Document:

nvus-ex44_576.htm

Exhibit 4.4

 

DESCRIPTION OF REGISTRANT’S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

The following description of our capital stock is intended as a summary only and therefore is not a complete description of our capital stock. This description is based upon, and is qualified by reference to, our certificate of incorporation, our by-laws and applicable provisions of Delaware corporate law. You should read our certificate of incorporation and by-laws, which are filed as exhibits to our Annual Report on Form 10-K, to which this exhibit is also appended.

Our authorized capital stock consists of 200,000,000 shares of common stock and 5,000,000 shares of preferred stock. 

Common Stock

Annual Meeting.    Annual meetings of our stockholders are held on the date designated in accordance with our by-laws. Written notice must be mailed to each stockholder entitled to vote not less than ten nor more than 60 days before the date of the meeting. The presence in person or by proxy of the holders of record of a majority of our issued and outstanding shares entitled to vote at such meeting constitutes a quorum for the transaction of business at meetings of the stockholders. Special meetings of the stockholders may be called for any purpose only by the board of directors, and business transacted at any special meetings of stockholders shall be limited to matters relating to the purpose or purposes stated in the notice of such meeting. Except as may be otherwise provided by applicable law, our restated certificate of incorporation or our by-laws, all elections shall be decided by a plurality, and all other questions shall be decided by a majority, of the votes cast by stockholders entitled to vote thereon at a duly held meeting of stockholders at which a quorum is present.

Voting Rights.    Each holder of common stock is entitled to one vote for each share held on all matters to be voted upon by stockholders.

Dividends.    The holders of common stock, after any preferences of holders of any preferred stock, are entitled to receive dividends when and if declared by the board of directors out of legally available funds.

Liquidation and Dissolution.    If we are liquidated or dissolved, the holders of the common stock will be entitled to share in our assets available for distribution to stockholders in proportion to the amount of common stock they own. The amount available for common stockholders is calculated after payment of liabilities. Holders of any preferred stock may be entitled to receive a preferential share of our assets before the holders of the common stock receive any assets.

Other Rights.    Holders of the common stock have no right to:

	
 
	
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convert the stock into any other security;

	
 
	
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have the stock redeemed;

	
 
	
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purchase additional stock; or

	
 
	
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maintain their proportionate ownership interest.

The common stock does not have cumulative voting rights. Holders of shares of the common stock are not required to make additional capital contributions.

Transfer Agent and Registrar.    Continental Stock Transfer & Trust Company is transfer agent and registrar for the common stock.

Preferred Stock

We are authorized to issue “blank check” preferred stock, which may be issued in one or more series upon authorization of our board of directors. Our board of directors is authorized to fix the designation of the series, the number of authorized shares of the series, dividend rights and terms, conversion rights, voting rights, redemption rights and terms, liquidation preferences and any other rights, powers, preferences and limitations applicable to each series of preferred stock. The authorized shares of our preferred stock are available for issuance without further action by our stockholders, unless such action is required by applicable law or the rules of any stock exchange on which our securities may be listed. If the approval of our stockholders is not required for the issuance of shares of our preferred stock, our board may determine not to seek stockholder approval.

A series of our preferred stock could, depending on the terms of such series, impede the completion of a merger, tender offer or other takeover attempt. Our board of directors will make any determination to issue preferred shares based upon its judgment as to the best interests of our stockholders. Our directors, in so acting, could issue preferred stock having terms that could discourage an acquisition attempt through which an acquirer may be able to change the composition of our board of directors, including a tender offer or other transaction that some, or a majority, of our stockholders might believe to be in their best interests or in which stockholders might receive a premium for their stock over the then-current market price of the stock.

