Company: GAUZ
Filing Date: 2025-03-11
Form Type: 20-F
Source: 0001213900-25-022437
Chunk: 193

Company: Gauzy Ltd.
Filing Date: 2025-03-11
Form: 20-F
Item: Item 19
Chunk 193
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 to exercise the warrants.

The warrants’ exercisable
period ranges between6years to8years from the date of the loans.

  During 2020, the Company entered CLA agreements with three lenders, see Note 15(a). The CLA included                                       

During January 2021, one of the lenders
converted its CLA into series C preferred shares and its warrants to purchase1,866series C preferred shares expired according to its
terms. In June 2024, the warrants were exercised into8,087Ordinary shares in a cashless exercise based on a share price of $17.00per
share.

F-43

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(continued):

In connection with the 2020 CLA amendments,
the lenders received additional warrants to purchase17,103series D preferred shares of the Company, exercisable at a price per share
equal to $31.08. The additional warrants are exercisable until the earlier of (i) the closing of an IPO or a SPAC Transaction (as defined
in the Articles) or (ii) the 10th anniversary of the repayment of the loan or conversion thereof.

Following the IPO, the warrants expired.

  On February 12, 2020, the Company issued warrants to an institutional investor to purchase preferred                                      
  shares in connection with the provision of a credit facility, that was not drawn down upon. The warrant is exercisable into 1,958 series  
  C preferred shares at an exercise price of $ 15.32 per share until the earlier of (i) the closing of an IPO or change of control event    
  or (ii) the sixth anniversary of the date of issuance. In June 2024, the warrants were exercised into 193 Ordinary shares in a cashless   
  exercise based on a share price of $ 17.00 per share                                                                                      
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  As part of the Facility Agreement (see Note 9(c)), the credit funds also received a “phantom warrant”,                           

If the Exit Event is an IPO or a transaction
in which shareholders of the Company receive consideration in the form of shares of another entity, the credit funds are