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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on September 28, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-______ </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VALENS SEMICONDUCTOR LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as Specified in Its
Charter)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B>State of Israel</B></FONT></TD>
    <TD STYLE="width: 34%; text-align: center"><FONT STYLE="font-size: 10pt"><B>3674</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not applicable</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(State or other jurisdiction of</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(Primary Standard Industrial</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>(I.R.S. Employer</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>incorporation or organization)</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Classification Code Number)</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Identification Number)</FONT></TD></TR>
  </TABLE>

  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Valens Semiconductor Ltd. 2007 Option Plan</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Valens Semiconductor Ltd. 2012 Option Plan</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Valens Semiconductor Ltd. 2021 Share Incentive
Plan</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Valens Semiconductor Ltd. 2021 Employee
Stock Purchase Plan</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Full Title of the Plans)</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Valens Semiconductor Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>8 Hanagar St. POB 7152</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Hod Hasharon 4501309</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Israel</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>+972 (9) 762-6900</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of registrant&rsquo;s principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cogency Global Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>122 East 42<SUP>nd</SUP> Street, 18<SUP>th
</SUP>Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10168</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(800) 221-0102</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, address, including zip code, and telephone
number, including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Copies of all correspondence to:</I></B></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 26%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Michael Kaplan <BR>
Brian Wolfe <BR>
Davis Polk &amp; Wardwell LLP <BR>
450 Lexington Avenue <BR>
New York, New York 10017 <BR>
Tel: (212) 450-4000</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 21%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Shachar Hadar<BR>
Assaf Naveh <BR>
Ran Camchy<BR>
Elad Ziv <BR>
Meitar | Law Offices <BR>
16 Abba Hillel Silver Rd. <BR>
Ramat Gan 52506, Israel <BR>
Tel: +972 (3) 610-3100</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 28%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Daniel Espinoza<BR>
Jocelyn M. Arel<BR>
Goodwin Procter LLP<BR>
100 Northern Avenue<BR>
Boston, MA 02210<BR>
Tel: (617) 570-1000</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 22%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Aaron M. Lampert <BR>
Goldfarb Seligman &amp; Co. <BR>
Ampa Tower <BR>
98 Yigal Alon Street <BR>
Tel Aviv 6789141, Israel <BR>
Tel: +972 (3) 608-9999</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
&ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth
company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT></TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 15%"><FONT STYLE="font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&thorn;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">o</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&thorn;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 12pt"><FONT STYLE="font-size: 10pt">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of Securities to be Registered</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount to be Registered</B></FONT><B><FONT STYLE="font-size: 12pt"><SUP>(1)</SUP></FONT></B></TD>
    <TD STYLE="width: 14%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed Maximum Offering Price Per Share</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: black 2.25pt double; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed Maximum Aggregate Offering Price</B></FONT><B><FONT STYLE="font-size: 12pt"><SUP>(4)</SUP></FONT></B></TD>
    <TD STYLE="width: 11%; border-top: black 2.25pt double; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of Registration Fee</B></FONT><B><FONT STYLE="font-size: 12pt"><SUP>(4)</SUP></FONT></B></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt">Ordinary shares, no par value, to be issued in connection with </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; padding-left: 8.45pt"><FONT STYLE="font-size: 10pt">Valens Semiconductor Ltd. 2007 Option Plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1,388,035 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.17(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$235,965.87 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;$25.75 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; padding-left: 8.45pt"><FONT STYLE="font-size: 10pt">Valens Semiconductor Ltd. 2012 Option Plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">14,253,014 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.78(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$11,117,350.75 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">$1,212.91 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; padding-left: 8.45pt"><FONT STYLE="font-size: 10pt">Valens Semiconductor Ltd. 2021 Share Incentive Plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">8,370,000 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.79(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$6,612,300.00 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">$721.41 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; padding-left: 8.45pt"><FONT STYLE="font-size: 10pt">Valens Semiconductor Ltd. 2021 Employee Stock Purchase Plan</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">1,400,000 </FONT></TD>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$0.79(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">$1,106,000.00 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">$120.67 </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>25,411,049 </B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-right: black 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-right: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;$19,071,616.62 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>$2,080.74 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">This Registration Statement on Form S-8 (this &ldquo;Registration Statement&rdquo;) covers
