Company: GAUZ
Filing Date: 2025-03-11
Form Type: 20-F
Source: 0001213900-25-022437
Chunk: 72

Company: Gauzy Ltd.
Filing Date: 2025-03-11
Form: 20-F
Item: Item 5
Chunk 72
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 the remaining 50% of the “phantom warrant.” In August
2024 and November 2024, we paid $0.75 million and $0.56 million, respectively, of the “phantom warrant” and the remaining
balance of $0.19 million was paid in January 2025.

Paycheck Protection Program Loan

In May 2020, we entered
into a bank loan in the amount of $0.5 million under an Israeli government established state-guaranteed loan plan for the financial
support of businesses following the outbreak of the COVID-19 pandemic. The loan has a maturity date of May 20, 2025 and bears annual
interest of prime plus 1.5% that is payable by us beginning from the second year of the loan, which has commenced prior to the date of
this Annual Report.

Completion of
our Initial Public Offering

On
June 7, 2024, we closed our initial public offering of 4,411,765 ordinary shares at a public offering price of $17.00 per ordinary share,
for aggregate gross proceeds of $75,000,000, prior to deducting underwriting discounts and other offering expenses.

Our
ordinary shares began trading on the Nasdaq Global Market under the ticker symbol “ GAUZ” on June 6, 2024.

Cash Flows

Year Ended December 31, 2024 Compared to
Year Ended December 31, 2023

The table below shows a summary of our cash flows
for the periods indicated:

                                                                                  Year Ended               
                                                                                December 31,               
                                                                                        2024               
  (in thousands of USD)                                                                (USD)               
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cash and cash equivalents and restricted cash at beginning of the period             4,705        4,696  
  Net cash used in operating activities                                              (31,905      (31,115  
  Net cash used in investing activities                                              (11,455      (10,623  
  Net cash provided by financing activities                                           44,567       41,689  
  Net increase in cash and cash equivalents and restricted cash                        1,207          (49  
  Translation adjustments on cash and cash equivalents and restricted cash              (178           58  
  Cash at the end of the period                                                        5,734        4,705  

Net cash used in operating activities

Net cash used in operating
activities increased