Company: SATT
Filing Date: 2025-08-15
Form Type: 10-Q
Source: 0001683168-25-006219
Chunk: 25

Company: SATIVUS TECH CORP.
Filing Date: 2025-08-15
Form: 10-Q
Item: Item 1
Chunk 25
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he Bar Siman Tov and Mrs. Iris Tova Ginsburg have resigned from the Board of Directors of the Company, and immediate appointed
Mrs. Tal Wilk-Glazer to its Board of Directors and as CEO of the Company.

In April 2022, Saffron Tech announced its new
state-of-the-art indoor research and development center is operational. From April 2022, through to December 2022, Saffron Tech successfully
completed three Saffron cultivation cycles using vertical farming technology, while traditional agriculture only produces one harvest
of saffron per year.

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 Saffron Tech. The 2022 Crowd Funding Round was closed
on December 1, 2022, having raised 3.8 million NIS (approximately $1.3 million). Fundraising 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 crowdfunding round. Sativus Tech’s interest in Saffron
Tech now totals 67.5% post-raise. All SAFEs were converted before December 31, 2022. Saffron Tech continued to raise funds through Pipelbiz
under the same pre-money valuation from December 2022 through to January 2023, via another crowdfunding round “2023 Crowd Funding
Round” which closed on February 5, 2023, having raised another 1.1 million NIS (approximately $314 thousand).

On March 1, 2023, Saffron Tech entered into an
investment agreement with Korean-based company, Dreamtech Co Ltd (“Dreamtech”), a leading provider and manufacturer
of tech components for innovative products including advanced mobile and medical devices. Under this new agreement, Dreamtech will fund
an initial investment of $1 million followed by an additional $1