EX-99.2 3 ex99-2.htm EX-99.2

 

Exhibit 99.2

 

InterCure Ltd.

 

CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

As of June 30, 2025

 

 1 

 

 

InterCure Ltd.

 

CONDENSED CONSOLIDATED UNAUDITED INTERIM FINANCIAL STATEMENTS

As of June 30, 2025

 

INDEX

 

    Page
     
Condensed Consolidated Unaudited Interim Statements of Financial Position   3-4
     
Condensed Consolidated Unaudited Interim Statements of Profit or Loss and Other Comprehensive Income     5
     
Condensed Consolidated Unaudited Interim Statements of Changes in Equity   6
     
Condensed Consolidated Unaudited Interim Statements of Cash Flows   7-8
     
Notes to Condensed Consolidated Unaudited Interim Financial Statements   9-17

 

 2 

 

 

InterCure Ltd.

Condensed Consolidated Unaudited Interim Statements of Financial Position

 

 

       June 30   December 31 
       2025   2024 
   Note   NIS in thousands 
Current assets               
Cash and cash equivalents        51,334    78,318 
Restricted cash and deposits        2,436    1,316 
Trade receivables, net        46,931    51,846 
Other receivables   7    119,604    134,660 
Inventory   4    148,174    120,305 
Biological assets   5    5,269    5,023 
Financial assets measured at fair value through profit or loss   6    250    333 
                
         373,998    391,801 
                
Non-current assets               
Other receivables   7    5,824    423 
Property, plant and equipment and right-of-use asset        105,046    105,244 
Goodwill        224,778    224,594 
Deferred tax assets        39,970    38,365 
Financial assets measured at fair value through profit or loss        2,147    2,147 
                
         377,765    370,773 
                
Total assets        751,763    762,574 

 

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

 

 3 

 

 

InterCure Ltd.

Condensed Consolidated Unaudited Interim Statements of Financial Position

 

 

       June 30   December 31 
       2025   2024 
             
Current liabilities               
Short term loan and current maturities        62,767    69,435 
Trade payables        90,785    77,540 
Other payables        44,454    41,809 
Contingent consideration        3,966    3,966 
Financial liability with respect to shares and warrants to be issued   3    -    34,000 
                
         201,972    226,750 
                
Non-current liabilities               
Long term loans        94,917    113,979 
Liabilities in respect of employee benefits        973    973 
Lease liability        21,657    23,201 
                
         117,547    138,153 
Total liabilities        319,519    364,903 
                
Equity               
Share capital, premium and other reserves        675,393    658,599 
Capital reserve for transactions with controlling shareholder        2,388    2,388 
Receipts on account of warrants        19,591    - 
Capital reserve for transactions with non-controlling interests        13,561    13,561 
Accumulated losses        (279,786)   (277,579)
                
Equity attributable to owners of the Company        431,147    396,969 
                
Non-controlling interests        1,097    702 
                
Total equity        432,244    397,671 
                
Total equity and liabilities        751,763    762,574 

 

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

 

 4 

 

 

InterCure Ltd.

Condensed Consolidated Unaudited Interim Statements of Profit or Loss and Other Comprehensive Income

 

 

   Six months ended
June 30,		   Year ended
December 31		 
   2025   2024   2024 
   NIS in thousands 
             
Revenue   130,011    125,733    238,845 
Cost of revenue before fair value adjustments   91,449    85,291    203,252 
                
Gross income before impact of changes in fair value   38,562    40,442    35,593 
                
Unrealized changes to fair value adjustments of biological assets   1,661    1,218    6,458 
Loss from fair value changes realized in the current year   2,005    1,029    11,818 
                
Gross Profit   38,218    40,631    30,233 
                
Research and development expenses   191    219    414 
General and administrative expenses   14,302    18,374    53,669 
Sales and marketing expenses   26,115    27,454    54,225 
Other income, net   (9,074)   (16,414)   (12,807)
Changes in the fair value of financial assets through profit or loss, net   83    (201)   (341)
Share based payments   885    686    2,281 
                
Operating Profit (loss)   5,716    10,513    (67,208)
                
Financing income   2,356    1,031    2,747 
Financing expenses   10,369    10,070    22,862 
                
