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| The Tel Aviv Stock Exchange (TASE) Board of Directors approved at its 19 April meeting new temporary regulations designed to minimize the occurrence of low-priced shares. The Board resolved to suspend trading in shares for which the share price has fallen to 1 agora, to prevent the issue of shares with prices lower than 10 agorot and to prevent distortions in the calculation of the minimal free float capitalization required to renew trading on TASE's main list.
Key Temporary Regulations
1. TASE trading in a share will be suspended should its price fall below 1 agora for 15 trading days of the preceding 30 days. The renewal of trade will be possible only if the company completes a reverse split.
2. Placement share price:
- The listing of shares for TASE trading will be contingent on a share price of at least 10 agorot, subsequent to any public offering, private placement or rights offering. For bundled offerings of shares and warrants, the share price will be calculated by subtracting the economic value of the bundled warrants.
- The listing of shares subsequent to the distribution of share dividends ("bonus shares") will be contingent on the share price after distribution, being at least 10 agarot.
- The exercise price of warrants, traded and non-traded alike, will be at least 10 agarot;
- The capitalization of the free float for the purpose of eligibility to return to the TASE main list for shares in which a private placement will be carried out, will take into consideration the share price reflected in the private placement.
3. In cases in which shares are collected from the public as part of a debt restructuring arrangement, the calculation of share prices for the purpose of determining free float capitalization will take into consideration the total proceeds from the collected shares divided by the number of shares comprising the company's share capital.
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