforceability of judgments in Israel and
the substance of the judgment is not contrary to public policy; and |
|
● |
the
judgment is executory in the state in which it was given. |
Even
if these conditions are met, an Israeli court will not declare a foreign civil judgment enforceable if:
|
● |
the
judgment was given in a state whose laws do not provide for the enforcement of judgments of Israeli courts (subject to exceptional
cases); |
|
● |
the
enforcement of the judgment is likely to prejudice the sovereignty or security of the State of Israel; |
|
● |
the
judgment was obtained by fraud; |
|
● |
the
opportunity given to the defendant to bring its arguments and evidence before the court was not reasonable in the opinion of the
Israeli court; |
|
● |
the
judgment was rendered by a court not competent to render it according to the laws of private international law as they apply in Israel; |
|
● |
the
judgment is contradictory to another judgment that was given in the same matter between the same parties and that is still valid;
or |
|
● |
at
the time the action was brought in the foreign court, a lawsuit in the same matter and between the same parties was pending before
a court or tribunal in Israel. |
If
a foreign judgment is enforced by an Israeli court, it generally will be payable in Israeli currency, which can then be converted into
non-Israeli currency and transferred out of Israel. The usual practice in an action before an Israeli court to recover an amount in a
non-Israeli currency is for the Israeli court to issue a judgment for the equivalent amount in Israeli currency at the rate of exchange
in force on the date of the judgment, but the judgment debtor may make payment in foreign currency. Pending collection, the amount of
the judgment of an Israeli court stated in Israeli currency ordinarily will be linked to the Israeli consumer price index plus interest
at the annual statutory rate set by Israeli regulations prevailing at the time. Judgment creditors must bear the risk of unfavorable
exchange rates.
EXPENSES
The
following is a statement of expenses in connection with the distribution of the securities registered. All amounts shown are estimates
except the SEC registration fee. The estimates do not include expenses related to offerings of particular securities. Each prospectus
supplement describing an offering of securities will reflect the estimated expenses related to the offering of securities under that
prospectus supplement.
SEC registration fees | |
$ | 16,530 | |
FINRA fees | |
$ | 23,000 | |
Printing expenses | |
| | * |
Legal fees and expenses | |
| | * |
Accounting fees and expenses | |
| | * |
Miscellaneous costs | |
| | * |
Total | |
| | * |
* | To
be provided in a prospectus supplement describing an offering of securities or a report on Form 6-K that is incorporated by reference
herein. |
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 8. Indemnification of Directors and Officers
Under
the Companies Law, a company may not exculpate an office holder from liability for a breach of the duty of loyalty. An Israeli company
may exculpate an office holder in advance from liability to the company, in whole or in part, for damages caused to the company as a result
of a breach of duty of care but only if a provision authorizing such exculpation is included in its articles of association. Our articles
of association include such a provision. The company may not exculpate in advance a director from liability arising out of a prohibited
dividend or distribution to shareholders.
Under
the Companies Law, a company may indemnify an office holder in respect of the following liabilities and expenses incurred for acts performed
by him or her as an office holder, either pursuant to an undertaking made in advance of an event or following an event, provided its articles
of association include a provision authorizing such indemnification:
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● |
financial liability imposed on him or her in favor of another person pursuant to a judgment, including a settlement or arbitrator’s award approved by a court. However, if an undertaking to indemnify an office holder with respect to such liability is provided in advance, then such an undertaking must be limited to events which, in the opinion of the board of directors, can be reasonably foreseen based on the company’s activities when the undertaking to indemnify is given, and to an amount or according to criteria determined by the board of directors as reasonable under the circumstances, and such undertaking shall detail the abovementioned foreseen events and amount or criteria; |
|
● |
reasonable litigation expenses, including attorneys’ fees, incurred by the office holder (i) as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, provided that (A) no indictment was filed against such office holder as a result of such investigation or proceeding; and (B) no financial liability, such as a criminal penalty, was imposed upon him or her as a substitute for the criminal proceeding as a result of such investigation or proceeding or, if such financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent; and (ii) in connection with a monetary sanction; and |
|
● |
reasonable litigation expenses, including attorneys’ fees, incurred by the office holder or imposed by a court in proceedings instituted against him or her by the company, on its behalf, or by a third party, or in connection with criminal proceedings in which the office holder was acquitted, or as a result of a conviction for an offense that does not require proof of criminal intent. |
