SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2017

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 9: - SUBSEQUENT EVENTS

In April 20, 2017, the Company entered into a subscription agreement with investors for a private placement of the Company’s Ordinary Shares, pursuant to which the Company agreed to issue and sell to the investors for an aggregate price of up to approximately $30,000 the following securities: (i)  5,031,550 Ordinary Shares of the Company, nominal value NIS 0.01 per share for $5.90 per share and (ii) 2,515,775 warrants to purchase additional Ordinary Shares of the Company, for $0.125 per warrant (the “2017 Private Placement”). The 2017 Private Placement closed on April 25, 2017, pursuant to which the Company received approximately $28,215 net of issuance costs. One of the Company’s board members, who is also a shareholder in the Company, invested a total amount of $2,999. Placement agents for the Company received an aggregate fee of 5.3% of the gross proceeds from the 2017 Private Placement.

The warrants issued are exercisable immediately upon issuance and may be exercised at any time prior to April 2022 at an exercise price of $6.785 per share.

The Company is required to file a registration statement for the resale of the shares and warrant shares issued in the 2017 Private Placement within 30 days following the Closing Date and to use its reasonable best efforts to cause such registration statement to be declared effective within 60 days following the Closing Date. The Company may incur liquidated damages if it does not meet the abovementioned registration obligations.

As of the filing date of these interim consolidated financial statements, the registration statement has not been filed.