Provisions of Our Certificate of Incorporation and By-laws and Delaware Law That May Have Anti-Takeover Effects

Staggered Board; Removal of Directors

Our certificate of incorporation and by-laws divide our board of directors into three classes with staggered three-year terms. In addition, a director is only able to be removed for cause and only by the affirmative vote of the holders of at least 75% of the votes that all of our stockholders would be entitled to cast in an annual election of directors. Any vacancy on our board of directors, including a vacancy resulting from an enlargement of our board of directors, may only be filled by vote of a majority of our directors then in office. The classification of our board of directors and the limitations on the removal of directors and filling of vacancies could make it more difficult for a third party to acquire, or discourage a third party from seeking to acquire, control of our company.

Stockholder Action by Written Consent; Special Meetings

Our certificate of incorporation provides that any action required or permitted to be taken by our stockholders must be effected at a duly called annual or special meeting of such holders and may not be effected by any consent in writing by such holders. Our certificate of incorporation and by-laws also provide that, except as otherwise required by law, special meetings of our stockholders can only be called by our board of directors.

Advance Notice Requirements for Stockholder Proposals

Our by-laws establish an advance notice procedure for stockholder proposals to be brought before an annual meeting of stockholders, including proposed nominations of persons for election to our board of directors. Stockholders at an annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of our board of directors or by a stockholder of record on the record date for the meeting who is entitled to vote at the meeting and who has delivered timely written notice in proper form to our secretary of the stockholder’s intention to bring such business before the meeting. These provisions could have the effect of delaying until the next stockholder meeting stockholder actions that are favored by the holders of a majority of our outstanding voting securities.

Delaware Business Combination Statute

We are subject to Section 203 of the Delaware General Corporation Law. Subject to certain exceptions, Section 203 prevents a publicly-held Delaware corporation from engaging in a “business combination” with any “interested stockholder” for three years following the date that the person became an interested stockholder, unless the interested stockholder attained such status with the approval of our board of directors or unless the business combination is approved in a prescribed manner. A “business combination” includes, among other things, a merger 

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or consolidation involving us and the “interested stockholder” and the sale of more than 10% of our assets. In general, an “interested stockholder” is any entity or person beneficially owning 15% or more of our outstanding voting stock and any entity or person affiliated with or controlling or controlled by such entity or person.

Amendment of Certificate of Incorporation and By-laws

The Delaware General Corporation Law provides generally that the affirmative vote of a majority of the shares entitled to vote on any matter is required to amend a corporation’s certificate of incorporation or by-laws, unless a corporation’s certificate of incorporation or by-laws, as the case may be, requires a greater percentage. Our by-laws may be amended or repealed by a majority vote of our board of directors or by the affirmative vote of the holders of at least 75% of the votes that all of our stockholders would be entitled to cast in any annual election of directors. In addition, the affirmative vote of the holders of at least 75% of the votes that all of our stockholders would be entitled to cast in any annual election of directors is required to amend or repeal or to adopt any provisions inconsistent with any of the provisions of our certificate of incorporation described above under “—Staggered Board; Removal of Directors” and “—Stockholder Action by Written Consent; Special Meetings.”

3Exhibit 4.6

 

DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

 

The following description of the securities of DarioHealth Corp.
(the “Company”) is a summary only and pertains to the Company’s Common Stock and certain warrant to purchase
shares of Common Stock issued in March 2016 (the “Common Stock Warrants”), which are the Company’s only securities
registered under Section 12 of the Securities Exchange Act of 1934, as amended. This summary is not complete and is subject to
and qualified by the applicable provisions of the Delaware General Corporation Law as well as provisions of the Company’s
Certificate of Incorporation, as amended (the “Charter”), and By-laws, as amended (the “By-laws”), which
are filed as exhibits to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and are incorporated
by reference herein.

 

Common Stock

 

Pursuant to the Company’s Charter, the Company is authorized
to issue up to one hundred sixty million (160,000,000) shares of common stock, par value $0.0001 per share (the “Common Stock”).

 

The Common Stock is traded on The Nasdaq Capital Market
under the symbol “DRIO.” As of March 13, 2020, Common Stock Warrants to purchase 1,528,333 shares of Common Stock
are outstanding.

