Benzinga | Nov 5, 2021 09:33AM EDT

My Size Reports Deal, Resolves Litigation With Custodian Ventures

My Size, Inc. ("My Size" or the "Company") (NASDAQ:MYSZ) (TASE: MYSZ), a leading developer and creator of smartphone measurement solutions, today announced that it has entered into a cooperation agreement (the "Agreement") with Custodian Ventures LLC and its affiliates (collectively, "Custodian Ventures"). In addition, My Size announced that it is seeking to enhance shareholder value by evaluating acquisition opportunities while refocusing on the commercialization of MySizeID. Custodian Ventures has agreed to conclude its public campaign and withdraw its director candidates for election at the Company's 2021 Annual Meeting of Stockholders (the "Annual Meeting"). The Company has agreed to withdraw the lawsuit it previously filed in the United States District Court for the Southern District of New York against Custodian Ventures and certain stockholders.

Ronen Luzon, Chief Executive Officer and Founder of My Size, commented:

"We are pleased to have resolved this matter and are committed to executing on our strategic plan, which includes evaluating acquisition opportunities to enhance value for stockholders. In recent months, we have also announced business partnerships with Wix eCommerce, Dockers (Turkey), GK Software and Threads, further growing our market share around the world. Additionally, we believe the appointment of a seasoned industry executive to our Board of Directors in August and the consolidation of our IP portfolio exclusively within the Company positions My Size for future growth."

The complete Agreement will be filed on Form 8-K with the U.S. Securities and Exchange Commission.

Stockholders are not required to take any action at this time. The Board intends to schedule the 2021 Annual Meeting of Stockholders and will present its director candidates for election at the meeting in its proxy materials, which will be filed with the Securities and Exchange Commission in due course.