Exhibit 5.1
Yigal Arnon (1929-2014) Dror Vigdor Amalia Meshi Amnon Lorch Hagai Shmueli Barry Levenfeld David H. Schapiro Hagit Bavly Orna Sasson Barak Tal Shiri Shaham Doron Tamir Daniel Abarbanel Niv Zecler Ofer Argov David Osborne Gil Oren Ronit Amir Yaniv Orly Tsioni Mordehai Baicz Barak Platt Benjamin Horef Yoran Gill Asaf Eylon Daniel Marcovici Adrian Daniels Yuval Shalheveth Jacob Ben Chitrit Peter Sugarman Ben Sandler Boaz Fiel Joeri Kreisberg Simon Weintraub Ruth Loven Yarom Romem Adam Spruch | Yuval Bargil Eliran Furman Eran Lempert Ofir Levy Hanital Belinson Yoheved Novogroder Odelia Sidi Shira Lahat Micki Shapira Eran Zach Ido Chitman Aner Hefetz David Akrish Nir Rosner Assaf Mesica Liron Hacohen Guy Fuhrer Ezra Gross David Roness Eli Greenbaum Lee Maor Guy Sagiv Micha Tollman Shani Rapoport Lior Gelbard Keren Tal Naftali Nir Yael Hoefler Sagi Schiff Netanella Treistman Daniel Damboritz Yulia Lazbin | Joshua Lieberman Eyal Aichel Roy Masuri Avi Anouchi Sivan Gilron Dotan Tomer Bar-Nathan Edan Regev Michal Sagmon Hila Rot Chen Lanir Daphna Livneh Tamar Gilboa Rachel Cohen Alona Toledano Yuval Shamir Liat Pillersdorf Evan Schendler Shahar Uziely Yehudit Biton Gitit Ramot-Adler Shiran Sofer Rinat Michael Adi Attar Daniella Milner Amos Oseasohn Guy Kortany Ofir Paz Goor Koren Dafna Shaham | Miriam Friedmann Roni Osborne Ortal Zanzuri Roey Sasson Shir Eshkol Moshe Medved Lior Sofer Nir Rodnizky Noam Shochat Noa Slavin Guy Fatal Ira Evental Itamar Cohen Yonatan Whitefield Moshe Lankry Shira Teger Rachel Lerman Ravid Saar Sophie Blackston Eti Elbaz Igor Baraz Elad Morgenstern Sara Haber Carmel Nudler Yehonatan Cohen David Shmulevitz Tair Cherbakovsky Ophir Dagan Liad Kalderon Nataly Damary Shiran Glitman | Dani Weissberg Lareine Khoury Nohar Hadar Shirley Youseri Nitzan Kahana Tali Har-Oz Tal Alon Ohad Sarusi Mor Ido Nechemia Englman Natalie Korenfeld Moshe Pasker Mazi Ohayon Nitzan Fisher-Conforti Victoria Savu Derora Tropp Hila Amiel Chaim Cohen Shine Shaham Michal Mor Daniel Siso Maytal Spivak Avraham Schoen Omer Razin Elan Loshinsky Ariel Even Noah Zivan Josh Hauser Ron Jacoby Itai Guttel Dor Brown Dror Kanarik Sarig Artium Gorelik Maor Alev | Tamar Drori Vered Glaubach Yair Taitelbaum Gilad Lindenfeld Gabi Priel Regina Pevzner Sophy Litvin Igal Lavi Maor Layani Areen Nashef Tal Slabbaert David Chesterman Noam Kolt Stav Ben Hamo Ido Zahavi Guy Yarom Ben Nachshon Danielle Berkowicz Inbar Rosenthal Dan Shimon
__________________ Gidon Weinstock Of Counsel Roy Keidar Of Counsel __________________ Paul H. Baris (1934-2010) Rami Kook Nira Kuritzky Eran Ilan |
Tel Aviv May 14, 2020
Cyren Ltd Ltd.
10 Ha-Menofim St., 5th Floor
Herzliya, Israel, 4672561
Re:CyrenLtd.
Dear Sir and Madam:
We have acted as Israeli counsel toCyren Ltd, (the “Company”)in connection with the issuance and sale by the Company of convertible debentures for an aggregate amount of $10,250,002 (the “Debentures”), convertible into ordinary shares of the Company, NIS 0.15 par value per share (the “Ordinary Shares” and, such number of Ordinary Shares which may be issued upon conversion of the Debentures and as interest payment on the Debentures, the “Underlying Shares”) in accordance with the terms of the Debentures being offered by the Company (the “Offering”), pursuant to the terms of a securities purchase agreements dated March 16, 2020, between the Company and the Purchasers (the “Agreements”). The Debentures were issued pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended and Rule 506 promulgated thereunder.
| 1 Azrieli Center, Tel Aviv, 6702101 | Phone: +972-3-6087777 | Fax: +972-3-6087724 | |
| 31 Hillel Street, Jerusalem, 9458131 | Phone: +972-2-6239239 | Fax: +972-2-6239233 | |
| www.arnon.co.il | info@arnon.co.il |
As counsel to the Company in Israel, we have examined copies of the Amended and Restated Articles of Association of the Company and such corporate records, instruments, and other documents relating to the Company and such matters of law as we have considered necessary or appropriate for the purpose of rendering this opinion. In such examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals, and the conformity to authentic originals of all documents submitted to us as copies.
Based on the foregoing, we advise you that in our opinion, the Underlying Shares are duly authorized and when issued in accordance with the terms of the Debentures, will be legally issued, fully-paid and non-assessable.
We are members of the Israeli bar, and the opinions expressed herein are limited to questions arising under the laws of the State of Israel, and we disclaim any opinion whatsoever with respect to matters governed by the laws of any other jurisdiction.
We hereby consent to the use of this opinion as Exhibit 5.1 to the Company’s Registration Statement on Form S-3 filed with the Commission on May 14, 2020, and to the reference to us under the caption “Legal Matters” in the prospectus included in the Registration Statement. In giving such consent, we do not thereby concede that we are within the category of persons whose consent is required under Section 7 of the Act or the Rules and Regulations of the Commission thereunder.
| Sincerely, | ||
| /s/ Yigal Arnon & Co. | ||
| Yigal Arnon & Co. |
| 1 Azrieli Center, Tel Aviv, 6702101 | Phone: +972-3-6087777 | Fax: +972-3-6087724 | |
| 31 Hillel Street, Jerusalem, 9458131 | Phone: +972-2-6239239 | Fax: +972-2-6239233 | |
| www.arnon.co.il | info@arnon.co.il |