Financing expenses, net   8,013    9,039    20,115 
                
Profit (loss) before taxes on income   (2,297)   1,474    (87,323)
                
Tax (expense) benefit   485    (1,480)   14,530 
Total comprehensive loss   (1,812)   (6)   (72,793)
                
Profit (loss) attributable to:               
To the Company’s shareholders   (1,704)   1,433    (67,795)
To non-controlling interests   (108)   (1,439)   (4,998)
Total   (1,812)   (6)   (72,793)
                
Earnings per share               
Basic earnings (loss)   (0.03)   0.03    (1.48)
Diluted earnings (loss)   (0.03)   0.03    (1.48)

 

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

 

 5 

 

 

InterCure Ltd.

Condensed Consolidated Unaudited Interim Statements of Changes in Equity

 

 

  

Share capital, premium

and other reserves

   Capital reserve for transactions with controlling shareholder   Receipts on account of warrants   Capital reserve for transactions with non-controlling interests   Accumulated losses   Equity attributable to owners of the Company   Non-controlling interests   Total equity 
   NIS in thousands 
                                 
As of January 1, 2025   658,599    2,388    -    13,561    (277,579)   396,969    702    397,671 
                                         
Loss for the period   -    -    -    -    (1,704)   (1,704)   (108)   (1,812)
Share-based payment   885    -    -    -    -    885    -    885 
Issuance of shares and warrants (see note 3B)   15,909    -    19,591    -    -    35,500    -    35,500 
Attribution of loss from noncontrolling interest   -    -    -    -    (503)   (503)   503    - 
                                         
As of June 30, 2025   675,393    2,388    19,591    13,561    (279,786)   431,147    1,097    432,244 
                                         
As of January 1, 2024   643,158    2,388    -    13,561    (203,995)   455,112    1,950    457,062 
                                         
Profit (loss) for the period   -    -    -    -    1,433    1,433    (1,439)   (6)
Share-based payment   686    -    -    -    -    686         686 
De-recognition of an obligation to issue shares   (1,020)   -    -    -    -    (1,020)   (796)   (1,816)
Attribution of loss from noncontrolling interest   -    -    -    -    (1,956)   (1,956)   1,956    - 
Issuance of ordinary shares related to business combinations   6,189    -    -    -    -    6,189    -    6,189 
                                         
As of June 30, 2024   649,013    2,388    -    13,561    (204,518)   460,444    1,671    462,115 

 

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

 

 6 

 

 

InterCure Ltd.

Condensed Consolidated Unaudited Interim Statements of Cash Flows

 

 

   Six months ended
June 30,		 
   2025   2024 
   NIS in thousands 
Cash flows from operating activities          
           
Loss for the period   (1,812)   (6)
Taxes paid   (1,160)   (10,698)
Adjustments required to present cash flows from operating activities (A)   15,170    (32,785)
           
Net cash provided by (used in) operating activities   12,198    (43,489)
           
Cash flows from investing activities          
           
Purchase of property, plant and equipment   (3,245)   (356)
Loans granted   -    (1,053)
Repayment of loans granted   150    4,000 
Acquisition of subsidiaries, net of cash acquired   (114)   (551)
(Increase) decrease in restricted cash, net   (1,118)   9,000 
Net cash provided by (used in) investing activities   (4,327)   11,040 
           
Cash flows from financing activities          
           
Lease payments   (2,634)   (2,312)
Receipt of loans from banks   5,000    22,155 
Repayment of loans from banks   (30,202)   (60,442)
Issuance of shares and warrants   1,500    - 
Interest paid   (8,512)   (8,191)
Net cash provided by (used in) financing activities   (34,848)   (48,790)
           
Decrease in cash and cash equivalents   (26,977)   (81,239)
Exchange differences in respect of balances of cash and cash equivalents   (7)   (2)
Balance of cash and cash equivalents at beginning of period   78,318    101,139 
           
Balance of cash and cash equivalents at end of period   51,334    19,898 

 

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

 

 7 

 

 

InterCure Ltd.