Under
the Companies Law and the Israeli Securities Law 5728-1968 (the “Israeli Securities Law”), a company may insure an office
holder against the following liabilities incurred for acts performed by him or her as an office holder if and to the extent provided in
the company’s articles of association:
|
● |
a breach of the duty of loyalty to the company, provided that the office holder acted in good faith and had a reasonable basis to believe that the act would not harm the company; |
|
● |
a breach of duty of care to the company or to a third party, to the extent such a breach arises out of the negligent conduct of the office holder; and |
|
● |
a financial liability imposed on the office holder in favor of a third party. |
Under
our articles of association, we may insure an office holder against the aforementioned liabilities as well as the following liabilities:
|
● |
any other action against which we are permitted and/or will be permitted by law to insure an office holder; |
|
● |
expenses paid by the office holder or which he was ordered to pay, in connection with an administrative enforcement proceeding held in his case, including reasonable litigation expenses, and including legal fees; and |
|
|
|
|
● |
a financial liability in favor or a victim of a felony pursuant to Section 52ND of the Israeli Securities Law. |
Under the Companies Law, a
company may not indemnify, exculpate or insure an office holder against any of the following:
|
● |
a breach of the duty of loyalty, except for indemnification and insurance for a breach of the duty of loyalty to the company to the extent that the office holder acted in good faith and had a reasonable basis to believe that the act would not harm the company; |
|
● |
a breach of duty of care committed intentionally or recklessly, excluding a breach arising out of the negligent conduct of the office holder; |
|
● |
an act or omission committed with intent to derive illegal personal benefit; or |
|
● |
a fine or forfeit levied against the office
holder. |
Under
the Companies Law, exculpation, indemnification and insurance of office holders in a public company must be approved by the compensation
committee and the board of directors and, with respect to certain office holders or under certain circumstances, also by the shareholders.
Our
articles of association permit us to exculpate, indemnify and insure our office holders to the fullest extent permitted or to be permitted
by the Companies Law and the Israeli Securities Law, including expenses incurred and/or paid by the office holder in connection with an
Administrative Enforcement Procedure.
We have entered into agreements
with each of our directors and executive officers exculpating them, to the fullest extent permitted by law and our articles of association,
and undertaking to indemnify them to the fullest extent permitted by law and our articles of association. This indemnification is limited
to events determined as foreseeable by the board of directors based on our activities, and to an amount or according to criteria determined
by the board of directors as reasonable under the circumstances.
The maximum indemnification
amount set forth in such agreements is limited to an amount which shall not exceed 25% of our net assets based on our most recently audited
or reviewed financial statements prior to actual payment of the indemnification amount. Such maximum amount is in addition to any amount
paid (if paid) under insurance and/or by a third-party pursuant to an indemnification arrangement.
In
the opinion of the SEC, indemnification of directors and office holders for liabilities arising under the Securities Act of 1933, however,
is against public policy and therefore unenforceable.
We
have obtained directors’ and officers’ liability insurance for the benefit of our office holders and intend to continue to
maintain such coverage and pay all premiums thereunder to the fullest extent permitted by the Companies Law. In addition, we entered into
agreements with each of our office holders undertaking to indemnify them to the fullest extent permitted by the Companies Law, including
with respect to liabilities resulting from the initial public offering in the U.S., to the extent that these liabilities are not covered
by insurance.
Item 9. Exhibits
The index to exhibits appears
below on the page immediately following the signature pages of this registration statement.
Item 10. Undertakings
(1) The undersigned registrant hereby undertakes:
(a) to file, during any
period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
|
(i) |
to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, or the Securities Act; |
|
(ii) |
to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and |
|
(iii) |
to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in this Registration Statement; |
provided, however, that paragraphs
(i), (ii) and (iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is
contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the
Securities Exchange Act of 1934, or the Exchange Act that are incorporated by reference in this Registration Statement or is contained
in a form of prospectus filed pursuant to Rule 424(b) that is part of the Registration Statement.
(b) that, for the purpose
of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.
