Israeli companies traded on Wall Street continue to report on the judicial overhaul as a risk factor in their annual financial reports. The latest company to do so at the end of last week was the most valuable Israeli company, Mobileye Global Inc. (Nasdaq: MBLY).
Companies traded on Wall Street are required to publish, as part of their expanded Form 20-F or K10 annual report filed with the US Securities and Exchange Commission (SEC), the potential risks of investing in their shares. Israeli companies regularly report on risks related to their activities in Israel, such as the risk of a security flare-up or fear of a boycott. This year, the expected effects of the judicial overhaul, if it is enacted, have also been added to the reported risks. The companies add this to the reports on the recommendation of their lawyers. More than a dozen Israeli companies have already included the issue as a risk factor in reports, including in recent weeks SolarEdge Technologies, Nova Measuring Instruments, Stratasys and CyberArk.
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Intel unit Mobileye, which develops self-driving vehicle technologies and advanced driver-assistance systems (ADAS), held its Nasdaq IPO at the end of last year and is currently traded at a market cap of $31.5 billion. In its extended report for 2022 published last weekend, Mobileye added to the general risks concerning its operations in Israel the subject of the judicial reform promoted by the government. Mobileye said, “The political, economic and military conditions in Israel and the region may directly affect our business and operations, including, among other things, the efforts to promote judicial reform led by the Israeli government, the final outline of which is still unknown.”
According to the Form F20-F, Mobileye had 3,500 employees in eight countries at the end of 2022, including 3,200 employees in Israel.
In addition to Mobileye, three other Israeli companies published expanded reports at the weekend and included the judicial reform as a risk factor – healthcare companies SolGel and Dario Health and auto-tech company Innoviz.
Published by Globes, Israel business news – en.globes.co.il – on March 12, 2023.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2023.
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