Condensed Consolidated Unaudited Interim Statements of Cash Flows

 

 

   Six months ended
June 30,		 
   2025   2024 
   NIS in thousands 
A) Adjustments required to present cash flows from operating activities          
           
Adjustments to items in the consolidated statement of Profit or loss and Other comprehensive income:          
Depreciation   8,451    6,337 
Share-based payment   885    686 
Changes in the fair value of financial assets through profit or loss, net   83    (212)
Finance expenses, net   8,013    9,039 
Gain in respect of acquisition of a subsidiary   -    (345)
Tax expense (benefit)   (485)   1,480 
    16,947    16,985 
           
Changes in assets and liabilities items:          
           
Decrease (increase) in trade receivables   4,944    (230)
Decrease (increase) in other receivables   5,248    (21,801)
Increase in inventory   (27,869)   (19,064)
Increase in biological assets   (246)   (2,566)
Increase (decrease) in trade payables   13,191    (4,208)
Increase (decrease) in other payables   2,955    (1,901)
           
    (1,777)   (49,770)
           
    15,170    (32,785)
           
B) Material non-cash activities          
Additions to right-of-use assets   581    2,976 
Purchase of property, plant and equipment   4,342    5,970 
Issuance of shares and warrants   34,000    - 

 

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

 

 8 

 

 

InterCure Ltd.

Notes to Condensed Consolidated Unaudited Interim Financial Statements

 

 

Note 1 -General

 

A.The Company’s activity

 

InterCure Ltd. (hereinafter: the “Company”) is a public company which is listed on the Tel Aviv Stock Exchange (hereinafter: the “TASE”) and the Nasdaq Global Market, domiciled in Israel. Its offices are located in Herzliya, Israel. The Company is engaged in the medical cannabis sector mainly through its holdings of the entirely issued and paid-up capital of Canndoc Ltd. (hereinafter: “Canndoc”), Pharmazone Ltd. (hereinafter: “Pharmazone”) and Cannolam Ltd. The Company also has additional holdings in the biomed sector.

 

Canndoc:

 

The Company holds 100% of Canndoc’s issued and paid-in capital.

 

The Company, through Canndoc, is engaged in research, marketing, cultivation, production and distribution of medical cannabis products in Israel and around the world.

 

Cannolam:

 

The Company holds 100% of the shares of Cannolam Ltd., an Israeli private company, which holds, independently and/or through its owned subsidiaries, the exclusive rights to the production, importing, distribution and use of leading international cannabis and lifestyle trademarks in the territory of the state of Israel. Inter alia, Cannolam Ltd. has exclusive rights in respect of the brands Cookies, Mr. Nice and Oxon Pharma.

 

Pharmazone:

 

The Company holds 100% of the shares of Pharmazone, an Israeli private company, which operates a pharmaceutical and medical cannabis trading house.

 

Other Holdings:

 

During 2022 and 2024, the Company engaged in a series of agreements for the acquisition or opening of 6 and 6 pharmacies ,respectively.

 

During the six months ended June 30, 2025, the Company entered into agreements for the acquisition of a trading house and a company that is mainly engaged in research and development of cannabis-based medical products.

 

Investments in the biomed sector:

 

The Company holds shares of two companies in the biomed sector: F.O.R.E Biotherapeutics Ltd. (formerly known as NovellusDX Ltd., hereinafter: “Fore”), and XTL Biopharmaceuticals Ltd. (hereinafter: “XTL”).

 

 9 

 

 

InterCure Ltd.

Notes to Condensed Consolidated Unaudited Interim Financial Statements

 

 

B.Definitions:

 

In these consolidated financial statements:

 

Company - InterCure Ltd.
Group - The Company and its subsidiaries.
Related Parties - As defined in IAS 24.
USD - U.S. dollars.
NIS - New Israeli shekel.
Subsidiaries - Companies which are controlled by the Company (as defined in IFRS 10), directly or indirectly, and whose financial statements are fully consolidated with the Company’s reports.
Investee companies      - Subsidiaries and companies, including a partnership or joint venture, the Company’s investment in which is stated, directly or indirectly, on the equity basis.
Controlling shareholder - As defined under the Israeli Companies Law.

 

Note 2 -Material Accounting Policies

 

Basis of Preparation of the Financial Statements

 

These interim financial statements for the six months ended June 30, 2025, have been prepared in accordance with IAS 34, Interim Financial Report and should be read in conjunction with the Company’s last annual consolidated financial statements as at and for the year ended December 31, 2024. (the “last annual consolidated financial statements”). They do not include all of the information required for a complete set of financial statements prepared in accordance with IFRS Accounting Standards.

