Business Context and Reporting Period
This Form 8-K Current Report was filed by My Size, Inc., a Delaware corporation, on February 10, 2017, covering events occurring on February 8, 2017. The company is headquartered in Airport City, Israel.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on a material definitive agreement rather than periodic financial results.
Material Changes and Agreements
- Consulting Agreement: On February 8, 2017, the Company entered into an agreement with PNO Polska S.P.Z.O.O. ("PNO").
- Purpose: PNO will assist in securing non-refundable European Union grants to support the Company's research and development activities.
- Scope of Work: PNO will prepare funding applications and establish a subsidiary for the Company in Poland, subject to EU legal requirements.
- Operational Condition: The Polish office will only become operational after a grant is approved by the Polish government.
- Compensation: The Company will pay PNO fixed fees per project and success fees contingent upon the award of funding.
Guidance, Outlook, and Other Events
- Press Release: On February 10, 2017, the Company issued a press release (attached as Exhibit 99.1) regarding these developments.
- Outlook: The agreement indicates a strategic focus on expanding R&D capabilities through EU grant funding and potential European market entry via a Polish subsidiary.
Investor Verification Checklist
- Verify the specific terms of the fixed fees and success fee percentages in the agreement with PNO Polska S.P.Z.O.O.
- Confirm the timeline and probability of securing the targeted EU grants.
- Review the attached press release (Exhibit 99.1) for additional details on the strategic rationale.
- Monitor future filings for the establishment of the Polish subsidiary and operational status updates.