(c) to remove from registration
by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(d) to file a post-effective
amendment to the registration statement to include any financial statements required by Item 8.A. of Form 20-F at the start of any delayed
offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need
not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements
required pursuant to this paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at
least as current as the date of those financial statements. Notwithstanding the foregoing, with respect to registration statements on Form F-3, a post-effective amendment
need not be filed to include financial statements and information required by Section 10(a)(3) of the Act or Rule 3-19 of this chapter
if such financial statements and information are contained in periodic reports filed with or furnished to the Commission by the registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Form F-3.
(e) that, for the purpose
of determining any liability under the Securities Act to any purchaser:
|
(i) |
each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be a part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and |
|
(ii) |
each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5) or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii) or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which the prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. |
(f) that, for the purpose
of determining liability of a registrant under the Securities Act to any purchaser in the initial distribution of the securities, the
undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration
statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to
such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to such purchaser:
|
(i) |
any preliminary prospectus or prospectus of the undersigned registrant to the offering required to be filed pursuant to Rule 424; |
|
(ii) |
any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by an undersigned registrant; |
|
|
|
|
(iii) |
the portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and |
|
(iv) |
any other communication that is an offer
in the offering made by the undersigned registrant to the purchaser. |
(2) The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the registrant’s annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed
to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(3) The undersigned registrant hereby undertakes
to supplement the prospectus, after the expiration of the subscription period, to set forth the results of the subscription offer, the
transactions by the underwriters during the subscription period, the amount of unsubscribed securities to be purchased by the underwriters,
and the terms of any subsequent reoffering thereof. If any public offering by the underwriters is to be made on terms differing from those
set forth on the cover page of the prospectus, a post-effective amendment will be filed to set forth the terms of such offering.
(4) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the provisions
referred to in Item 8, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim
for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer
or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the
matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
(5) The undersigned registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as
part of this Registration Statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this Registration Statement as of the time it
was declared effective.
(6) The undersigned registrant hereby undertakes
that, for the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains
a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of
such securities at that time shall be deemed to be the initial bona fide offering thereof.
SIGNATURES
Pursuant to the requirements
of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it complies with all of the requirements
for filing on Form F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in Tel Aviv, Israel on August 18, 2023.
|
BIONDVAX PHARMACEUTICALS LTD. |
|
|
|
|
By: |
/s/ Amir Reichman |
|
Name: |
Amir Reichman |
|
Title: |
Chief Executive Officer |
KNOW ALL PERSONS BY THESE PRESENTS,
each director and officer whose signature appears below constitutes and appoints, Amir Reichman and Mark Germain, or either of these,
his true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, to sign in any and all capacities
any and all amendments or post-effective amendments to this registration statement on Form F-3, and to sign any and all additional registration
statements relating to the same offering of securities of the Registration Statement that are filed pursuant to Rule 462(b) of the Securities
Act, and to file the same with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission,
granting such attorney-in-fact and agent full power and authority to do all such other acts and execute all such other documents as he
may deem necessary or desirable in connection with the foregoing, as fully as the undersigned may or could do in person, hereby ratifying
and confirming all that such attorney-in-fact and agent may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements
of the Securities Act, this registration statement has been signed below by the following persons on the dates and in the capacities indicated.
Signature |
|
Title |
|
|
|
|
|
|
|
/s/ Mark Germain |
|
Chairman of the Board of
Directors |
|
August 18, 2023 |
Mark Germain |
|
|
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|
|
|
|
|
|
/s/
Amir Reichman |
|
Chief
Executive Officer |
|
August
18, 2023 |
Amir Reichman |
|
(Principal Executive Officer
and Director) |
|
|
|
|
|
|
|
/s/
Uri Ben Or |
|
Chief
Financial Officer |
|
August
18, 2023 |
Uri Ben Or |
|
(Principal Financial Officer
and Principal Accounting Officer) |
|
|
|
|
|
|
|
/s/
Jay Green |
|
Director |
|
August
18, 2023 |
Jay Green |
|
|
|
|
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|
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|
|
/s/
Yael Margolin |
|
Director |
|
August
18, 2023 |
Yael Margolin |
|
|
|
|
|
|
|
|
|
/s/
George H. Lowell |
|
Director |
|
August
18, 2023 |
George H. Lowell |
|
|
|
|
|
|
|
|
|
/s/
Morris Laster |
|
Director |
|
August
18, 2023 |
Morris Laster |
|
|
|
|
|
|
|
|
|
/s/ Samuel
Moed |
|
Director |
|
August 18, 2023 |
Samuel Moed |
|
|
|
|
|
|
|
|
|
/s/ Adi Raviv |
|
Director |
|
August 18, 2023 |
Adi Raviv |
|
|
|
|
|
|
|
|
|
/s/ Avner
Rotman |
|
Director |
|
August 18, 2023 |
Avner Rotman |
|
|
|
|
Signature of authorized representative in the
United States
Pursuant to the requirements
of the Securities Act of 1933, as amended, the Registrant’s duly authorized representative has signed this Registration Statement
on Form F-3 on this 18th day of August, 2023.
