Another crash on the way? Serious suspicion of another American company; The bonds plunged

Following an unusual clarification request from the Securities Authority, deeply problematic conduct of the controlling owner, CEO and director, Mike Kohan, was revealed in the company’s reports. An internal investigation conducted by the company’s board of directors reveals that Kohan allegedly made private use of approximately $9.6 million of the proceeds of the Israeli IPO, in order to pay off the debts of his private assets, without any disclosure or mention of this in the IPO prospectus.

In addition, the inspection revealed the existence of a hidden loan in the amount of 4.7 million dollars from the fund registered in Delaware, which was represented by Uri Eisenberg. This loan was actually repaid from the funds of the public offering in the amount of 7 million dollars, without the event receiving any expression in the financial statements of the first quarter of 2026.

For his part, Cohan claims that he returned the funds in full to the company’s coffers as part of a property transaction in Chicago (South Dearborn). However, the board of directors was not convinced at this stage and took a series of drastic measures: it ordered the company’s accountants to recheck all past reports, immediately stripped Cohen of his exclusive signing rights, and appointed the compliance officer, Eran Kanti, as a forced signing authority on all of the company’s bank accounts. At the same time, Cohan was ordered to immediately deposit millions of dollars in cash with the company as collateral, until the investigation of the incident is completed.