 

However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company’s financial position and performance since the last annual financial statements.

 

These interim financial statements were approved by the Company’s board of directors on September 17 ,2025.

 

Use of judgements and estimates

 

In preparing these interim financial statements, management has made judgements and estimates about the future, that affect the application of the Company’s accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

 

The significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those described in the last annual financial statements.

 

 10 

 

 

InterCure Ltd.

Notes to Condensed Consolidated Unaudited Interim Financial Statements

 

 

Note 2 -Material Accounting Policies (Cont.)

 

Measurement of fair values

 

All assets and liabilities which are measured at fair value, or whose fair value was disclosed, are divided into categories in the fair value hierarchy, based on the lowest level of inputs which is significant to the measurement of fair value in its entirety:

 

  Level 1:Quoted prices (without adjustments) in an active market of identical assets and liabilities .
    
  Level 2:Inputs which are not quoted prices which are included in level 1, which are directly or indirectly observable.
    
  Level 3:Inputs which are not based on observable market data, as described in Note 5 – Biological Assets, and Note 6 – Investments in financial assets measured at fair value through profit or loss (investments in companies in the biomed sector).

 

Note 3 -Transactions and Events During the Reporting Period

 

A.Following the brutal attacks on Israel, the mobilization of army reserves and the Government declaring a state of war (“Iron Swords” war) in October 2023, there was a decrease in Israel’s economic and business activity. The security situation has led, inter alia, to a disruption in the chain of supply and production, a decrease in the volume of national transportation, a shortage in manpower as well as a decrease in the value of financial assets and a rise in the exchange rate of foreign currencies in relation to the New Israeli Shekel.

 

Since the beginning of the war, the Southern facility has been damaged, including its inventory, property, plant and equipment and biological assets. In addition, until the first half of 2024, the southern facility had been designated by the Israeli authorities as a closed military area and there was limited access to the site. The Company began the process of restoring the Southern facility in 2024 and returned to production in July 2024.

 

The Company is working diligently with the Israeli tax authorities to obtain full compensation for the damages caused to the Company. As of June 30, 2025, the Company submitted applications to the Israeli tax authorities to receive compensation in the aggregate amount of NIS 251 million.

 

As of the date of approval of these financial statements the Company has received advances in the aggregate amount of NIS 81.5 million.

 

The Company recorded the compensation that, based on management and its advisors’ estimate, the Company has reasonable assurance to receive from the Israeli tax authorities, as other income.

 

The Company believes that it will be entitled to compensation from the Israeli tax authorities for all direct and indirect damages suffered, including loss of profits.

 

 11 

 

 

InterCure Ltd.

Notes to Condensed Consolidated Unaudited Interim Financial Statements

 

 

Note 3 -Transactions and Events During the Reporting Period (Cont.)

 

B.On December 31, 2024, the Company’s board of directors approved the allocation of Company shares, in a private allocation of shares and options, to nine investors and one investor, the controlling shareholder of the Company or a company under its control, who agreed to invest a total of approximately NIS 34 million in the Company. The allocation was approved at the general meeting of shareholders on February 3, 2025.

 

In February 2025, an additional investor invested NIS 1.5 million.

 

Following the approval of the general meeting, and all other required approvals, on March 3, 2025, the Company issued 7,349,896 shares and 7,349,896 warrants, and the amount was recorded in equity.

 

C.In May 2025, the Company engaged in an agreement to purchase 100% of Kanabo Research Ltd, a company that is mainly engaged in research and development of cannabis-based medical products.

 

D.On April 18, 2024, the Company engaged in an agreement to purchase 50% of “New day Distribution” trading house, and the completion date was in January 2025 subsequent to which the Company holds 100% of “New day Distribution” trading house.

 

Note 4 -Inventory:

 

Inventory is comprised of finished goods of dry packaged or rolled medical cannabis and cannabis oil, as well as the outputs of processing procedures, which include, inter alia, agricultural produce which has been transferred from biological assets, where the procedure of processing into finished goods has not yet been completed.

