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 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 | 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 Shani Rapoport Lior Gelbard Keren Tal Naftali Nir Yael Hoefler Sagi Schiff Netanella Treistman Daniel Damboritz Yulia Lazbin Joshua Lieberman Roy Masuri Sivan Gilron Dotan | Tomer Bar-Nathan Edan Regev Gitit Ramot-Adler Guy Kortany Goor Koren Nir Rodnizky Michal Sagmon Hila Rot Neta Goshen Chen Lanir Daphna Livneh Tamar Gilboa Alona Toledano Lihi Katzenelson Naama Hod Yehudit Biton Omri Schnaider Rinat Michael Adi Attar Amos Oseasohn Ofir Paz Adi Daniel Dafna Shaham Miriam Friedmann Roni Osborne Noam Shochat Guy Fatal | Shai Margalit Yonatan Whitefield Moshe Lankry Shira Teger Rachel Lerman Ravid Saar Sophie Blackston Elad Morgenstern Sara Haber Carmel Nudler Shmuel Brill Ben Nachshon Yehonatan Cohen David Shmulevitz Tair Cherbakovsky Aaron Shaw Lior Cohen Goldstein Shiri Vilkin Nataly Margalit Shiran Glitman Dani Weissberg Lareine Khoury Nohar Hadar Nitzan Kahana Tali Har-Oz Tal Alon Ohad Sarusi Mor Ido Tomer Tako | Nitzan Fisher Conforti Victoria Savu Derora Tropp Chaim Cohen Michal Mor Daniel Siso Shalhevet Hetli Galit Frank Elad Peleg Maytal Spivak Avraham Schoen Elan Loshinsky Josh Hauser Eitan Cohen Itai Guttel Dror Kanarik Sarig Royi Heilig Carmel Bareket Vered Glaubach Yair Taitelbaum Gabi Priel Regina Pevzner Maor Layani Areen Nashef Ido Zahavi Guy Yarom Hillel Segal Yonatan Grinstein Tom Kuper Avital Salzman Rotem Cohen | Idan Adar Shahar Iluz Itay Ashkenazi Roei Brizel Ido Sella Evyatar Katz Hadil Nassif Khawand Ran Aziel Stav Orenstein Charleen Moerdler Lior Hochshtadt Ofek Sinai Shmuel Ofen Or Perel Katya Kagantsov Uri Galatt Yarden Weber Maya Haran Yuval Dekel
Gidon Weinstock Of Counsel Roy Keidar Of Counsel Tamar Tavory Of Counsel Paul H. Baris (1934-2010) Rami Kook Nira Kuritzky Eran Ilan |
Tel Aviv | October 1, 2021
Cyren Ltd.
10 Ha-Menofim St., 5th Floor
Herzliya, 4672561
Israel
Dear Sir and Madam:
We have acted as special counsel to Cyren Ltd., a company organized under the laws of the State of Israel (the “Company”), in connection with the issuance and sale by the Company in a private offering (the “Offering”) of 14,152,779 of the Company’s ordinary shares, par value ILS 0.15 per share (the “Ordinary Shares” and, such number of Ordinary Shares issued and sold in the Offering, the “Offered Shares”), and 14,152,779 warrants (the “Ordinary Warrants”) to purchase 14,152,779 Ordinary Shares of the Company (the “Ordinary Warrant Shares”) as contemplated by the securities purchase agreements, dated as of September 15, 2021 by and among the Company and the Investors (the “Agreements”). The Company has also entered into that certain letter agreement, dated as of September 14, 2021 (the “Engagement Letter”), by and between the Company and H.C. Wainwright & Co., LLC (the “Placement Agent”), pursuant to which the Placement Agent agreed to act as the placement agent in connection with the Offering and the Company has agreed to issue to the Placement Agent (or its designees) warrants (the “PA Warrants,” and together with the Ordinary Warrants, the “Warrants”) to purchase up to 849,166 Ordinary Shares (the “PA Warrant Shares,” and together with the Ordinary Warrant Shares, the “Warrant Shares”) The Securities 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 Agreements, 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 rendering the opinions set forth below, we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as duplicates or certified or conformed copies and the authenticity of the originals of such latter documents.
Based on the foregoing, we advise you that in our opinion (i) the Ordinary Shares are duly authorized, legally issued, fully-paid and non-assessable, and (ii) the Warrant Shares are duly authorized and when issued in accordance with the terms of the Warrants, 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 Registration Statement on Form S-3 filed with the United States Securities and Exchange Commission today (the “Registration Statement”), 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 |
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