Company: BLRX
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001178913-25-001123
Chunk: 138

Company: BioLineRx Ltd.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 138
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 may, subject to certain conditions, “opt out” from the Companies Law requirements
to appoint external directors and related Companies Law rules concerning the composition of the audit committee and compensation committee
of the board of directors (other than the gender diversification rule under the Companies Law, which requires the appointment of a director
from the other gender if at the time of appointment of a director all members of the board of directors are of the same gender).

On March 25, 2024, in accordance with the Relief Regulations, our
board of directors elected to “opt out” from the Companies Law requirement to appoint external directors and related Companies
Law rules concerning the composition of the audit committee and compensation committee of the board of directors, effective immediately.
Under the Relief Regulations, the exemption from such Companies Law requirements will continue to be available to us so long as: (i) we
do not have a “controlling shareholder” (as such term is defined under the Companies Law), (ii) our shares are traded on an
exchange outside Israel or dual listed on the TASE and certain foreign stock exchanges, including the Nasdaq, and (iii) we comply with
the director independence requirements and the audit committee and compensation committee composition requirements under U. S. laws (including
applicable Nasdaq Rules) applicable to U. S. domestic issuers.

Audit Committee

In accordance with the Relief Regulations described above, on March
25, 2024, our board of directors elected to “opt out” from the Companies Law requirement to appoint external directors and
related rules concerning the composition of the audit committee and compensation committee, effective immediately. Under such exemption,
among other things, the composition of our audit committee must comply with the requirements of SEC and Nasdaq rules.

The Nasdaq Rules require us to establish an audit committee comprised
of at least three members, all of whom must be independent directors under the respective “independence” requirements of the
SEC and Nasdaq, each of whom is financially literate and one of whom has accounting or related financial management expertise at senior
levels within a company.

76

Our Audit Committee is currently comprised of Mr. Rami Dar, Dr.
Avraham Molcho and Dr. Raphael Hofstein. Mr. Rami Dar serves as the Chairperson of the Audit Committee. Our board of directors has
determined that Mr. Rami Dar (Chairperson) qualifies as an audit committee financial expert as defined by the rules of the SEC and Nasdaq.
Our board of directors has