 

The holders of shares of Common Stock vote together as one class
on all matters as to which holders of Common Stock are entitled to vote. Except as otherwise required by applicable law, all voting
rights, subject to the preferential rights of any outstanding preferred stock, are vested in and exercised by the holders of Common
Stock with each share of Common Stock being entitled to one vote, including in all elections of directors. The Company does not
have a classified board of directors (the “Board”).

 

The holders of Common Stock are entitled to receive ratably
such dividends, if any, as may be declared from time to time by the Board out of legally available funds therefore. The Company
has not declared any dividends on its Common Stock and does not anticipate paying any dividends on its Common Stock in the foreseeable
future.

 

In the event of the Company’s liquidation, dissolution
or winding up, holders of the Common Stock are entitled to share ratably in all assets remaining after payment of liabilities.
The Common Stock has no cumulative voting rights and no preemptive or other rights to subscribe for shares of the Company.

 

There are no redemption or sinking fund provisions applicable
to the Common Stock. All shares of Common Stock currently outstanding are fully paid and non-assessable.

 

     

     

    

 

The Company is permitted to issue, and has from time to time,
issued warrants and options to purchase shares of the Common Stock, as well as restricted stock units.

 

Common Stock Warrants

 

Common Stock Warrants to purchase up to 76,417 shares of Common
Stock, are traded on The Nasdaq Capital Market under the symbol “DRIOW.”

 

The Common Stock Warrants are exercisable at any time after
their original issuance (March 8, 2016), and at any time up to the date that is five (5) years after their original issuance.

 

The exercise price per share of Common Stock under each Common
Stock Warrant shall be $86.80, subject to adjustment thereunder.

 

The Common Stock Warrants are exercisable, at the option of
each holder, in whole or in part by delivering to us a duly executed exercise notice and, at any time a registration statement
registering the issuance of the shares of Common Stock underlying the Common Stock Warrants under the Securities Act of 1933, as
amended (the “Securities Act”), is effective and available for the issuance of such shares, or an exemption from registration
under the Securities Act is available for the issuance of such shares, by payment in full in immediately available funds for the
number of shares of Common Stock purchased upon such exercise. If a registration statement registering the issuance of the shares
of Common Stock underlying the Common Stock Warrants under the Securities Act is not effective or available and an exemption from
registration under the Securities Act is not available for the issuance of such shares, the holder may, in its sole discretion,
elect to exercise the Common Stock Warrant through a cashless exercise, in which case the holder would receive upon such exercise
the net number of shares of Common Stock determined according to the formula set forth in the Common Stock Warrant. No fractional
shares of Common Stock will be issued in connection with the exercise of a warrant. In lieu of fractional shares, we will pay the
holder an amount in cash equal to the fractional amount multiplied by the exercise price.

 

If the Company, at any time while the Common Stock Warrant is
outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any
other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include
any shares of Common Stock issued by the Company upon exercise of the Common Stock Warrant), (ii) subdivides outstanding shares
of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of
Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital
stock of the Company, then in each case the exercise price shall be multiplied by a fraction of which the numerator shall be the
number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the
denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable
upon exercise of the Common Stock Warrant shall be proportionately adjusted such that the aggregate exercise price of the Common
Stock Warrant shall remain unchanged. Any adjustment made pursuant to the Common Stock Warrant shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become
effective immediately after the effective date in the case of a subdivision, combination or re-classification. For the purposes
of clarification, the exercise price of the Common Stock Warrant will not be adjusted in the event that the Company or any subsidiary
thereof, as applicable, sells or grants any option to purchase, or sell or grant any right to reprice, or otherwise dispose of
or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock equivalents,
at an effective price per share less than the exercise price then in effect.

 

     

     

    

 

The exercise price is also subject to appropriate adjustment
in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events
affecting our Common Stock and also upon any distributions of assets, including cash, stock or other property to our stockholders.

