Translation of Immediate Report Filed by Elron on December 6, 2020 with the Israeli Securities Authority Reporting on Financing Round in BrainsGate Led by New Investor

Tel-Aviv, December 6, 2020 - Elron Electronic Industries Ltd. ("Elron") (TASE:ELRN) hereby announces that BrainsGate Ltd. ("BrainsGate") announced today the completion of a financing round of approximately $14 million.

The round includes an equity investment by new investors, led by BNP Joint Capital LP, in the amount of approximately $6 million, at a pre-money valuation of $147 million, as well as an approximately $8 million investment by existing shareholders (through the conversion of a SAFE agreement from March 2020). Elron's share of the SAFE investment was $2 million.

Following the completion of the investment, Elron's holding in BrainsGate's outstanding share capital decreased from approximately 30% to approximately 28%.

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Elron Electronic Industries Ltd. published this content on 06 December 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 December 2020 05:44:03 UTC