Exhibit 5.1

 

Yigal Arnon (1929-2014) Dror Vigdor Amalia Meshi Amnon Lorch Hagai Shmueli Barry Levenfeld David H. Schapiro Hagit Bavly Orna Sasson Barak Tal Shiri Shaham Doron Tamir Daniel Abarbanel David Osborne Gil Oren Ronit Amir Yaniv Orly Tsioni Mordehai Baicz Barak Platt Benjamin Horef Yoran Gill Asaf Eylon Adrian Daniels Yuval Shalheveth Jacob Ben Chitrit Peter Sugarman Ben Sandler Boaz Fiel Joeri Kreisberg Simon Weintraub Ruth Loven Yarom Romem Adam Spruch Yuval Bargil Eliran Furman
Eran Lempert
Ofir Levy Daniel Green Hanital Belinson Yoheved Novogroder
Oren Roth
Dror Varsano Odelia Sidi Shira Lahat Micki Shapira Eran Zach Ido Chitman Aner Hefetz David Akrish Nir Rosner Assaf Mesica Liron Hacohen Guy Fuhrer Ezra Gross David Roness Eli Greenbaum Lee Maor
Nimrod Vromen Guy Sagiv Shani Rapoport Lior Gelbard Keren Tal Naftali Nir Yael Hoefler Sagi Schiff Netanella Treistman Daniel Damboritz Yulia Lazbin Joshua Lieberman
Eyal Aichel Roy Masuri
Avi Anouchi Sivan Gilron Dotan
Tomer Bar-Nathan Edan Regev Gitit Ramot-Adler Guy Kortany Goor Koren
Roey Sasson Nir Rodnizky Michal Sagmon Hila Rot
Eran Kadosh Neta Goshen Chen Lanir Daphna Livneh Tamar Gilboa
Adi Samuel Alona Toledano
Yuval Shamir Lihi Katzenelson
Inbar Hakimian-Nahari Naama Hod
Raffi Brown
Shahar Uziely Yehudit Biton Omri Schnaider Michal Zeituny Taub Rinat Michael Adi Attar Amos Oseasohn Ofir Paz Adi Daniel Dafna Shaham Miriam Friedmann Roni Osborne Noam Shochat
Noa Slavin
Michael Horowitz Guy Fatal
Shani Lorch Itamar Cohen Shai Margalit Yonatan Whitefield Moshe Lankry
Nir Kamhi Shira Teger Rachel Lerman Ravid Saar Sophie Blackston Elad Morgenstern
Ron Ashkenazi Carmel Nudler Yehonatan Cohen David Shmulevitz Aaron Shaw
Guy Ziv-Shalom Lior Cohen Goldstein Shiri Vilkin
Asaf tenenbaum
Liad Kalderon Nataly Margalit Shiran Glitman Dani Weissberg Lareine Khoury Nohar Hadar Nitzan Kahana Tali Har-Oz Tal Alon Mor Ido
Nechemia Englman Tomer Tako
Natalie Korenfeld
Moshe Pasker Nitzan Fisher Conforti Victoria Savu
Derora Tropp
Hila Amiel Chaim Cohen Michal Mor Shine Meron Galit Frank Elad Peleg Maytal Spivak Avraham Schoen Elan Loshinsky Josh Hauser Eitan Cohen Dror Kanarik Sarig Royi Heilig Carmel Bareket
Yifat Hovev Maor Alev Vered Glaubach Yair Taitelbaum Regina Pevzner
Maor Layani Areen Nashef
Ido Zahavi Guy Yarom Hillel Segal Yonatan Grinstein Tom Kuper
Moran Shachar Daniel Rosenbaum
Avital Salzman Rotem Cohen Idan Adar Shahar Iluz Itay Ashkenazi Roei Brizel Ido Sella
Evyatar Katz
Hadil Nassif Khawand
Maayan Malka Rublin Ran Aziel Stav Orenstein Charleen Moerdler
Avia Ickovics Amira Brizel Lior Hochshtadt Ofek Sinai Shmuel Ofen Or Perel Uri Galatt Maya Haran
Avishai Oberman
Elior Goldenberg
Eyal Safrai Yuval Dekel
Adina Mirchin Shira Eidelman Amiram Zano Dana Kleiman Basel Sader Sapir Shimoni Leah Grumet
Tal Segev
Yehuda Attar
Moshe Abraham Avichai Isaschar Yitzy Rizel     Gidon Weinstock Of Counsel Roy Keidar Of Counsel Tamar Tavory Of Counsel   Paul H. Baris (1934-2010) Rami Kook Nira Kuritzky Eran Ilan

