In the midst of IPO preparations: UVision CFO has left, Eyal Rubin to replace him

The departure of a CFO during a company's preparations for an IPO is an unusual event. It has come to the attention of Calcalist that Roni Barak, the CFO of UVision, recently left under unclear circumstances. It was further learned that Eyal Rubin, the CFO of Nasus Pharma, which is traded on NASDAQ, will replace him. An hour ago, Rubin announced his resignation effective this coming September.

UVision, the loitering munition company owned by Aaron Frenkel, is conducting a roadshow for an IPO on NASDAQ, aiming for a pre-money valuation of $3.5 billion. Determining the valuation is encountering difficulties in light of the declines in the stocks of defense companies — a sector to which UVision belongs. For example, Next Vision's stock on the Tel Aviv Stock Exchange has plummeted by approximately 40% since the peak it reached at the beginning of March, and it is currently trading at a valuation of 20 billion shekels.

Frenkel initially tried to conduct negotiations to bring in Israeli institutional investors for 5%-10% of UVision, but they agreed to grant it a valuation of $2.5–2.9 billion. Frenkel refused to compromise, and in the meantime, the realization in defense stocks arrived after two years of a strong rally, and today, according to estimates in the institutional market, he is struggling to obtain even that valuation.

Although the IPO is planned in the USA, UVision, managed by Ran Gozali, began the roadshow specifically in Israel before Israeli institutional investors about a month ago. However, as mentioned, the IPO is encountering difficulties at the requested valuation, and it is possible that Frenkel will be forced to compromise on the valuation in order to carry it out this year, after initially aiming to execute it in the summer.