Barak Abramov and Jackie Ben-Zaken arrive at NASDAQ: The important document the company received

The technology company TurboGen reported that in 2026 it received approval from the NASDAQ exchange in the US for a dual listing of its securities. This is a step the company has been promising for months, and it brings it closer to one of the main goals of the three investors identified with it: Jackie Ben-Zaken, Barak Abramov, and Tzahi Abu. However, the approval is not the end of the road but a station along it, and it is subject to several material conditions.

According to the official report to the Tel Aviv Stock Exchange, signed by the company's CEO Yaron Gilboa, the listing approval is conditional on two things: receiving approval from the US Securities and Exchange Commission (SEC) for the registration document (Form F-1) to become effective, and completing a private placement of 5 million dollars.

The company has set a goal to close the process by August 31, 2026. If it does not succeed, it will be forced to submit an updated registration document including its reports for the first half of 2026, undergo re-approval with the SEC and NASDAQ, and perhaps also extend investment agreements or raise additional capital. In short, the approval is in hand, but the clock is ticking.

What makes the story particularly talked about are the names of the owners. Ben-Zaken and Abramov, known primarily as the owners of the football clubs MS Ashdod and Beitar Jerusalem, entered the investment at the beginning of 2025 at a price of 15 shekels per share, with each injecting about 3.6 million shekels. Since then, the stock has experienced high volatility and today trades around a similar price. Alongside them, investors also include American entrepreneur Alex Katz and diamond merchant Elliot Tannenbaum.

The most prominent move belongs to Tzahi Abu. After purchasing shares for about 10 million shekels in November 2025, he announced in May a deal in which TurboGen will acquire 50% of the shares of Elbit, a defense integrator held in equal parts by Israel Aerospace Industries and the Abu Yehiel company under his control.

The deal reflects a value of about 1.2 billion shekels for Elbit, and the consideration will be paid in share allocation rather than cash, so Abu is expected to become the controlling shareholder of TurboGen with a holding of about 55%. For him, the NASDAQ listing is the stage where this value is supposed to be expressed.

TurboGen ended 2025 with a net loss of about 73 million shekels, most of which is purely accounting-based, while the current operating loss stood at about 12.3 million shekels. The company still does not have significant sales volumes, and in 2025 it even received a financial penalty of 550 thousand shekels from the Securities Authority for using the term "order backlog" to describe engagements, some of which are only preliminary.

The value reflected in the Elbit deal speaks of a billion shekels, the capital actually being raised ahead of NASDAQ is a few million dollars, and the stock itself is traded at a value of about 358 million shekels. The gap between the big dream and the numbers in the report is exactly what the reader needs to remember.

For those considering entering, the NASDAQ approval is real news, but not a guarantee of commercial success. Dream stocks can yield nice returns, but they are volatile and based on expectations that have not yet been proven. In the next 24 months, TurboGen will need to show that it knows not only how to list for trading, but also how to produce, sell, and profit.