Company: BWAY
Filing Date: 2025-04-22
Form Type: F-3
Source: 0001171843-25-002378
Chunk: 18

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: F-3
Chunk 18
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 under Israeli Law

Special Tender Offer

The Israeli Companies Law provides that an acquisition
of shares of an Israeli public company must be made by means of a special tender offer if as a result of the acquisition the purchaser
would become a holder of at least 25% of the voting rights in the company. This rule does not apply if there is already another holder
of at least 25% of the voting rights in the company.

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Similarly, the Israeli Companies Law provides that
an acquisition of shares of a public company must be made by means of a special tender offer if as a result of the acquisition the purchaser
would become a holder of more than 45% of the voting rights in the company, if there is no other shareholder of the company who holds
more than 45% of the voting rights in the company.

These requirements do not apply if the acquisition
(i) occurs in the context of a private offering, on the condition that the shareholders meeting approved the acquisition as a private
offering whose purpose is to give the acquirer at least 25% of the voting rights in the company if there is no person who holds at least
25% of the voting rights in the company, or as a private offering whose purpose is to give the acquirer 45% of the voting rights in the
company, if there is no person who holds 45% of the voting rights in the company; (ii) was from a shareholder holding at least 25% of
the voting rights in the company and resulted in the acquirer becoming a holder of at least 25% of the voting rights in the company; or
(iii) was from a holder of more than 45% of the voting rights in the company and resulted in the acquirer becoming a holder of more than
45% of the voting rights in the company.

The special tender offer may be consummated only if
(i) at least 5% of the voting power attached to the company’s outstanding shares will be acquired by the offeror and (ii) the special
tender offer is accepted by a majority of the votes of those offerees who gave notice of their position in respect of the offer; in counting
the votes of offerees, the votes of a holder in control of the offeror, a person who has personal interest in acceptance of the special
tender offer, a holder of at least 25% of the voting rights in the company, or any person acting on their