My Size Announces It Has Reached Agreement Resolving Litigation with Todd Ault

Rhea-AI Summary

My Size, Inc. (NASDAQ: MYSZ) announced a settlement agreement with Todd Ault and related parties, resolving a lawsuit regarding Section 16(b) of the Securities Exchange Act of 1934. The Company agreed to withdraw its lawsuit against the Ault Parties, who in turn have also withdrawn their counterclaim. This settlement eliminates ongoing legal disputes and may allow the company to refocus on its measurement technology business.

Positive

• Settlement agreement may reduce legal costs and distractions for the company.
• Potential to improve investor confidence by resolving litigation.

Negative

• None.

AIRPORT CITY, Israel, Dec. 10, 2021 /PRNewswire/ -- My Size, Inc. ("My Size" or the "Company") (NASDAQ: MYSZ) (TASE: MYSZ), a leading developer and creator of smartphone measurement solutions, today announced that based on recent discussions with Todd Ault and his representatives, the Company has entered into a settlement agreement with Mr. Ault, Ault Alpha LP, Ault Alpha GP LLC, Ault Capital Management LLC, and Ault & Company (the "Ault Parties"), in which the Company agreed to withdraw the lawsuit asserting a claim for violation of Section 16(b) of the Securities Exchange Act of 1934 it previously filed in the United States District Court for the Southern District of New York against the Ault Parties. The Ault Parties have agreed to withdraw the counterclaim that they asserted in that action against the Company.

About My Size, Inc.

My Size, Inc. (TASE: MYSZ, NASDAQ: MYSZ) has developed a unique measurement technology based on sophisticated algorithms and cutting-edge technology with broad applications, including the apparel, e-commerce, DIY, shipping, and parcel delivery industries. This proprietary measurement technology is driven by several algorithms that are able to calculate and record measurements in a variety of novel ways. To learn more about My Size, please visit our website: www.mysizeid.com. We routinely post information that may be important to investors in the Investor Relations section of our website. Follow us on Facebook, LinkedIn, Instagram, and Twitter.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward- looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Logo - https://mma.prnewswire.com/media/689689/MySize_Logo.jpg

Investor Contacts:

Or Kles
CFO
ir@mysizeid.com

Brian Loper
ClearThink
bloper@clearthink.capital

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SOURCE My Size, Inc.

FAQ

What is the recent settlement announcement by My Size (MYSZ)?

My Size announced a settlement with Todd Ault and associated parties resolving their litigation over Section 16(b) of the Securities Exchange Act.

How does the settlement impact My Size's stock (MYSZ)?

The settlement may positively influence My Size's stock by reducing legal uncertainties and allowing the company to focus on its core business.

When was the settlement agreement announced by My Size (MYSZ)?

The settlement agreement was announced on December 10, 2021.

What was the nature of the litigation involving My Size (MYSZ)?

The litigation involved a claim under Section 16(b) of the Securities Exchange Act, which pertained to alleged violations by Todd Ault and his entities.