 

   June 30,   December 31, 
   2025   2024 
   NIS in thousands 
Finished goods   60,887    62,706 
Goods in process and dried inflorescence   87,287    57,599 
Total inventory   148,174    120,305 

 

 12 

 

 

InterCure Ltd.

Notes to Condensed Consolidated Unaudited Interim Financial Statements

 

 

Note 5 -Biological Assets:

 

The Company measured biological assets (level 3), which are mostly comprised of medical cannabis plants and agricultural produce, at fair value less selling costs up to the point of harvest. This value serves as the cost basis of inventory after the harvest.

 

The Company’s biological assets are primarily comprised of medical cannabis seedlings and medical cannabis. Presented below are the changes in biological assets during the reporting period:

 

   June 30,   December 31, 
   2025   2024 
   NIS in thousands 
Balance as of January 1   5,023    822 
Costs of growing medical cannabis plants   13,458    26,081 
Change in fair value less selling costs   1,661    1,581 
Transfer to inventory   (14,873)   (23,461)
Balance as of the end of the period   5,269    5,023 

 

Disclosure regarding assumptions which were used to estimate the net fair value of biological assets

 

A.Below are the main assumptions used:
   June 30   December 31 
   2025   2024 
Net growing area (in thousands of square meters)   10.5    10.5 
Estimated net yield as of the reporting date (tons) (1)   1.3    1.8 
Estimated net selling price (NIS per gram) (2)   16.8    16.8 
Estimated growing cycle length (in weeks) (3)   13    13 
Estimated growing cycle completion rate (in percent) (4)   35%   23%
Proportion of plants which do not reach the harvesting stage (5)   3%   3%

 

(1)According to the number of seedlings as of the end of the reporting period
(2)According to the price range of the Company’s existing products as of the end of the reporting period
(3)In accordance with the Company’s experience, and according to the strains which exist as of the reporting date
(4)By planting date vs. growing cycle length
(5)According to the final product net weight

 

B.Below is a sensitivity analysis on the fair value of the biological assets (in NIS thousands) in respect of a 10% increase in each of the following variables:

 

   June 30   December 31 
   2025   2024 
   NIS in thousands 
Average selling price   643    612 
Proportion of oil products   2    16 
Proportion of plants which do not reach harvesting   52    52 

 

 13 

 

 

InterCure Ltd.

Notes to Condensed Consolidated Unaudited Interim Financial Statements

 

 

Note 6 -Investments in Financial Assets Measured at Fair Value Through Profit or Loss:

 

The Company has investments in investees measured at fair value through profit or loss.

 

The fair value of the investments in these investees as of June 30, 2025, amounted to a total of NIS 2,397 thousand, in accordance with a quoted marked price (level 1) or valuation which was received from an external valuator (level 3).

 

Disclosure of fair value

 

The following table presents the Company’s financial assets and financial liabilities which are measured at fair value as of June 30, 2025:

 

   Level 1   Level 2   Level 3   Total 
   NIS in thousands 
Assets:                
Financial assets measured at fair value through profit or loss:                    
Investments in investees   93    -    2,147    2,240 
Investment in XTL stock   157    -    -    157 
Total assets   250    -    2,147    2,397 

 

The following table presents the Company’s financial assets and financial liabilities which are measured at fair value as of December 31, 2024:

 

   Level 1   Level 2   Level 3   Total 
   NIS in thousands 
Assets:                
Financial assets measured at fair value through profit or loss:                    
Investments in investees   83    -    2,147    2,230 
Investment in XTL stock   250    -    -    250 
Total assets   333    -    2,147    2,480 

 

 14 

 

 

InterCure Ltd.

Notes to Condensed Consolidated Unaudited Interim Financial Statements

 

 

Note 7 -Other receivables:

 

As of June 30, 2025, the balance is comprised of debts and loans in the amount of NIS 44,327 thousand, provided to non-related parties as part of mergers and acquisitions processes which did not materialize and were not completed, net of respective provision for impairment.

 

Balance of non-related parties before provision for impairment   68,423 
Provision for impairment   (24,096)
Balance of non-related parties after provision for impairment   44,327 

 

Note 8 -Operating segment data:

 

Reconciliation of operating segment data include addition of assets and liabilities which were not attributed to segments.

