Company: GAUZ
Filing Date: 2025-03-11
Form Type: 20-F
Source: 0001213900-25-022437
Chunk: 192

Company: Gauzy Ltd.
Filing Date: 2025-03-11
Form: 20-F
Item: Item 19
Chunk 192
---
 balance
is still available for withdrawal.

The Company applied the Fair Value option to the NPA, see
note 2(dd).

F-42

GAUZY LTD.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)

(U. S. dollars in thousands, except share and per
share amounts)

NOTE 16 - WARRANTS AND PHANTOM WARRANTS TO PURCHASE
PREFERRED SHARES:

As of December 31, 2024 and 2023 the
outstanding number of warrants and phantom warrants composed as follows:

  Warrants to convertible preferred A-3              -         33,810      a      
 ──────────────────────────────────────────────────────────────────────────────────
  Warrants to convertible preferred C            4,180         28,049      a,b,c  
  Warrants to convertible preferred D            5,791         22,894      a,b    
  Warrants to convertible preferred D-1      1,079,809      1,079,809      e      
  Phantom warrants                                   -        173,757      d      
  Warrants to convertible preferred D5       1,105,322        225,943      f,g    
  Warrants to convertible preferred D6         114,399         90,374      f      

  Following IPO warrants to preferred shares are convertible to  

  During the years 2018 to 2021 the Company entered into several loan agreements with an Israeli bank. As                                    
  part of the term of the agreements, the Company issued to the bank warrants to purchase 33,810 series A-3 preferred shares at an exercise  
  price of $ 5.914 per share. In April 2024, 33,810 warrants were converted to 16,350 ordinary shares in a cashless exercise.                
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

The company issued
to the bank additional warrants to purchase4,180series C preferred shares at an exercise price of $14.35per share, and warrants to
purchase5,791of the most senior class of shares, series D preferred shares, at an exercise price of $31.08per share. In addition, under
the terms of the warrants, the holder has the right to receive an alternative payment of $210in lieu of shares in the event of an IPO
or certain liquidity events, or if the holder is required under certain circumstances