Business Context and Reporting Period
This Form 8-K Current Report was filed by My Size, Inc. on April 30, 2017. The registrant is incorporated in Delaware and maintains its principal executive offices in Airport City, Israel. The report discloses significant corporate governance changes and a pending legal matter.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on non-financial events rather than periodic financial performance.
Material Changes
- Board Departure: On April 30, 2017, Mr. Moshe Gidansky resigned from the Board of Directors effective immediately due to personal reasons, with no disagreement with the Company.
- Board Appointment: Effective May 1, 2017, the Board appointed Oren Elmaliah to fill the vacancy. Mr. Elmaliah will serve until the 2018 annual meeting or until a successor is elected.
- Legal Action: On May 3, 2017, Lightcom (Israel) Ltd. filed a motion with the Tel Aviv District Court to approve a shareholders' class action against the Company. The action relates to an immediate report filed by the Company on April 19, 2017.
Outlook, Risks, and Contingencies
Legal Contingency: The Company is currently reviewing the class action motion filed by Lightcom (Israel) Ltd. with its legal counsel. The Court has ordered the Company to respond to the motion by September 2, 2017. The Company intends to report its initial response in due course.
Management Commentary: The filing confirms that the resignation of Mr. Gidansky was not due to any disagreement with the Company. No guidance or forward-looking financial outlook is provided in this document.
Key Facts for Investor Verification
- Verify the specific details of the April 19, 2017 report that triggered the class action lawsuit.
- Monitor the Company's formal response to the Tel Aviv District Court due by September 2, 2017.
- Confirm the background and potential conflicts of interest for the newly appointed director, Oren Elmaliah, given his roles at other public companies (Chiasma Inc., BioBlast Pharma).
- Check for any subsequent filings regarding the status of the class action or further board changes.