    ordinary shares, no par value (&ldquo;Ordinary Shares&rdquo;), of Valens Semiconductor Ltd. (the &ldquo;Company&rdquo; or the
    &ldquo;Registrant&rdquo;) that are (i) authorized for issuance under the Valens Semiconductor Ltd. 2021 Share Incentive Plan (the
    &ldquo;2021 Plan&rdquo;) and the Valens Semiconductor Ltd. 2021 Employee Stock Purchase Plan (the &ldquo;ESPP&rdquo;), (ii)
    authorized for issuance upon the exercise of outstanding stock options issued pursuant to the 2021 Plan, ESPP, the Valens
    Semiconductor Ltd. 2012 Option Plan (&ldquo;2012 Plan&rdquo;) and the Valens Semiconductor Ltd. 2007 Option Plan (the &ldquo;2007
    Plan,&rdquo; and, together with the 2021 Plan, the ESPP, and the 2012 Plan, the &ldquo;Plans&rdquo;). In the event of any stock
    dividend, stock split or other similar transaction involving the Ordinary Shares, the number of shares registered hereby shall
    automatically be adjusted in accordance with Rule 416(a) under the Securities Act of 1933, as amended (the &ldquo;Securities
    Act&rdquo;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Computed solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under the Securities Act on the basis of the weighted-average exercise price of the stock options outstanding, rounded up to the nearest penny.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(3)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(a) of the
    Securities Act. Given that there is no proposed maximum offering price per share of Ordinary Shares, the Registrant calculates the
    proposed maximum aggregate offering price by analogy to Rule 457(f)(2), based on the book value of the Ordinary Shares the
    Registrant registers of $ 0.79 per share, which was calculated from its unaudited condensed consolidated balance sheets as of June
    30, 2021, rounded up to the nearest penny. Given that the Registrant&rsquo;s shares of Ordinary Shares are not traded on an exchange
    or&nbsp;over-the-counter,&nbsp;the Registrant did not use the market price of its Ordinary Shares in accordance with Rule
    457(c).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">(4)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Rounded up to the nearest penny.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>PART I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The documents containing the information specified
in Item 1 and Item 2 of Part I of Form S-8 will be sent or given to participants as specified by Rule 428(b)(1) under the Securities Act.
In accordance with the rules and regulations of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) and the instructions
to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or
prospectus supplements pursuant to Rule 424 under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>PART II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in"><B>INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 3. Incorporation of Documents by Reference.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The following documents filed by the Registrant
with the Commission are incorporated herein by reference:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">The prospectus dated June 17, 2021 filed by the Registrant with the Commission pursuant to Rule 424(b) under the Securities Act relating to the registration statement on </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1863006/000119312521193323/d179334df4.htm"><FONT STYLE="font-size: 10pt">Form F-4</FONT></A><FONT STYLE="font-size: 10pt">, as amended (Registration No. 333-257176) (the &ldquo;Form F-4 Registration Statement&rdquo;);</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), since the end of the fiscal year covered by the Form F-4 Registration Statement; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">The description of the Registrant&rsquo;s ordinary shares contained in the Form F-4 Registration Statement, including any amendment or report filed for the purpose of updating that description.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">In addition, all documents subsequently filed
by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective
amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the
date of the filing of such documents. The Registrant is not incorporating by reference any document or portion thereof, whether specifically
listed above or to be filed in the future, that is not deemed &ldquo;filed&rdquo; with the Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein, (or in any other subsequently filed document which also is incorporated or deemed to
be incorporated by reference herein), modifies or supersedes such statement. Any such statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 4. Description of Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 5. Interests of Named Experts and Counsel.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 6. Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Under the Israeli Companies
Law, 5759-1999 (the &ldquo;Companies Law&rdquo;), a company may not exculpate an office holder from liability for a breach of the duty
of loyalty. An Israeli company may exculpate in advance an office holder from liability to the company, in whole or in part, for damages
caused to the company as a result of a breach of duty of care but only if a provision authorizing such exculpation is included in its
articles of association. The Registrant&rsquo;s amended and restated articles of association include such a provision. We may not exculpate
a director from liability arising out of a prohibited dividend or distribution to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Under the Companies Law,
a company may indemnify an office holder in respect of the following liabilities and expenses incurred for acts performed as an office
