SEC Comment Letter for Nexentis Technologies Inc. (NXTS) (CIK 0001789192) (NXTS) — Oct 24, 2019
Nexentis Technologies Inc. (NXTS) (CIK 0001789192)
Date: Oct. 24, 2019 · CIK: 0001789192 · Accession: 0000000000-19-014817
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File numbers found in text: 000-56100
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October 23, 2019
Dan Sztybel
Chief Executive Officer
Save Foods, Inc.
Habarzel 7
Tel Aviv, Israel 6971011
Re:Save Foods, Inc.
Form 10
Filed September 26, 2019
File No. 000-56100
Dear Mr. Sztybel:
We have reviewed your filing and have the following comments. In some of our
comments, we may ask you to provide us with information so we may better understand your
disclosure.
Please respond to these comments within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe our
comments apply to your facts and circumstances, please tell us why in your response.
After reviewing your response and any amendment you may file in response to these
comments, we may have additional comments.
Form 10 filed September 26, 2019
Our Business, page 6
1.For each of the products you currently offer, or plan to offer, please clarify where you are
in the process of regulatory approvals in each country in which you plan to sell, and what
steps are needed to get required approvals.
Intellectual Property, page 7
2.Please disclose which of your products are protected by patents and describe the general
nature of the patent protection.
Risk Factors, page 9
3.We note that some of your products may serve the cannabis market. Please tell us what
consideration you gave to providing related risk factor disclosure, including possible law
FirstName LastNameDan Sztybel
Comapany NameSave Foods, Inc.
October 23, 2019 Page 2
FirstName LastNameDan Sztybel
Save Foods, Inc.
October 23, 2019
Page 2
enforcement consequences under federal and state laws related to the cannabis industry.
Executive Compensation
Employment Agreement, page 32
4.Please file the Corporate Advisory Consulting Agreement with Goldmed Ltd. or advise.
Item 9. Market Price of and Dividends on the Registrant's Common Equity, page 38
5.Please state the high and low bid information for your common stock, as applicable.
Refer to Item 201(a)(1)(iii) of Regulation S-K.
Condensed Consolidated Statements of Changes in Shareholders Equity, page F-34
6.Please revise to include the year to date information for the comparable period of 2018
(i.e. June 30, 2018). Refer to Rule 8-03(a)(5) of Regulation S-X and SEC Release 33-
10532.
June 30, 2019 Financial Statements
Notes to Condensed Consolidated Financial Statements (unaudited)
Note 1 – General , page F-36
7.We note that in June 2019, you effected a 15 to 1 reverse stock split. Please be advised
that even though the transaction took place subsequent to year-end, the stock split should
be reflected retroactively for all periods in which financial statements are presented. .
Although it appears as though your interim June 30, 2019 financials have been
appropriately revised to account for the reverse split, your December 31, 2018 financial
statements do not appear to reflect the change. Accordingly, please revise your filing to
retroactively reflect the 15-to-1 reverse stock split, including appropriate disclosure
concerning the details of the split in all financial statement periods presented and
elsewhere in the document as appropriate. In this regard, we note that the 5,000,000
shares issued in January 2018 on page 39 appears to reflect the pre-split amount. Please
revise accordingly. See guidance in ASC 260-10-55-12 and SAB Topic 4C.
General
8.Please note that your registration statement will become effective automatically sixty days
after filing. Upon effectiveness, you will become subject to the reporting requirements of
the Securities Exchange Act of 1934, even if we have not cleared comments on your
filing. If you do not wish to incur those obligations until all issues are resolved, you may
wish to consider withdrawing your registration statement and resubmitting a new
registration statement when you have revised your document.
9.We note that your forum selection provision in your Amended and Restated By-Laws
identifies the Court of Chancery of the State of Delaware as the exclusive forum for
certain litigation, including any “derivative action.” Please disclose whether this provision
FirstName LastNameDan Sztybel
Comapany NameSave Foods, Inc.
October 23, 2019 Page 3
FirstName LastName
Dan Sztybel
Save Foods, Inc.
October 23, 2019
Page 3
applies to actions arising under the Securities Act or Exchange Act. In that regard, we note
that Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits
brought to enforce any duty or liability created by the Exchange Act or the rules and
regulations thereunder, and Section 22 of the Securities Act creates concurrent jurisdiction
for federal and state courts over all suits brought to enforce any duty or liability created by
the Securities Act or the rules and regulations thereunder. If the provision applies to
Securities Act claims, please also revise your prospectus to state that there is uncertainty
as to whether a court would enforce such provision and that investors cannot waive
compliance with the federal securities laws and the rules and regulations thereunder. If
this provision does not apply to actions arising under the Securities Act or Exchange Act,
please also ensure that the exclusive forum provision in the governing documents states
this clearly, or tell us how you will inform investors in future filings that the provision
does not apply to any actions arising under the Securities Act or Exchange Act.
We remind you that the company and its management are responsible for the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action or absence of
action by the staff.
You may contact Heather Clark at 202-551-3624 or Claire Erlanger at 202-551-3301 if
you have questions regarding comments on the financial statements and related matters. Please
contact Susan Block at 202-551-3210 or John Dana Brown at 202-551-3859 with any other
questions.
Sincerely,
Division of Corporation Finance
Office of Life Sciences