Optibase Ltd. Announces the Withdrawal of the Appeal Filed Against the District Court's Decision to Deny Motion to Approve a Derivative Claim

Rhea-AI Summary

Optibase Ltd. (NASDAQ: OBAS) announced that, as of May 3, 2021, plaintiffs have withdrawn their appeal against a District Court decision, which was approved by the Israeli Supreme Court. This follows a previous report from September 23, 2019, regarding a denied motion for a derivative claim. Optibase primarily invests in fixed-income real estate, with holdings across various U.S. cities and Switzerland, and is actively seeking further investment opportunities.

Positive

• Withdrawal of the appeal against the District Court's decision may reduce legal uncertainties.
• Active search for additional real estate investments indicates potential for future growth.

Negative

• None.

HERZLIYA, Israel, May 5, 2021 /PRNewswire/ -- Optibase Ltd. (NASDAQ: OBAS) (the "Company" or "Optibase") announces that further to its report dated September 23, 2019, on May 3, 2021, the plaintiffs withdrew their appeal filed against the District Court's decision to deny a motion to approve a derivative claim, which withdrawal was approved by the Israeli Supreme Court.

About Optibase 

Optibase invests in the fixed-income real estate field and currently holds interests in real estate properties in Switzerland, Texas, Philadelphia, PA, Miami, FL, and in Chicago, IL, USA and is currently looking for additional real estate investment opportunities. Optibase was previously engaged in the field of digital video technologies until the sale of its video solutions business to Optibase Technologies Ltd., a wholly owned subsidiary of VITEC Multimedia in July 2010. For further information, please visit www.optibase-holdings.com.

Media Contacts:
Amir Philips, CEO, Optibase Ltd.
+972-73-7073-700
info@optibase-holdings.com

Investor Relations Contact:
Marybeth Csaby, for Optibase 
+1-917-664-3055
marybeth.csaby@gmail.com 

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SOURCE Optibase Ltd.

FAQ

What was the recent legal development regarding Optibase Ltd. (OBAS)?

On May 3, 2021, plaintiffs withdrew their appeal against a District Court decision, approved by the Israeli Supreme Court.

What type of investments does Optibase Ltd. (OBAS) focus on?

Optibase primarily invests in the fixed-income real estate sector.

In which locations does Optibase Ltd. (OBAS) hold real estate properties?

Optibase has interests in properties in Switzerland, Texas, Philadelphia, Miami, and Chicago.

How might the withdrawal of the appeal affect Optibase Ltd. (OBAS)?

The withdrawal may reduce legal uncertainties and could be favorable for shareholders.