Radview Software Ltd. Announces Results of Annual General Meeting

Rhea-AI Summary

RadView Software Ltd. (OTCMKTS:RDVWF) announced the outcomes of its Annual General Meeting held on October 15, 2020. Key resolutions adopted include the re-election of board members and the election of two external directors for a three-year term. The meeting also approved a reverse split of the Company’s ordinary shares at a ratio of 1,000:1, renewal of the directors’ and officers’ liability insurance, and amendments to the Convertible Loan Agreement with its controlling shareholder. These decisions aim to strengthen corporate governance and enhance financial flexibility.

Positive

• Re-election of experienced board members to ensure continuity.
• Election of two external directors to enhance governance.
• Approval for a reverse share split aimed at increasing share price stability.

Negative

• Reverse split may indicate share price deterioration prior to the decision.

Rosh Ha’ain, Israel, Rosh ha'ain, Oct. 16, 2020 (GLOBE NEWSWIRE) -- October 15, 2020 – RadView Software Ltd. (OTCMKTS:RDVWF) today announced that at the Annual General Meeting of Shareholders held on October 15, 2020 at 15:00 (Israel time) at the offices of the Company, 13 Ha’Amal Street, Park Afek, Rosh Ha’Ain, Israel, the following resolutions were adopted:

1. To re-elect and elect (as the case may be) Mr. Shai Beilis, Mr. Eyal Shalom, Mr. Avi Fried,  Mr. Ori Gal and Mr. Assaf Katan to the Company’s Board of Directors, to serve until the next annual general meeting of shareholders and until their successors have been duly elected and qualified;
2. To elect Ms. Orna Mintz-Dov as an external director, to hold office for 3 years, starting from the date of her election;
3. To elect Mr. Hillik Nissani as an external director, to hold office for 3 years, commencing the date of his election;
4. To set the compensation of the External Directors;
5. To approve the renewal of the Company’s directors’ and officers’ liability insurance policy;
6. To authorize and approve, the execution, delivery and performance by the Company of that certain investment agreement between the Company and Formula Ventures (Holdings) Ltd, Avi Fried, Ori Gal, Amit Bendov and Michael Chill;
7. To approve an amendment to the Convertible Loan Agreement with the Company’s controlling shareholder, Formula Ventures (Holdings) Ltd, and other certain lenders;
8. To approve the Management Services Agreements with each of the Company’s controlling shareholders, Formula Ventures Ltd. Avi Fried and Ori Gal;
9. To approve the entering into indemnification and exemption agreements in the Company’s customary form with each of Shai Beilis, Avi Fried, Ori Gal, Hillik Nissani Orna Mintz-Dov and Assaf Katan and with any other Company’s directors and officers as shall be elected or appointed from time to time;
10. To approve a reverse split of the Company’s ordinary Shares at a ratio of 1,000:1, and to effect the corresponding amendments to the Company’s Memorandum of Association and Articles of Association;
11. To Amend the Company’s Articles of Association in order to remove references to Preferred Shares and Preferred Directors; 
12. To reappoint Kost, Forer, Gabbay, and Kasierer, a member of Ernst & Young International Ltd., as the Company’s Independent Auditors, for the fiscal years ending December 31, 2019 and December 31, 2020 and for such additional period until the next annual general meeting of shareholders;

About RadView
RadView helps companies perfect their web and mobile applications with the most reliable and flexible performance engineering platform available, for more than 25 years. We address the performance requirements of such applications throughout their product life-cycle, from initial design through development, deployment, and ongoing changes and upgrades.  

Visit www.radview.com or call 1-888-RADVIEW. 

FAQ

What resolutions were adopted at RadView's Annual General Meeting on October 15, 2020?

RadView's AGM adopted resolutions including the re-election of board members, election of two external directors, approval of a reverse share split at a 1,000:1 ratio, and renewal of the liability insurance policy.

What is the significance of the reverse share split approved by RadView?

The reverse share split at a 1,000:1 ratio is intended to stabilize the share price, which may have been under pressure.

How long will the newly elected external directors serve at RadView?

The newly elected external directors will serve for a term of three years.

Who are the re-elected board members of RadView?

The re-elected board members include Shai Beilis, Eyal Shalom, Avi Fried, Ori Gal, and Assaf Katan.

What investment agreement was approved at RadView's AGM?

The AGM authorized the execution of an investment agreement between RadView and Formula Ventures (Holdings) Ltd, along with individuals including Avi Fried and Ori Gal.