holder, either in advance of an event or following an event, provided a provision authorizing such indemnification is contained in its
articles of association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">a financial liability imposed on him or her in favor of another person pursuant to a judgment, including a settlement or arbitrator&rsquo;s award approved by a court. However, if an undertaking to indemnify an office holder with respect to such liability is provided in advance, then such an undertaking must be limited to events which, in the opinion of the board of directors, can be foreseen based on the company&rsquo;s activities when the undertaking to indemnify is given, and to an amount or according to criteria determined by the board of directors as reasonable under the circumstances, and such undertaking shall detail the abovementioned events and amount or criteria;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">reasonable litigation expenses, including legal fees, incurred by the office holder (1)&nbsp;as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, provided that (i)&nbsp;no indictment was filed against such office holder as a result of such investigation or proceeding; and (ii)&nbsp;no financial liability, such as a criminal penalty, was imposed upon him or her as a substitute for the criminal proceeding as a result of such investigation or proceeding or, if such financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent; and (2)&nbsp;in connection with a monetary sanction;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">reasonable litigation expenses, including legal fees, incurred by the office holder or imposed by a court in proceedings instituted against him or her by the company, on its behalf or by a third-party or in connection with criminal proceedings in which the office holder was acquitted or as a result of a conviction for an offense that does not require proof of criminal intent; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">expenses, including reasonable litigation expenses and legal fees, incurred by an office holder in relation to an administrative proceeding instituted against such office holder, or certain compensation payments made to an injured party imposed on an office holder by an administrative proceeding, pursuant to certain provisions of the Israeli Securities Law, 1968 (the &ldquo;Israeli Securities Law&rdquo;).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">An Israeli company may
insure an office holder against the following liabilities incurred for acts performed as an office holder if and to the extent provided
in the company&rsquo;s articles of association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">a breach of the duty of loyalty to the company, to the extent that the office holder acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">a breach of the duty of care to the company or to a third-party, including a breach arising out of the negligent conduct of the office holder;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">a financial liability imposed on the office holder in favor of a third-party;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">a financial liability imposed on the office holder in favor of a third-party harmed by a breach in an administrative proceeding; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">expenses, including reasonable litigation expenses and legal fees, incurred by the office holder as a result of an administrative proceeding instituted against him or her, pursuant to certain provisions of the Israeli Securities Law.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">An Israeli company may
not indemnify or insure an office holder against any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">a breach of the duty of loyalty, except to the extent that the office holder acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">a breach of the duty of care committed intentionally or recklessly, excluding a breach arising out of the negligent conduct of the office holder;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">an act or omission committed with intent to derive illegal personal benefit; or</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">a fine or forfeit levied against the office holder.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Under the Companies Law,
exculpation, indemnification and insurance of office holders must be approved by the compensation committee and the board of directors
(and, with respect to directors and the chief executive officer, by the shareholders). However, under regulations promulgated under the
Companies Law, the insurance of office holders does not require shareholder approval and may be approved by only the compensation committee,
if the engagement terms are determined in accordance with the company&rsquo;s compensation policy, which was approved by the shareholders
by the same special majority required to approve a compensation policy, provided that the insurance policy is on market terms and the
insurance policy is not likely to materially impact the company&rsquo;s profitability, assets or obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Our amended and restated
articles of association allow us to exculpate, indemnify and insure our office holders for any liability imposed on them as a consequence
of an act (including any omission) which was performed by virtue of being an office holder, subject to the provisions of the Companies
Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">We have entered into
agreements with each of our directors and executive officers exculpating them in advance, to the fullest extent permitted by law, from
liability to us for damages caused to us as a result of a breach of duty of care, and undertaking to indemnify them to the fullest extent
permitted by law. This indemnification is limited to events determined as foreseeable by the board of directors based on our activities,
and to an amount or according to criteria determined by the board of directors as reasonable under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">The maximum indemnification
amount set forth in such agreements is limited to an amount equal to the higher of $100,000,000, and 25% of our total shareholders&rsquo;
equity as reflected in our most recent consolidated financial statements as of the time of the actual payment of the indemnification,.
