NOTE 8 - SHARE CAPITAL

Each ordinary share is entitled to one vote. The holder of the ordinary shares is also entitled to receive dividends whenever funds are legally available, when and if declared by the Board of Directors. Since its inception, the Company has not declared any dividends.

On January 31, 2018 the Company’s ADSs commenced trading on the Nasdaq Capital Market, under the symbol CLGN. On May 25, 2021, The Company's ordinary shares were approved for trading on the Nasdaq Global Market, and began trading at the open of market on June 4, 2021. At such time, the Company's ADSs were mandatorily cancelled and exchanged for ordinary shares at a one-for-one ratio. 

The following table summarizes information about warrants outstanding and exercisable as of December 2023:

In the years ended December 31, 2023, 2022 and 2021, the Company granted options as follows (amounts presented reflect the number of shares underlying options):

The fair value of options granted on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are as follows:  

The fair value of options granted during 2023, 2022 and 2021 was $747, 3,970 and $1,094 respectively.

The total unrecognized compensation cost of options on December 31, 2023 is $1,342, which is expected to be recognized over a weighted average period of 1.64 year.

Modification of share-based compensation

On August 23, 2023, the Company’s board of directors approved the repricing of the exercise price of outstanding options to purchase 969,886 ordinary shares, previously granted to employees and directors, to a price of $6.39 per share, out of which the repricing of 583,979 options granted to the Company’s directors and the Chief Executive Officer, were subject to the approval of the general meeting of the shareholders, which approval was obtained on October 10, 2023. There was no change in the number of shares subject to each option, vesting or other terms of the options. 

The total incremental fair value of these options amounted to $579 and was determined based on the Black-Scholes pricing options model using the following assumptions: risk free interest rate of 4.33%-4.74%, expected volatility of 72.1% - 77%, expected term of 3.4-4.71 years and dividend yield of 0%. For the year ended December 31, 2023, the Company recorded expenses totaling $523 associated with the repricing. The remaining incremental fair value will be recognized over the remaining vesting period and until May 2026.

A summary of options data for the years ended December 31, 2023, 2022 and 2021, is as follows:

A summary of the activity in options granted to employees and directors for the year ended December 31, 2023 is as follows:

A summary of the activity in options granted to non-employees for the year ended December 31, 2023 is as follows:

The following tables summarize information concerning outstanding and exercisable options as of December 31, 2023: