# EDGAR Filing Document

**Accession Number:** 0001863006
**File Stem:** 0001213900-23-002926
**Filing Date:** 2023-1
**Character Count:** 19263
**Document Hash:** 7b764697b9b8d15ba74d8bd935b1f290
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-002926.hdr.sgml**: 20230117

**ACCESSION NUMBER**: 0001213900-23-002926

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 6

**FILED AS OF DATE**: 20230117

**DATE AS OF CHANGE**: 20230117

**EFFECTIVENESS DATE**: 20230117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Valens Semiconductor Ltd.
- **CENTRAL INDEX KEY:** 0001863006
- **STANDARD INDUSTRIAL CLASSIFICATION:** SEMICONDUCTORS & RELATED DEVICES [3674]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-269250
- **FILM NUMBER:** 23530848

**BUSINESS ADDRESS:**
- **STREET 1:** 8 HANAGAR ST. POB 7152
- **CITY:** HOD HASHARON, 4501309
- **STATE:** L3
- **ZIP:** 00000
- **BUSINESS PHONE:** 972-9-762-6900

**MAIL ADDRESS:**
- **STREET 1:** 8 HANAGAR ST. POB 7152
- **CITY:** HOD HASHARON, 4501309
- **STATE:** L3
- **ZIP:** 00000

**As filed with the Securities and Exchange Commission on January 17, 2023**

**Registration No. 333-**

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT<br> UNDER THE SECURITIES ACT OF 1933** 

**VALENS SEMICONDUCTOR LTD.**

**(Exact Name of Registrant as Specified in Its Charter)**

---

| | | |
|:---|:---|:---|
| **State of Israel** | **3674** | **Not applicable** |
| **(State or other jurisdiction of** | **(Primary Standard Industrial** | **(I.R.S. Employer** |
| **incorporation or organization)** | **Classification Code Number)** | Identification Number) |

---

---

| |
|:---|
| **Valens Semiconductor Ltd. 2021 Share Incentive Plan** |
| (Full Title of the Plans) |

---

**Valens Semiconductor Ltd.**

**8 Hanagar St. POB 7152**

**Hod Hasharon 4501309**

**Israel**

**+972 (9) 762-6900**

(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

**Cogency Global Inc.**

**122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor**

**New York, NY 10168**

**(800) 221-0102**

(Name, address, including zip code, and telephone number, including area code, of agent for service)

***Copies of all correspondence to:***

 ****

---

| | |
|:---|:---|
| **Michael Kaplan** <br> **Brian Wolfe** <br> **Davis Polk & Wardwell LLP** <br> **450 Lexington Avenue** <br> **New York, New York 10017** <br> **Tel: (212) 450-4000** | **Elad Ziv** <br> **Assaf Naveh** <br> **Meitar \| Law Offices** <br> **16 Abba Hillel Silver Rd.** <br> **Ramat Gan 52506, Israel** <br> **Tel: +972 (3) 610-3100** |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☒ <br> Non-accelerated filer ☐ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**REGISTRATION OF ADDITIONAL SHARES**

**PURSUANT TO GENERAL INSTRUCTION E**

Pursuant to General Instruction E of Form S-8, Valens Semiconductor Ltd. ("Registrant") is filing this Registration Statement on Form S-8 with the U.S. Securities and Exchange Commission (the "Commission") to register 2,282,424 additional ordinary shares, with no par value ("Shares"), for issuance under the Registrant's 2021 Share Incentive Plan (the "2021 Plan") pursuant to the provisions of the 2021 Plan that provide for an automatic annual increase in the number of shares reserved for issuance under the 2021 Plan. This Registration Statement hereby incorporates by reference the contents of the Registrant's registration statements on Form S-8 filed with the Commission on September 28, 2021 (Registration No. 333-259849). In accordance with the instructional note to Part I of Form S-8 as promulgated by the Commission, the information specified by Part I of Form S-8 has been omitted from this Registration Statement.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents filed by the Registrant with the Commission are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's Annual Report on [Form 20-F](http://www.sec.gov/ix?doc=/Archives/edgar/data/1863006/000119312522062191/d278274d20f.htm) for the fiscal year ended December 31, 2021, filed with the Commission on March 2, 2022 (the "Annual Report");

2. The Registrant's reports of Foreign Private Issuer on Form 6-K
 furnished to the Commission on [May 19, 2022](http://www.sec.gov/Archives/edgar/data/1863006/000095010322008806/dp173472_6k.htm) , [August 10, 2022](http://www.sec.gov/Archives/edgar/data/1863006/000095010322013852/dp178451_6k.htm) (relating solely to the GAAP financial statement tables attached as [Exhibit 99.1](http://www.sec.gov/Archives/edgar/data/1863006/000095010322013852/dp178451_ex9901.htm) thereto), [October 3, 2022](http://www.sec.gov/Archives/edgar/data/1863006/000095010322017048/dp181510_6k.htm) (relating to notice of proxy and proxy card attached as [Exhibit 99.1](http://www.sec.gov/Archives/edgar/data/1863006/000095010322017048/dp181510_ex9901.htm) and [99.2](http://www.sec.gov/Archives/edgar/data/1863006/000095010322017048/dp181510_ex9902.htm) thereto), [October 6, 2022](http://www.sec.gov/ix?doc=/Archives/edgar/data/1863006/000119312522258869/d393451d6k.htm) (relating solely to the GAAP financial statement tables attached as [Exhibit 99.1](http://www.sec.gov/Archives/edgar/data/1863006/000119312522258869/d393451dex991.htm) thereto), [November 9, 2022](http://www.sec.gov/Archives/edgar/data/1863006/000119312522280622/d402498d6k.htm) (relating solely to the GAAP
 financial statement tables attached as [Exhibit 99.1](http://www.sec.gov/Archives/edgar/data/1863006/000119312522280622/d402498dex991.htm) thereto); and