|
Puglisi & Associates |
|
Authorized U.S. Representative |
|
|
|
By: |
/s/ Donald J. Puglisi |
|
Name: |
Donald J. Puglisi |
|
Title: |
Managing Director |
EXHIBIT INDEX
Exhibit No. |
|
Document |
1.1 |
|
Form of Underwriting Agreement. * |
2.1 |
|
Form of Deposit Agreement between BiondVax Pharmaceuticals Ltd., The Bank of New York Mellon, as Depositary, and owners and holders from time to time of American Depositary Shares issued thereunder (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form F-6 filed by The Bank of New York Mellon with the Securities and Exchange Commission on April 10, 2015). |
4.1 |
|
Specimen of American Depositary Receipt (included in Exhibit 2.1). |
4.2 |
|
Form of Warrant Agreement (including form of Warrant Certificate).* |
4.3 |
|
Form of Subscription Right Agreement (including form of Right Certificate).* |
4.4 |
|
Form of Unit Agreement (including form of Unit Certificate).* |
5.1 |
|
Opinion of Goldfarb Gross Seligman & Co., Israeli legal counsel to the Registrant, re legality (including consent). |
5.2 |
|
Opinion
of Lucosky Brookman LLP, U.S. legal counsel to the Registrant (including consent). |
23.1 |
|
Consent of Kost Forer Gabbay & Kasierer, Certified Public Accountant (Isr.), a member of Ernst & Young Global, independent registered public accounting firm for the Registrant. |
23.2 |
|
Consent of Goldfarb Gross Seligman & Co. (included in Exhibit 5.1). |
23.3 |
|
Consent of Lucosky Brookman (included in Exhibit 5.2) |
24.1 |
|
Powers of Attorney (included in signature page to Registration Statement). |
107 |
|
Filing Fee Table |
* |
To be filed, if applicable, by amendment, or as an exhibit to a report on Form 6-K and incorporated herein by reference. |
II-8
Exhibit 5.1
August 18, 2023
BiondVax Pharmaceuticals Ltd.
Jerusalem BioPark
Hadassah Ein Kerem Campus, 2nd floor
Jerusalem 9112001, Israel
Ladies and Gentlemen:
We have acted as Israeli counsel
for BiondVax Pharmaceuticals Ltd., an Israeli company organized under the laws of the State of Israel (the “Company”),
in connection with the registration statement on Form F-3 (the “Registration Statement”) to be filed with the Securities
and Exchange Commission (the “SEC”) on or about August 18, 2023 under the Securities Act of 1933, as amended (the “Act”).
The Registration Statement relates to the proposed offer and sale by the Company from time to time, as set forth in the prospectus contained
in the Registration Statement (the “Prospectus”) and as shall be set forth in one or more supplements to the Prospectus
(each, a “Prospectus Supplement”), of up to a $150,000,000 aggregate amount of American Depositary Shares (“ADSs”),
each representing four hundred (400)ordinary shares, no par value, of the Company (“Ordinary Shares”).
In connection herewith,
we have examined originals or copies, satisfactory to us, of the Company’s articles of association and resolutions of the Board
of Directors, and we have examined and relied without investigation as to matters of fact upon the Registration Statement and the exhibits
thereto, and such certificates, statements and results of inquiries of public officials and officers and representatives of the Company
and originals or copies, certified or otherwise identified to our satisfaction, of such other documents, corporate records, certificates
and instruments as we have deemed necessary or appropriate to enable us to render the opinions expressed herein. We have assumed the genuineness
of all signatures on all documents examined by us, the legal competence and capacity of natural persons, the authenticity of documents
submitted to us as originals, and the conformity with authentic original documents of all documents submitted to us as copies.
