Company: GAUZ
Filing Date: 2025-03-11
Form Type: 20-F
Source: 0001213900-25-022437
Chunk: 60

Company: Gauzy Ltd.
Filing Date: 2025-03-11
Form: 20-F
Item: Item 5
Chunk 60
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2021 Loan, we issued
to the bank warrants to purchase up to 5,791 shares of the most senior class of our shares existing as of a date determined pursuant
to the terms thereof (i. e., our series D preferred shares), at an exercise price of $31.08 per share and exercisable for eight years
commencing from the date of the loan.

In January 2022, the
bank loans were repaid in full following the signing of the Facility Agreement described below. Following the signing of the Facility
Agreement, inter alia, the commitments under the Company’s loans with the Israeli bank in an amount of $3.7 million were repaid
except for: (i) the three outstanding warrants issued to the bank, one of which was exercised on a cashless basis in April 2024
pursuant to which we issued 16,350 preferred A-3 shares, which converted into 16,350 ordinary shares in connection with our initial public
offering in June 2024; (ii) a loan agreement dated May 13, 2020, pursuant to which the Company borrowed an aggregate loan amount
of NIS 2.1 million; (iii) a pledge dated January 23, 2018 registered on February 2, 2018 and a pledge dated May 13,
2020 registered on June 8, 2020, and (iv) a fee to be paid to the bank in case of an exit event. As of December 31, 2024, warrants
to purchase 9,971 ordinary shares that were issued to the Israeli bank were outstanding.

Convertible Loan Agreements

During the first quarter
of 2020, we entered into convertible loan agreements, or the 2020 Convertible Loan Agreements, with three lenders, or the CLA
Lenders, pursuant to which the CLA Lenders agreed to loan us a sum of $2.55 million, or the Loan Amount. The 2020 Convertible
Loan Agreements were issued with accompanying warrants to purchase series C shares and bear 10% annual interest and matured on
July 31, 2021. If the Loan Amount is repaid or converted prior to the maturity date, the interest will be calculated as of the
maturity date and not the actual repayment or conversion date. During January 2021, one of the CLA Lenders converted its 2020
Convertible Loan Agreement into 15,