Company: SATT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002119
Chunk: 69

Company: SATIVUS TECH CORP.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 69
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, 2021,
the Company changed its name from Seedo Corp to Sativus Tech Corp. On the same day the Company also announced the appointment of Tal Wilk-Glazer
as the CEO of Saffron Tech. Wilk-Glazer joins Saffron-Tech after finishing her job at Salesforce as Salesforce’s Industries Eastern
Europe, Africa and Israel regional director.

On January 6, 2022, the Company announced that
its subsidiary, Saffron Tech, has planted approximately 25,000 Saffron bulbs in fields in the Golan Heights, in Norther Israel. The plantation
is being managed in conjunction with the Shamir Research Institute, which operates under the auspices of the Haifa University, Israel.

On April 4, 2022,
the Company announced that Mr. Moshe Bar Siman Tov and Mrs. Iris Tova Ginsburg have resigned from the Board of Directors of the Company,
and immediately appointment of Mrs. Tal Wilk-Glazer to its Board of Directors and as CEO of the Company.

On August 30, 2022, Saffron Tech, announced its
intention to raise up to 5 million New Israeli Shekels (“NIS”) (approximately $1.5 million) at a pre-money valuation of NIS
32.5 million (approximately $10 million) through the Israeli crowdfunding platform – Pipelbiz (“2022 Crowd Funding Round”).
Assuming the maximum amount is raised, the Company will own approximately 61% of the Saffron Tech. The 2022 Crowd Funding Round was closed
on December 1, 2022, having raised 3.8 million NIS (approximately $1.3 million). Fund raising expenses accumulated to $152 and the net
amount raised through Pipelbiz was $1.15 million. Saffron Tech also raised 1.15 million NIS (approximately $328 thousand) through the
issuance of SAFEs. The SAFEs are convertible at a 20% discount to the current crowd funding round. Sativus Tech’s interest in Saffron
Tech now totals 67.5% post-raise. All SAFEs were converted before December 31, 2024. Saffron Tech continued to raise funds through Pipelbiz
under the same pre-money valuation during December 2022 through to January 2023, via another crowd funding round “2023 Crowd Funding
Round” which closed