For the purpose of the opinions
expressed below, we have assumed further that after the issuance of the ADSs or the Ordinary Shares pursuant to the Registration Statement,
the total number of issued Ordinary Shares, together with the total number of Ordinary Shares reserved for issuance upon the exercise,
exchange or conversion, as the case may be, of any exercisable, exchangeable or convertible security then outstanding, will not exceed
the total number of authorized share capital under the Company’s articles of association.
Based upon the foregoing,
in reliance thereon and subject to the assumptions, comments, qualifications, limitations and exceptions stated herein and the effectiveness
of the Registration Statement under the Act, we are of the opinion that with respect to the Ordinary Shares underlying ADSs, assuming
the taking of all necessary corporate action to authorize and approve the issuance of any ADSs and/or Ordinary Shares, as the case may
be, the terms of the offering thereof and related matters, upon payment of the consideration therefor provided for in the applicable definitive
purchase, underwriting or similar agreement approved by the board of directors such Ordinary Shares will be validly issued, fully paid
and non-assessable.
In addition to the assumptions,
comments, qualifications, limitations and exceptions set forth above, the opinions set forth herein are further limited by, subject to
and based upon the following assumptions, comments, qualifications, limitations and exceptions:
| a) | We are members of the Israel Bar, and we express no opinion as to any matter relating to the laws of any
jurisdiction other than the laws of the State of Israel and have not, for the purpose of giving this opinion, made any investigation of
the laws of any other jurisdiction than the State of Israel. The opinions set forth herein are made as of the date hereof and are subject
to, and may be limited by, future changes in the factual matters set forth herein, and we undertake no duty to advise you of the same.
The opinions expressed herein are based upon the law in effect (and published or otherwise generally available) on the date hereof, and
we assume no obligation to revise or supplement these opinions should such law be changed by legislative action, judicial decision or
otherwise. In rendering our opinions, we have not considered, and hereby disclaim any opinion as to, the application or impact of any
laws, cases, decisions, rules or regulations of any other jurisdiction, court or administrative agency. This opinion is expressly limited
to the matters set forth above, and we render no opinion, whether by implication or otherwise, as to any other matters. |
| b) | You have informed us that you intend to issue the ADSs from time to time on a delayed or continuous basis,
and this opinion is limited to the laws, including the rules and regulations, as in effect on the date hereof. We understand that prior
to issuing any ADSs you will afford us an opportunity to review the operative documents pursuant to which such ADSs are to be issued (including
the applicable Prospectus Supplement) and will file such supplement or amendment to this opinion (if any) as we may reasonably consider
necessary or appropriate. |
We hereby consent to the
filing of this opinion as Exhibit 5.1 to the Registration Statement and to the use of our name under the caption “Legal Matters”
in the Prospectus. We also consent to your filing copies of this opinion as an exhibit to the Registration Statement with agencies of
such states as you deem necessary in the course of complying with the laws of such states regarding the offering and sale of the ADSs.
In giving such consent, we do not thereby concede that we are within the category of persons whose consent is required under Section 7
of the Act or the Rules and Regulations of the Commission thereunder.
|
Very truly yours, |
|
|
|
/s/ Goldfarb Gross Seligman & Co. |
Exhibit 5.2
|
LUCOSKY BROOKMAN LLP |
August 18, 2023
|
101 Wood Avenue South
5th floor
Woodbridge, NJ 08830
T - (732) 395-4400
F - (732) 395-4401 |
|
111 Broadway
Suite 807
New York, NY 10006 |
|
T - (212) 417-8160
F - (212) 417-8161 |
BiondVax Pharmaceuticals Ltd.
Jerusalem BioPark
Hadassah Ein Kerem Campus, 2nd floor
Jerusalem 9112001, Israel |
www.lucbro.com |
|
Re: |
Registration Statement on Form S-3 |
Ladies and Gentlemen:
We are acting as counsel for BiondVax Pharmaceuticals Ltd., an Israeli
company (the “Company”), in connection with the Registration Statement on Form F-3 (such Registration Statement, as amended
from time to time, is herein referred to as the “Registration Statement”), including a base prospectus (the “Base Prospectus”),
which provides that it will be supplemented by one or more prospectus supplements (each such prospectus supplement, together with the
Base Prospectus, a “Prospectus”), filed by the Company with the Securities and Exchange Commission (the “Commission”)
under the Securities Act of 1933, as amended (the “Securities Act”), on the date hereof, relating to the registration of the
proposed public offering from time to time of up to $150,000,000 in aggregate principal amount of the Company’s American Depositary
Shares (the “ADSs”), each ADS representing 400 ordinary shares of the Company, no par value per share (the “Ordinary
Shares”). The ADSs will be issued pursuant to a Deposit Agreement dated as of May 11, 2015 (the “Deposit Agreement”)
among the Company, The Bank of New York Mellon, as depositary (the “Depositary”), with the designated Israeli bank or broker
custodian for the Depositary, and each holder and beneficial owner of ADSs issued thereunder.
