Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 77

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 5
Chunk 77
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 differs in some material respects from the rights and responsibilities
of shareholders of U. S. companies.

The rights and responsibilities of our shareholders
are governed by our articles of association and by Israeli law. These rights and responsibilities differ in some material respects from
the rights and responsibilities of shareholders in U. S. corporations. For example, a shareholder of an Israeli company has a duty to act
in good faith and in a customary manner in exercising its rights and performing its obligations towards the company and other shareholders,
and to refrain from abusing its power in the company, including, among other things, voting at a general meeting of shareholders on matters
such as amendments to a company’s articles of association, increases in a company’s authorized share capital, mergers and
acquisitions, and related party transactions requiring shareholder approval. In addition, a shareholder who is aware that it possesses
the power to determine the outcome of a shareholder vote or to appoint or prevent the appointment of a director or executive officer in
the company has a duty of fairness toward the company. There is limited case law available to assist us in understanding the nature of
these duties or the implications of these provisions. These provisions may be interpreted to impose additional obligations and liabilities
on our shareholders that are not typically imposed on shareholders of U. S. corporations.

Risks Related
to the ADSs and Ordinary Shares

The price
of the ADSs may be volatile and may fluctuate due to factors beyond our control.

The share price of publicly traded medical device
companies has been highly volatile and is likely to remain highly volatile in the future. The market price of the ADSs or Ordinary Shares
on either The Nasdaq Global Market, or Nasdaq, or the Tel Aviv Stock Exchange, or TASE, may fluctuate significantly due to a variety of
factors, including but not limited to, positive or negative results of testing and clinical trials by us, strategic partners, and competitors;
delays in entering into strategic relationships with respect to development and/or commercialization of Deep TMS or entry into strategic
relationships on terms that are not deemed to be favorable to us; technological innovations or commercial product introductions by us
or competitors; changes in government regulations; developments concerning proprietary rights, including patents and litigation matters;
public concern relating to the commercial value or safety of Deep TMS; financing or other corporate transactions; publication of research
reports or comments by securities or industry analysts; general market conditions in the medical device industry or in the economy as
a whole; or other