3. The description of the Registrant's ordinary shares included as [Exhibit 2.1](http://www.sec.gov/Archives/edgar/data/1863006/000119312522062191/d278274dex21.htm) to the Annual Report referred to in (1) above.

In addition, all documents subsequently filed by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing of a post-effective amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of the filing of such documents. The Registrant is not incorporating by reference any document or portion thereof, whether specifically listed above or to be filed in the future, that is not deemed "filed" with the Commission.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein, (or in any other subsequently filed document which also is incorporated or deemed to be incorporated by reference herein), modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 4.1 | [Amended and Restated Articles of Association of Registrant (incorporated by reference to Exhibit 1.1 to the Registrant's Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the Commission on March 2, 2022)](http://www.sec.gov/Archives/edgar/data/1863006/000119312522062191/d278274dex11.htm) |
| 5.1 | [Opinion of Meitar Law Offices (filed herewith)](ea171494ex5-1_valenssemi.htm) |
| 23.1 | [Consent of Meitar Law Offices (included in Exhibit 5.1)](ea171494ex5-1_valenssemi.htm) |
| 23.2 | [Consent of Kesselman & Kesselman, a member of PricewaterhouseCoopers International Limited, independent registered public accounting firm, relating to the financial statements of the Registrant (filed herewith)](ea171494ex23-2_valenssemi.htm) |
| 24.1 | [Power of Attorney (filed herewith)](#p_001) |
| 99.1 | [Valens Semiconductor Ltd. 2021 Share Incentive Plan (incorporated by reference to Exhibit 99.3 to the Registrant's Form S-8 filed with the Commission on September 28, 2021 (Registration No. 333-259849))](http://www.sec.gov/Archives/edgar/data/1863006/000095010321014787/dp158559_ex9903.htm) |
| 107 | [Filing Fee Calculation](ea171494ex-fee_valenssemi.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing this Registration Statement and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Hod Hasharon, Israel, as of the 17<sup>th</sup> day of January, 2023.

---

| | |
|:---|:---|
|  | **VALENS SEMICONDUCTOR LTD.** |
| By: | */s/ Dror Heldenberg* |
|  | Dror Heldenberg |
|  | Chief Financial Officer |

---

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Valens Semiconductor Ltd. has signed this Form S-8 in the City of New York, State of New York, on the 17<sup>th</sup> day of January, 2023.

---

| | |
|:---|:---|
|  | **AUTHORIZED U.S. REPRESENTATIVE – COGENCY GLOBAL INC.** |
| By: | */s/ Colleen A. De Vries* |
|  | Colleen A. De Vries |
|  | Senior Vice President on behalf of Cogency Global Inc. |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Gideon Ben-Zvi and Dror Heldenberg and each of them, individually, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead in any and all capacities, in connection with this Registration Statement, including to sign in the name and on behalf of the undersigned, this Registration Statement and any and all amendments thereto, including post-effective amendments and registrations filed pursuant to Rule 462 under the Securities Act of 1933, as amended, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and desirable to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or his or her substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated:

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ *Gideon Ben-Zvi* | Chief Executive Officer & Director | January 17, 2023 |
| Gideon Ben-Zvi | (Principal Executive Officer) |  |
| /s/ *Dror Heldenberg* | Chief Financial Officer | January 17, 2023 |
| Dror Heldenberg | (Principal Financial Officer and Principal Accounting Officer) |  |
| /s/ *Peter Mertens* | Chair of the Board of Directors | January 17, 2023 |
| Peter Mertens |  |  |
| /s/ *Yahal Zilka* | Director | January 17, 2023 |
| Yahal Zilka |  |  |
| /s/ *Dr. Eyal Kishon* | Director | January 17, 2023 |
| Dr. Eyal Kishon |  |  |
| /s/ *Dror Jerushalmi* | Director | January 17, 2023 |
| Dror Jerushalmi |  |  |
| /s/ *Moshe Lichtman* | Director | January 17, 2023 |
| Moshe Lichtman |  |  |
| /s/ *Michael Linse* | Director | January 17, 2023 |
| Michael Linse |  |  |
| /s/ *Adi Toledano Yarel* | Director | January 17, 2023 |
| Adi Toledano Yarel |  |  |
| /s/ *Ker Zhang* | Director | January 17, 2023 |
| Ker Zhang |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

January 17, 2023

Valens Semiconductor Ltd.