In connection with this opinion, we have examined such corporate records,
documents, instruments, certificates of public officials and of the Company, and such questions of law as we have deemed necessary for
the purpose of rendering the opinions set forth herein.
In such examination, we have assumed the genuineness of all signatures
and the authenticity of all items submitted to us as originals and the conformity with originals of all items submitted to us as copies
and the legal competence of all signatories to such documents.
Based on the foregoing, and subject to the further assumptions and
qualifications set forth below, it is our opinion that, when the ADSs are issued in accordance with the Deposit Agreement against the
deposit of duly authorized, validly issued, fully paid and non-assessable Ordinary Shares, such ADSs will be duly and validly issued under
the Deposit Agreement and will entitle the holders thereof to the rights specified therein.
Please note that we are opining only as to the matters expressly set
forth herein, that no opinion should be inferred as to any other matter. We are opining herein as to the laws of the State of New York
as in effect on the date hereof, and we express no opinion with respect to any other laws, rules, or regulations. This opinion is based
upon currently existing laws, rules, regulations, and judicial decisions, and we disclaim any obligation to advise you of any change in
any of these sources of law or subsequent legal or factual developments which might affect any matters or opinions set forth herein. In
rendering the foregoing opinions, we have relied, for matters involving Israeli law, solely on the opinion of Goldfarb Gross Seligman
& Co., Israeli counsel to the Company.
This opinion is being rendered solely in connection with the registration
of the offering and the sale of the ADSs, pursuant to the registration requirements of the Securities Act.
We hereby consent to the use of this opinion as Exhibit 5.2 to the
Registration Statement, and to the reference to us under the caption “Legal Matters” in the prospectus included in the Registration
Statement. In giving such consent, we do not hereby admit that we are acting within the category of persons whose consent is required
under Section 7 of the Securities Act or the rules or regulations of the Commission thereunder. This opinion is given as of the date hereof
and we assume no obligation to update or supplement such opinion to reflect any facts or circumstances that may hereafter come to our
attention or any changes that may hereafter occur.
|
Very Truly Yours, |
|
|
|
/s/ Lucosky Brookman LLP |
|
Lucosky Brookman LLP |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
We consent to the incorporation by reference in this Registration Statement
(Form F-3) and related prospectus of Biondvax Pharmaceuticals Ltd. of our report dated April 17, 2023, with respect to the financial statements
of Biondvax Pharmaceuticals Ltd. included in its Annual Report (Form 10-K) for the year ended December 31, 2022, filed with the Securities
and Exchange Commission.