 

A holder will not have the right to exercise any portion of
the Common Stock Warrant if the holder (together with its affiliates) would beneficially own in excess of 4.99% of the number of
shares of our Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined
in accordance with the terms of the Common Stock Warrants. However, any holder may increase or decrease such percentage to any
other percentage not in excess of 9.99% upon at least 61 days’ prior notice from the holder to us.

 

In the event of a fundamental transaction, as described in the
Common Stock Warrants and generally including any reorganization, recapitalization or reclassification of our Common Stock, the
sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with or
into another person, the acquisition of more than 50% of our outstanding Common Stock, or any person or group becoming the beneficial
owner of 50% of the voting power represented by our outstanding Common Stock, the holders of the Common Stock Warrants will be
entitled to receive upon exercise of the Common Stock Warrants the kind and amount of securities, cash or other property that the
holders would have received had they exercised the Common Stock Warrants immediately prior to such fundamental transaction.

 

Except as otherwise provided in the Common Stock Warrants or
by virtue of such holder’s ownership of shares of our Common Stock, the holder of a warrant does not have the rights or privileges
of a holder of our Common Stock, including any voting rights, until the holder exercises the Common Stock Warrant.

 

Preferred Stock

 

Pursuant to the Company’s Charter, the Company is authorized
to issue, up to five million (5,000,000) shares of preferred stock, par value $0.0001 per share (the “Preferred Stock”).

 

There can be one or more series of Preferred Stock. The Company
can establish from time to time the number of shares to be included in each such series, as well as to fix the designation and
any preferences, conversion and other rights and limitations of such series. These rights and limitations may include voting powers,
limitations as to dividends, and qualifications and terms and conditions of redemption of the shares of each such series.

 

     

     

    

 

To date, the Company has designated twenty five thousand (25,000)
shares of its blank check Preferred Stock as Series A Preferred Stock, twelve thousand five hundred (12,500) shares of its blank
check preferred stock as Series A-1 Preferred Stock, twelve thousand five hundred (12,500) shares of its blank check preferred
stock as Series A-2 Preferred Stock, twelve thousand five hundred (12,500) shares of its blank check preferred stock as Series
A-3 Preferred Stock and twelve thousand five hundred (12,500) shares of its blank check preferred stock as Series A-4 Preferred
Stock.

 

Anti-Takeover Effects of the Company’s Charter and
By-Laws

 

In addition to provisions under Delaware law, the Company’s
Charter and By-Laws contain provisions that could have the effect of discouraging potential acquisition proposals or making a tender
offer or delaying or preventing a change in control, including changes a stockholder might consider favorable. In particular, the
Charter and/or By-Laws, as applicable, among other things:

 

		·	provide the Board with the exclusive authority to call special meetings of the stockholders;

		·	provide the Board with the ability to alter the By-Laws without stockholder approval;

		·	provide the Board with the exclusive authority to fix the number of directors constituting the whole Board; and

		·	provide that vacancies on the Board may be filled by a majority of directors then in office, although less than a quorum.

 

Such provisions may have the effect of discouraging a third-party
from acquiring the Company, even if doing so would be beneficial to the Company’s stockholders. These provisions are intended
to enhance the likelihood of continuity and stability in the composition of the Board and in its policies, and to discourage some
types of transactions that may involve an actual or threatened change in control of the Company. These provisions are designed
to reduce the Company’s vulnerability to an unsolicited acquisition proposal and to discourage some tactics that may be used
in proxy fights. The Company believes that the benefits of increased protection of its potential ability to negotiate with the
proponent of an unfriendly or unsolicited proposal to acquire or restructure the Company outweigh the disadvantages of discouraging
such proposals because, among other things, negotiation of such proposals could result in an improvement of their terms. However,
these provisions could have the effect of discouraging others from making tender offers for shares of the Company’s Common
Stock and, as a consequence, they also may inhibit fluctuations in the market price of the shares of the Company’s Common
Stock that could result from actual or rumored takeover attempts. These provisions also may have the effect of preventing changes
in the Company’s management.

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