The maximum amount set forth in such agreements is in addition to any amount paid (if paid) under insurance and/or by a&nbsp;third-party&nbsp;pursuant
to an indemnification arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">In the opinion of the
SEC, indemnification of directors and office holders for liabilities arising under the Securities Act, however, is against public policy
and therefore unenforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Registrant has purchased
and currently intends to maintain insurance on behalf of each and every person who is or was a director or officer of the company against
any loss arising from any claim asserted against him or her and incurred by him or her in any such capacity, subject to certain exclusions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 7. Exemption from Registration Claimed.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 8. Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 13%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Exhibit
No.</B></P></TD>
    <TD STYLE="width: 87%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Description</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/1863006/000119312521193323/d179334dex31.htm"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/1863006/000119312521193323/d179334dex31.htm"><FONT STYLE="font-size: 10pt">Articles of Association of Registrant (incorporated by reference to Exhibit 3.1 to the registration statement on Form F-4, as amended (Registration No. 333-257176))</FONT></A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><A HREF="https://www.sec.gov/Archives/edgar/data/0001863006/000119312521255179/d179334df4a.htm#rom179334_40"><FONT STYLE="font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="vertical-align: bottom"><A HREF="https://www.sec.gov/Archives/edgar/data/0001863006/000119312521255179/d179334df4a.htm#rom179334_40"><FONT STYLE="font-size: 10pt">Form of Amended and Restated Articles of Association of Registrant (incorporated by reference to Exhibit 3.2 to the registration statement on Form F-4, as amended (Registration No. 333-257176))</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="dp158559_ex0501.htm"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD><A HREF="dp158559_ex0501.htm"><FONT STYLE="font-size: 10pt">Opinion of Meitar | Law Offices (filed herewith)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="dp158559_ex0501.htm"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD><A HREF="dp158559_ex0501.htm"><FONT STYLE="font-size: 10pt">Consent of Meitar | Law Offices (included in Exhibit 5.1)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="dp158559_ex2302.htm"><FONT STYLE="font-size: 10pt">23.2</FONT></A></TD>
    <TD><A HREF="dp158559_ex2302.htm"><FONT STYLE="font-size: 10pt">Consent of&nbsp;&nbsp;Kesselman &amp; Kesselman, a member of PricewaterhouseCoopers International Limited, independent registered public accounting firm, relating to the financial statements of the Registrant (filed herewith)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="#poa"><FONT STYLE="font-size: 10pt">24.1</FONT></A></TD>
    <TD><A HREF="#poa"><FONT STYLE="font-size: 10pt">Power of Attorney (filed herewith)</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="dp158559_ex9901.htm"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD><A HREF="dp158559_ex9901.htm"><FONT STYLE="font-size: 10pt">Valens Semiconductor Ltd. 2007 Option Plan</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="dp158559_ex9902.htm"><FONT STYLE="font-size: 10pt">99.2</FONT></A></TD>
    <TD><A HREF="dp158559_ex9902.htm"><FONT STYLE="font-size: 10pt">Valens Semiconductor Ltd. 2012 Option Plan</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="dp158559_ex9903.htm"><FONT STYLE="font-size: 10pt">99.3</FONT></A></TD>
    <TD><A HREF="dp158559_ex9903.htm"><FONT STYLE="font-size: 10pt">Valens Semiconductor Ltd. 2021 Share Incentive Plan</FONT></A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="dp158559_ex9904.htm"><FONT STYLE="font-size: 10pt">99.4</FONT></A></TD>
    <TD><A HREF="dp158559_ex9904.htm"><FONT STYLE="font-size: 10pt">Valens Semiconductor Ltd. 2021 Employee Stock Purchase Plan</FONT></A></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
undersigned Registrant hereby undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>To include any prospectus required by Section 10(a)(3) of the Securities Act;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation
of Registration Fee&rdquo; table in this Registration Statement; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>To include any material information with respect to the Plans not previously disclosed in this Registration Statement or any material
change to such information in this Registration Statement;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i)
and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in
this Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(2) That, for the purpose of determining
any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial <I>bona fide</I>
offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">(3) To remove from registration by
means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(b) The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant
to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant
to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
<I>bona fide</I> offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">(c) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing
provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the requirements of the Securities
Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing this Registration
Statement and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
Hod Hasharon, Israel, as of the 28<SUP>th</SUP> day of September, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>VALENS SEMICONDUCTOR LTD.</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 46%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: white 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Dror Heldenberg</I></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dror Heldenberg</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><FONT STYLE="font-size: 10pt"><BR STYLE="clear: both">
</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>AUTHORIZED REPRESENTATIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">Pursuant to the requirements
of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Valens Semiconductor
