CEL - CEL STOCK NEWS

Cellcom Israel Ltd. (NYSE: CEL) announced receipt of an unlawful annulment notice from its cellular sharing partner, Xfone, related to alleged breaches of their agreement. Xfone claims Cellcom breached the contract by acquiring Golan Telecom, while Cellcom strongly denies these allegations and plans to enforce the agreement. The implications of this situation on Cellcom's financial results are currently unassessable. The sharing agreement is noted as a significant revenue factor in the company's previous reports.

Cellcom Israel Ltd. (NYSE: CEL) announced that the Israeli Competition Commissioner has approved its investment transaction with the Israel Infrastructure Fund and Hot Telecommunication Systems in IBC Israel Broadband. Completion is contingent on additional approvals from the Israeli Ministry of Communications and potential regulatory changes, which are not guaranteed. This forward-looking statement emphasizes the uncertainties surrounding the transaction.

Cellcom Israel Ltd. (NYSE: CEL) has announced its plan to consolidate its share listing to the Tel Aviv Stock Exchange (TASE) and voluntarily delist from the New York Stock Exchange (NYSE). The decision is motivated by the reduction of costs and the optimization of operations, as the majority of its trading occurs on TASE. The last trading day on NYSE is expected to be no earlier than February 8, 2021, with the consolidation to take effect thereafter. The company remains committed to transparency and will continue to meet SEC reporting obligations until deregistration is achieved.

Cellcom Israel Ltd. (NYSE: CEL) announced that its cellular sharing network partner, Marathon 018 Xfone Ltd., has failed to make payments due on October 31 and November 30, 2020. As a result, the company is exercising its rights under the agreement. However, Cellcom cannot currently assess the implications of this non-payment on its financial results. The network sharing agreements represent a significant portion of the company's revenue, as highlighted in its 2019 annual report.

Cellcom Israel Ltd. (NYSE: CEL) appointed Mr. Yoram Turbowicz to its Board of Directors, effective December 2, 2020. Turbowicz has extensive experience in corporate governance, holding positions at Discount Investment Corporation and several private companies. Previously, he was chairman of Azorim Ltd. and Delek Energy Systems Ltd., and served as Chief of Staff to the Israeli Prime Minister. This appointment is expected to bring fresh perspectives to the company.

Cellcom Israel Ltd. (NYSE: CEL) announced a private offering of additional Series L debentures, receiving orders for approximately NIS 744 million. The company accepted orders for NIS 400 million subject to TASE's approval. Each debenture is priced at NIS 977 with an effective interest of 3.55% per annum. The net proceeds will be used for general corporate purposes. The offering is directed only at residents of Israel and is not registered under U.S. Securities Act.

Cellcom Israel Ltd. (NYSE: CEL) announced the resignation of Ms. Diana Ingrid Elsztain-Dan as a director and the termination of Mr. Saul Zang's nomination as an alternate director. These changes are effective immediately, following the court's approval for the sale of the controlling stake in Discount Investment Corporation Ltd. to investors led by Mega Or Holdings Ltd. The Company has provided additional details in their annual report and other recent filings.

Cellcom Israel Ltd. (NYSE: CEL) announced plans to prepare for a potential private offering of additional debentures from its existing Series L Debentures for an aggregate principal amount of approximately NIS 300 - 400 million, exclusively to institutional investors in Israel. Standard & Poor's Maalot reaffirmed a negative ilA rating for this potential offering. The timing, terms, and execution of the offering are yet to be determined and require further board approval. The offering will not be registered under U.S. Securities Act and won't be sold in the United States.

Cellcom Israel reported a 3% year-over-year revenue increase for Q3 2020, totaling NIS 956 million ($278 million). Despite the growth, the company faced a loss of NIS 373 million and a 14.8% drop in Adjusted EBITDA to NIS 231 million ($67 million) due to the ongoing impact of the COVID-19 pandemic, particularly on roaming revenues. Equipment revenues grew by 19.2% to NIS 261 million, while service revenues fell by 2% to NIS 695 million. The quarter also marked the consolidation of Golan Telecom's results and the company’s entry into a partnership with HOT for fiber optic infrastructure expansion.