8 Hanagar St. POB 7152

Hod Hasharon 4501309

<u>Israel</u>

**RE: <u>Registration on Form S-8</u>**

Ladies and Gentlemen:

We have acted as Israeli counsel to Valens Semiconductor Ltd., an Israeli company (the "**Company**"), in connection with its filing of a registration statement on Form S-8 on or about January 17, 2023 (the "**Registration Statement**"), under the Securities Act of 1933, as amended (the "**Securities Act**"), relating to the registration of 2,282,424 of the Company's ordinary shares, no par value (the "**Ordinary Shares**"), which may be issued under the, Valens Semiconductor Ltd. 2021 Share Incentive Plan (the "**Plan**").

In our capacity as counsel to the Company, we have examined originals or copies, certified or otherwise identified to our satisfaction, of the Company's (i) Amended and Restated Articles of Association (the "**Articles**"), (ii) the Plan, (iii) resolutions of the Company's board of directors and (iv) other statements of corporate officers and other representatives of the Company and other documents provided to us by the Company as we have deemed necessary or appropriate as a basis for this opinion. In such examination, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals and the conformity with the original documents of all documents submitted to us as copies or facsimiles. As to any facts material to this opinion, to the extent that we did not independently establish relevant facts, we have relied on certificates of public officials and certificates of officers or other representatives of the Company. We have also assumed the truth of all facts communicated to us by the Company and that all consents, minutes and protocols of meetings of the Company's board of directors, which have been provided to us, are true and accurate and prepared in accordance with the Company's Articles and all applicable laws. In addition, we have assumed that the Company will receive the full consideration for the Ordinary Shares (which may consist, in part or in full, of services performed for the Company).

We are admitted to practice law in the State of Israel and the opinion expressed herein is expressly limited to the laws of the State of Israel.

On the basis of the foregoing, we are of the opinion that the Ordinary Shares being registered pursuant to the Registration Statement, when issued and paid for in accordance with the Plan, pursuant to agreements with respect to the Plan and, as the case may be, pursuant to the terms of the awards that have been or may be granted under the respective Plan, will be validly issued, fully paid and non-assessable.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this opinion and such consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, the rules and regulations of the Securities and Exchange Commission promulgated thereunder or Item 509 of Regulation S-K promulgated under the Securities Act.

This opinion letter is rendered as of the date hereof and we disclaim any obligation to advise you of facts, circumstances, events or developments that may be brought to our attention after the effective date of the Registration Statement that may alter, affect or modify the opinions expressed herein.

---

| | |
|:---|:---|
|  | Very truly yours, |
| | */s/ Meitar Law Offices* |

---

## Exhibit 23.2

**Exhibit 23.2**

![](ex23-2_001.jpg)

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Valens Semiconductor Ltd. of our report dated March 2, 2022, relating to the financial statements, which appears in Valens Semiconductor Ltd.'s Annual Report on Form 20-F for the year ended December 31, 2021.

---

| | |
|:---|:---|
| Tel Aviv, Israel | /s/ Kesselman & Kesselman |
| January 17, 2023 | Certified Public Accountants (Isr.) |
|  | A member firm of PricewaterhouseCoopers International Limited |

---

*Kesselman & Kesselman, Derech Menachem Begin 146 Street, Tel Aviv-Yafo 6492103, Israel,*

*P.O Box 7187 Tel-Aviv 6107120 Telephone: +972 -3- 7954555, Fax:+972 -3-7954556, www.pwc.com/il*

## Ex-Filing

**Exhibit 107**

**Calculation of Filing Fee Table**

**Form S-8**

(Form Type)

**Valens Semiconductor Ltd.**

(Exact Name of Registrant as Specified in its Charter)

Newly Registered Securities

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title<sup>(1)</sup>** | **Fee<br> Calculation Rule** | **Amount Registered<sup>(2)</sup>** | **Proposed Maximum Offering Price Per Unit<sup>(3)</sup>** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee<sup>(4)</sup>** |
| Equity | Ordinary Shares, no par value, to be issued in connection with the 2021 Plan | Rule 457(c) and Rule 457(h) | 2282424 | $5.04 | $11503416.96 | 0.0001102 | $1267.68 |
| **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  |  |  | $1267.68 |
| **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  | - |
| **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  | $1267.68 |

---

(1) Represents additional shares
of the Registrant's ordinary shares reserved for issuance under the Registrant's 2021 Share Incentive Plan.

(2) Pursuant to Rule 416(a) under
the Securities Act of 1933, as amended ()"**Securities Act** "), this Registration Statement shall also cover any additional
ordinary shares of the Registrant that become issuable in respect of the securities identified in the above table by reason of any stock
dividend, stock split, recapitalization or other similar transaction effected without the Registrant's receipt of consideration
that results in an increase in the number of the outstanding ordinary shares of the Registrant.

(3) Estimated in accordance with
Rules 457(c) and (h) of the Securities Act solely for the purpose of calculating the registration fee based on the average of the high
and low prices of the Registrant's ordinary shares as reported on New York Stock Exchange on January 12, 2023.

(4) Rounded up to the nearest penny.