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Insights & News / Capital Markets
August 1, 2016
Cellect Biotechnology Completes NASDAQ IPO
In July 2016, Cellect Biotechnology announced that it had completed its NASDAQ IPO, raising USD 8.4 million. Cellect Biotechnology will be traded on NASDAQ in parallel with its listing on the Tel Aviv Stock Exchange. Barnea represented a group of US underwriters, led by H.C. Wainwright, LLC, in the process of submitting Cellect Biotechnology's prospectus for the listing. Cellect Biotechnology develops innovative technologies in the stem cells sphere.
July 6, 2016
Hedge Funds Do Not Need Regulation
An op-ed in The Marker by lawyers from our Capital Markets Department argues that the harm caused by applying the regulatory regime for hedge funds far outweights any potential benefit and may even lead to the collapse of the entire industry.
June 30, 2016
Proposal to Reconsider Israel Securities Authority's Activist Regulatory Model
An article on the proposal to reconsider the Israel Securities Authority's activist regulatory model for public companies, allowing them to enjoy wider business and legal maneuvering room.
July 4, 2016
Interview on Nochi Dankner's Conviction for Securities Fraud
We were interviewed by several media outlets following Nochi Dankner's conviction for securities fraud. Dankner, who formerly controlled the IDB Group, was one of the most powerful figures in the Israeli economy. We noted that the verdict and the extensive media coverage surrounding it significantly contribute to the deterrent effect of the Israel Securities Authority and the prosecutor’s office.
May 19, 2016
Minister Haim Katz Questioned over Insider Trading Allegations
Following suspicions that Likud minister Haim Katz used insider information for financial gain, we were interviewed by the Reshet B radio station; At London Kirshenbaum, a current affairs news show on Channel 10; and Globes.
March 15, 2016
Israel Broadens Definition of Accredited Investor
Bloomberg BNA’s World Securities Law Report published an article by Adv. Ron Shuhatovich examining the Israel Securities Authority’s recent order concerning the definition of an accredited investor.
February 9, 2016
Barnea Represents Edison Investment Research in Agreement with Tel Aviv Stock Exchange
To help investors in Israel and abroad make informed investment decisions, the Tel Aviv Stock Exchange (TASE) has entered into an agreement with Edison Investment Research to introduce a model not previously used in Israel’s capital market. Under the arrangement, Edison will provide independent analysis of high-tech and biomedical companies listed on the TASE. The initiative will be partially funded by the exchange.
January 27, 2016
Adv. Micky Barnea Interviewed by Globes
Adv. Micky Barnea, a capital markets expert, gave an exclusive interview to Globes about the Tel Aviv Stock Exchange’s (TASE) disappointing performance in 2015. He identified restrictive regulation, low trading volumes, and high costs as contributing factors, and outlined steps the exchange could take to attract new listings.
January 4, 2016
Crowdfunding Comes to Israel
Adv. Ariella Dreyfuss published an article in The Lawyer, a leading UK legal publication, examining new Israeli legislation on alternative fundraising methods. The law aims to help small Israeli companies raise capital through crowdfunding and facilitate the establishment of high-tech funds to be traded on a new index on the Tel Aviv Stock Exchange.
March 11, 2015
Is it Mandatory to Publish an Immediate Report on Negotiations Regarding a Potential Transaction?
Judge Ruth Ronen of the Tel Aviv District Court (Economic Division) recently ruled on a tender offer published by Africa-Israel Industries in 2012 for the purchase of shares of Negev Ceramics.
June 28, 2015
Could Plus500’s Anti-Money Laundering Issues Jeopardize Future Listings by Online Trading Companies?
On May 18 2015, AIM-listed Plus500 announced that the UK Financial Conduct Authority had required a review of its anti-money laundering (AML) and financial sanctions systems and related regulatory controls. Its UK subsidiary, Plus500UK Limited, was required to suspend all transactions for existing customers until additional AML procedures had been implemented. Plus500’s share price subsequently fell sharply. Globes, a leading Israeli financial newspaper, examined the developments in an article featuring interviews with experts on London listings. Adv. Micky Barnea, who advises on IPOs in Israel and London, said the Plus500 case would make it harder for other Israeli companies in the sector to go public, even though AIM remained the most welcoming market for the industry.
June 30, 2015
New Requirements Increase Risks for Directors
Does the Israel Securities Authority’s new summary report on dividend distributions and share buybacks set a high bar for future board approvals?
July 12, 2015
How Can the TASE Capture Some of the High-Tech Industry’s Stardust?
Israeli corporate governance rules discourage technology companies from listing on the Tel Aviv Stock Exchange (TASE), but a few straightforward changes could help reverse this trend. Israel’s status as the "startup nation" is reflected in the many Israeli technology companies listed on US exchanges and in London. Yet the TASE has struggled to attract Israeli high-tech companies. While many technology companies prefer an acquisition to an initial public offering, even those that choose to go public often overlook the TASE, turning instead to international exchanges.
August 4, 2015
225 Companies Delisted from the Tel Aviv Stock Exchange in Seven Years: Why Are They Leaving, and How Can the Exodus Be Stopped?
Controlling shareholders and company executives cite burdensome regulation, low trading volumes, high costs, interference in executive pay, and a tarnished public image in the wake of the social protests. TheMarker, a leading financial newspaper, interviewed capital market experts, including Adv. Micky Barnea, to explore the reasons behind the exodus and what can be done to reverse it.
April 8, 2014
To List in London or Not?
Israeli companies have rediscovered London’s AIM market. At today’s “Time for London IPO” conference on the London Stock Exchange, participants expressed differing views on the benefits of an AIM listing. Adv. Micky Barnea, managing partner at Barnea and a specialist in London IPOs, explained: “Unlike in Israel, where shareholders have the final say, in London that authority rests with the board of directors. This difference in the balance of power may make the market less suitable for companies with a single controlling shareholder, who would have less scope to intervene in decision-making and less influence over the board’s composition.”
August 17, 2014
Barnea Represents Avgol Industries 1953 Ltd.
The firm represented AVGOL Industries 1953 Ltd. in its issuance of a new series of debentures (Series C) totaling ILS 502 million. One of the largest financing rounds on the Tel Aviv Stock Exchange this year, the issuance is intended to refinance existing debt and fund the company’s ongoing investments and operations. AVGOL is a global technology company and a world leader in the development, manufacture, and marketing of nonwoven fabrics, primarily for use in diapers and hygiene products. Its customers include major companies such as Procter Gamble and Kimberly-Clark. The company’s shares are listed on the Tel Aviv Stock Exchange and included in the Tel Aviv 100 Index. To read more, click here.
August 17, 2014
Capital Markets 2014 – Virtual Roundtable
Corporate LiveWire hosted a roundtable with seven experts from around the world to discuss the latest changes and developments in capital markets in their respective jurisdictions. To read more, click here.
October 5, 2014
2014 Legal Highlights
Maariv’s year-end review highlights key legal developments in Israel, covering capital markets (by Adv. Micky Barnea), antitrust (by Adv. Zohar Lande), constitutional law, criminal law, infrastructure, tax, and money laundering.
October 6, 2014
The Kibbutz Sector: The Challenges of Going Public
In recent years, many kibbutz enterprises have evolved from small manufacturers into international corporations. Globes brought together six experts for a roundtable discussion on the latest changes and developments in the kibbutz sector (p. 21).
December 15, 2013
Offering Securities Through an Online Platform
Interest in raising funds online is growing, as the internet offers access to broad and diverse audiences. This gives small businesses access to alternative financing options that might otherwise be unavailable, enabling them to expand their pool of potential investors.