 

   NIS in thousands 
   Cannabis segment   Biomed segment   Reconciliations   Total 
                 
Period ended June 30, 2025                    
External revenue   130,011    -    -    130,011 
Segment profit (loss)   8,953    (83)   -    8,870 
                     
General and administrative expenses not attributable to segments                  (3,209)
Other expenses, net                  55 
Operating profit                  5,716 
                     
Segment assets   721,367    2,304    28,092    751,763 
Segment liabilities   310,796    -    8,724    319,520 

 

   NIS in thousands 
   Cannabis segment   Biomed segment   Reconciliations   Total 
                 
Period ended June 30, 2024                    
External revenue   125,733    -    -    125,733 
Segment profit (loss)   14,682    201    -    14,883 
                     
General and administrative expenses not attributable to segments                  (20,784)
Other expenses, net                  16,414 
Operating profit                  10,513 
                     
Segment assets   709,587    2,256    29,044    740,887 
Segment liabilities   273,026    -    5,746    278,772 

 

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InterCure Ltd.

Notes to Condensed Consolidated Unaudited Interim Financial Statements

 

 

Note 8 -Operating segment data: (Cont.)

 

   NIS in thousands 
   Cannabis segment   Biomed segment   Reconciliations   Total 
                 
Year ended December 31, 2024                    
External revenue   238,845    -    -    238,845 
Segment profit (loss)   (39,697)   341    -    (39,356)
                     
General and administrative expenses not attributable to segments                  (40,659)
Other expenses, net                  12,807 
Operating Loss                  (67,208)
                     
Segment assets   732,084    2,397    28,093    762,574 
Segment liabilities   418,966    -    (54,063)   364,903 

 

Note 9 -Contingent liabilities:

 

  1. Further to Note 16B(2) to the Company’s 2024 annual financial statements, with respect to the agreement with Cann Pharmaceutical Ltd., on July 1, 2025, the parties submitted a joint motion for approval of a procedural arrangement. On July 6, 2025, the Tel Aviv District Court unexpectedly declined to approve the arrangement and ordered the strikeout of the claim and counterclaim, citing delays in the proceedings. On July 17, 2025, the parties filed a joint notice opposing the strikeout and clarifying that the delays were due to the war in Israel and reserve military service of Company representatives and legal counsel. The court did not accept the parties’ joint request and, on the same date, ordered the strikeout of the proceedings, which became effective on July 21, 2025. The strikeout was purely procedural and unrelated to the merits of the case. The Company is currently evaluating its next steps in this matter.

 

2.On May 15, 2025, a claim was filed by “Brit Shevet Avraham” against the Company and Canndoc. The lawsuit seeks, among other things, court orders instructing the defendants to remove alleged unlawful publications regarding medical cannabis, to refrain from engaging in any commercial advertising of medical cannabis, and to cease indirect advertising of medical cannabis through collaborations with pharmacies. On September 11, 2025, the defendants filed a motion to dismiss the claim on threshold grounds including lack of legal personality and standing, that the claimant purports to act as a “public plaintiff”, and that the action constitutes an indirect attempt to challenge the Ministry of Health’s regulatory policy, following prior proceedings that failed. In parallel, the defendants also filed a motion for an extension of time to submit their statement of defense.

 

At this early and preliminary stage of the case, it is not possible to estimate the claim’s chances.

 

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InterCure Ltd.

Notes to Condensed Consolidated Unaudited Interim Financial Statements

 

 

Note 10 -Subsequent events:

 

1.On September 17, 2025, the Company entered into a share purchase agreement to acquire 100% of Botanico Ltd. (“Botanico”), a company that has exclusive rights to distribute The Flowery’s acclaimed U.S. cannabis brands and genetics in Israel and across international markets.

 

The acquisition will be executed in two stages: in the first stage, the Company will acquire 50% of Botanico’s share capital in consideration for 2,261,345 of the Company’s ordinary shares and 205,710 options. Pursuant to the share purchase agreement, within two years, the Company will complete the acquisition of the remaining 50% of Botanico’s share capital in consideration for an additional 2,252,317 of the Company’s ordinary shares and 204,889 options.

 

2.On July 8, 2025, the Company’s board of directors approved the allocation of 168,727 shares to the Company’s employees. On August 27, 2025, the TASE approved the listing of such shares.

 

- - - - - - - - - - - -

 

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