/s/ Kost Forer Gabbay & Kasierer |
|
Kost Forer Gabbay & Kasierer |
|
A member firm of Ernst & Young Global
Tel Aviv, Israel
August 18, 2023
Exhibit 107
Calculation of Filing Fee Tables
FORM F-3
(Form Type)
BIONDVAX PHARMACEUTICALSLTD.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered and Carry Forward Securities
|
|
Security
Type |
|
Security
Class
Title |
|
Fee
Calculation
or Carry
Forward
Rule |
|
Amount
Registered (1) |
|
Proposed
Maximum
Offering
Price Per
Unit (2) |
|
Maximum
Aggregate
Offering
Price |
|
Fee
Rate |
|
Amount of
Registration
Fee |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees to Be Paid |
|
Equity |
|
Ordinary Shares, par value NIS 0.01 per share |
(1) |
|
- |
|
$ |
- |
|
$ |
- |
|
- |
|
$ |
- |
|
|
|
Equity |
|
American Depository Shares (2) |
(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
Warrants to Purchase American Depository Shares (2) |
(1) |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
|
Other |
|
Subscription Rights |
|
(1) |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
|
Equity |
|
Units |
(1) |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
|
Unallocated (Shelf) |
|
(1) |
(1) |
|
(1) |
|
|
(3) |
|
$ |
150,000,000 |
|
0.0001102 |
|
$ |
16,530 |
|
|
Total Offering Amounts |
|
|
|
|
$ |
150,000,000 |
|
|
|
$ |
16,530 |
|
|
|
Total Fees Previously Paid |
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
Total Fee Offsets |
|
|
|
|
|
|
|
|
|
$ |
16,409 |
(4) |
|
Net Fee Due |
|
|
|
|
|
|
|
|
|
$ |
121 |
(4) |
(1) |
There are being registered hereunder such indeterminate number of the securities of each identified class being registered as may be sold by the registrant from time to time at indeterminate prices, with the maximum aggregate public offering price not to exceed $150 million. Also includes such indeterminate number of securities of BiondVax Pharmaceuticals Ltd. (the “Registrant”) as may be issued upon exercise, conversion or exchange of these securities. Separate consideration may or may not be received for securities that are issuable upon exercise, conversion or exchange of other securities. |
(2) |
The ordinary shares registered hereby may be represented by American depository shares (ADSs). ADSs evidenced by American depositary receipts issuable upon deposit of the ordinary shares registered hereby have been registered pursuant to a separate registration statement on Form F-6 (File No. 333- 203333). Each ADS represents four hundred (400) ordinary shares. |
(3) |
The proposed maximum offering price per unit of each class of securities will be determined from time to time by the Registrant in connection with the issuance by the Registrant of the securities registered hereunder and is not specified as to each class of security pursuant to General Instruction II.D. of Form F-3 under the Securities Act of 1933, as amended (the “Securities Act”). |
|
|
(4) |
The Registrant previously filed a Registration Statement on Form F-3 with the Securities and Exchange Commission on July 29, 2020 (File No. 333-240189), which was declared effective on August 10, 2020 (the “Prior Registration Statement”), that registered an aggregate of $150,000,000 of an indeterminate number of securities to be offered by the Registrant from time to time. Of the $150,000,000 of securities registered on the Prior Registration Statement, for which the Registrant paid a filing fee of $19,470 in connection therewith, $126,420,000.00 of the securities remain unsold, leaving $16,409 in previously paid fees available for future offset (calculated at the fee rate in effect on the filing date of the Prior Registration Statement). In accordance with Rule 457(p) under the Securities Act, the Registrant is using $16,409 of the unused filing fees to offset the filing fee payable in connection with this filing. Accordingly, a registration fee of $121 is due to be paid at this time. Concurrently with the effectiveness of this registration statement, any offering of unsold securities pursuant to the Prior Registration Statement is hereby terminated. |
Table 2: Fee Offset Claims and Sources
|
|
Registrant
or Filer
Name |
|
Form
or
Filing
Type |
|
File
Number |
|
Initial
Filing
Date |
|
Filing
Date |
|
Fee Offset
Claimed |
|
Security
Type
Associated
with Fee
Offset
Claimed |
|
Security
Title
Associated
with Fee
Offset
Claimed |
|
Unsold
Securities
Associated
with Fee
Offset
Claimed |
|
Unsold
Aggregate
Offering
Amount
Associated
with Fee
Offset
Claimed |
|
Fee Paid
with Fee
Offset
Source |
|
Rule 457(p) |
|
Fee Offset Claims |
|
BiondVax Pharmaceuticals Ltd. |
|
F-3 |
|
333-240189 |
|
July 29, 2020 |
|
|
|
$ |
19, 470 |
|
Unallocated (Universal) Shelf |
|
(1) |
|
Unallocated (Universal) Shelf |
|
$ |
126,420,000 |
|
|
|
|
Fee Offset Sources |
|
BiondVax Pharmaceuticals Ltd. |
|
F-3 |
|
333-240189 |
|
|
|
July 29, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
16,409 |
|
(1) Pursuant to Rule 457(p) under the Securities Act, the Registrant is offsetting the registration fee due under this registration statement
by $16,409, which represents the portion of the registration fee previously paid with respect to $126,420,000 of unsold securities (the
“Unsold Offset Securities”) previously registered on the 2020 Registration Statement. The offering of the Unsold Offset Securities
pursuant to the Prior Registration Statement associated with the claimed fee offset pursuant to Rule 457(p) have been completed or terminated.
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