Tel Aviv | February 23, 2022

Cyren Ltd.

10 Ha-Menofim St., 5th Floor

Herzliya, 4672561

Israel

Dear Sir/Madam,

Re: Cyren Ltd.

We have acted as special counsel to Cyren Ltd., a company organized under the laws of the State of Israel (the “Company”), in connection with the issuance and sale by the Company in a private offering (the “Offering”) of 760,757 ordinary shares of the Company par value ILS 3.0 per share (the “Ordinary Shares” and, such number of Ordinary Shares issued and sold in the Offering, the “Offered Shares”), warrants (the “Ordinary Warrants”) to purchase 3,129,075 Ordinary Shares of the Company (the “Ordinary Warrant Shares”) and pre-funded warrants (the “Pre-Funded Warrants”) to purchase 2,368,318 Ordinary Shares of the Company (the “Pre-Funded Warrant Shares”), as contemplated by the securities purchase agreements, dated as of February 10, 2022, by and among the Company and the Investors (as defined therein) (the “SPA”). The Company has also entered into that certain letter agreement, dated as of February 6, 2022 (the “Engagement Letter” and together with the SPA, the “Agreements”), by and between the Company and H.C. Wainwright & Co., LLC (the “Placement Agent”), pursuant to which the Placement Agent agreed to act as the placement agent in connection with the Offering and the Company has agreed to issue to the Placement Agent (or its designees) warrants (the “Engagement Letter Warrants” and together with the Ordinary Warrants and the Pre-Funded Warrants, the “Warrants”) to purchase up to 187,745 Ordinary Shares (the “Engagement Letter Warrant Shares,” and together with the Ordinary Warrant Shares, Pre-Funded Warrant Shares, the “Warrant Shares”).

  1 Azrieli Center, Tel Aviv, 6702101 | Phone: +972-3-6087777 | Fax: +972-3-6087724 31 Hillel Street, Jerusalem, 9458131 | Phone: +972-2-6239239 | Fax: +972-2-6239233 www.arnon.co.il | info@arnon.co.il

As counsel to the Company in Israel, we have examined copies of the Agreements, the Amended and Restated Articles of Association of the Company and such corporate records, instruments, and other documents relating to the Company and such matters of law as we have considered necessary or appropriate for the purpose of rendering this opinion.

In rendering the opinions set forth below, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies and the authenticity of the originals of such latter documents.

Based on the foregoing, we advise you that in our opinion (i) the Ordinary Shares are duly authorized, legally issued, fully-paid and non-assessable, and (ii) the Warrant Shares are duly authorized and when issued in accordance with the terms of the Warrants, will be legally issued, fully-paid and non-assessable.

We are members of the Israeli bar, and the opinions expressed herein are limited to questions arising under the laws of the State of Israel, and we disclaim any opinion whatsoever with respect to matters governed by the laws of any other jurisdiction.

We hereby consent to the use of this opinion as Exhibit 5.1 to the Company’s Registration Statement on Form S-3 filed today with the United States Securities and Exchange Commission (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 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.

Sincerely,

/s/ Yigal Arnon & Co.

Yigal Arnon & Co.

  1 Azrieli Center, Tel Aviv, 6702101 | Phone: +972-3-6087777 | Fax: +972-3-6087724 31 Hillel Street, Jerusalem, 9458131 | Phone: +972-2-6239239 | Fax: +972-2-6239233 www.arnon.co.il | info@arnon.co.il