Overview
- Palo Alto Networks will seek a dual listing on the Tel Aviv Stock Exchange under the ticker CYBR while continuing to trade on Nasdaq as PANW, with the listing date not yet disclosed.
- Following the Tel Aviv listing, Palo Alto is set to be the largest company by market value on the TASE at roughly $115 billion, according to Reuters.
- CyberArk shareholders are entitled to $45 in cash plus 2.2005 shares of Palo Alto common stock for each CyberArk ordinary share.
- The Tel Aviv Stock Exchange welcomed the move as expanding access for Israeli investors, while Israeli rival Check Point said it would remain Nasdaq-only.
- CoinCentral reports Palo Alto confirmed laying off hundreds of employees, affecting more than 10% of its workforce as overlapping roles are trimmed, and the stock moved lower on integration concerns.