Ltd. has signed this Form S-8 in the City of New York, State of New York, on the 28<SUP>th</SUP> day of September, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>AUTHORIZED U.S. REPRESENTATIVE &ndash; COGENCY GLOBAL INC.</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 46%">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: white 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: white 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By:</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Colleen A. De Vries</I></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colleen A. De Vries</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Vice President on behalf of Cogency Global Inc.</P></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="poa"></A><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt; background-color: white">KNOW ALL PERSONS BY
THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Gideon Ben-Zvi and Dror Heldenberg and
each of them, individually, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution,
for him or her and in his or her name, place and stead in any and all capacities, in connection with this Registration Statement, including
to sign in the name and on behalf of the undersigned, this Registration Statement and any and all amendments thereto, including post-effective
amendments and registrations filed pursuant to Rule 462 under the Securities Act of 1933, as amended, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents full power and authority to do and perform each and every act and thing requisite and desirable to be done in and about the
premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or his or her substitute, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt; background-color: white">Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and
on the dates indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 42.85pt; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 28%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Signature</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 50%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Title</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 21%; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Date</U></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Gideon Ben-Zvi</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Chief Executive Officer &amp; Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 28, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Gideon Ben-Zvi</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Dror Heldenberg</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 28, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Dror Heldenberg</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">(Principal Financial Officer and Principal Accounting Officer)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Peter Mertens</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Chair of the Board of Directors</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 28, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Peter Mertens</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Yahal Zilka</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 28, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Yahal Zilka</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Dr. Eyal Kishon</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 28, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Dr. Eyal Kishon</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Dror Jerushalmi</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 28, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Dror Jerushalmi</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Moshe Lichtman</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 28, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Moshe Lichtman</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Michael Linse</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 28, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Michael Linse</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Ben Rabinowitz</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 28, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Ben Rabinowitz</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Massad Eyal</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">September 28, 2021</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Massad Eyal</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  </TABLE>

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[{"type": "S-8", "sequence": "1", "filename": "dp158559_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 77428}]
{"company-data": {"conformed-name": "Valens Semiconductor Ltd.", "cik": "0001863006", "assigned-sic": "3674", "irs-number": "000000000", "state-of-incorporation": "L3", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-259849", "film-number": "211286841"}, "business-address": {"street1": "8 HANAGAR ST. POB 7152", "city": "HOD HASHARON, 4501309", "state": "L3", "zip": "00000", "phone": "972-9-762-6900"}, "mail-address": {"street1": "8 HANAGAR ST. POB 7152", "city": "HOD HASHARON, 4501309", "state": "L3", "zip": "00000"}}
As filed with the Securities and Exchange Commission
on September 28, 2021
Registration No. 333-______
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
VALENS SEMICONDUCTOR LTD.
(Exact Name of Registrant as Specified in Its
Charter)
State of Israel
3674
Not applicable
(State or other jurisdiction of
(Primary Standard Industrial
(I.R.S. Employer
incorporation or organization)
Classification Code Number)
Identification Number)
Valens Semiconductor Ltd. 2007 Option Plan
Valens Semiconductor Ltd. 2012 Option Plan
Valens Semiconductor Ltd. 2021 Share Incentive
Plan
Valens Semiconductor Ltd. 2021 Employee
Stock Purchase Plan
(Full Title of the Plans)
Valens Semiconductor Ltd.
8 Hanagar St. POB 7152
Hod Hasharon 4501309
Israel
+972 (9) 762-6900
(Address, including zip code, and telephone number,
including area code, of registrant's principal executive offices)
Cogency Global Inc.
122 East 42
nd
Street, 18
th
Floor
New York, NY 10168
(800) 221-0102
(Name, address, including zip code, and telephone
number, including area code, of agent for service)
Copies of all correspondence to:
Michael Kaplan
Brian Wolfe
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, New York 10017
Tel: (212) 450-4000
Shachar Hadar
Assaf Naveh
Ran Camchy
Elad Ziv
Meitar | Law Offices
16 Abba Hillel Silver Rd.
Ramat Gan 52506, Israel
Tel: +972 (3) 610-3100
Daniel Espinoza
Jocelyn M. Arel
Goodwin Procter LLP
100 Northern Avenue
Boston, MA 02210
Tel: (617) 570-1000
Aaron M. Lampert
Goldfarb Seligman & Co.
Ampa Tower
98 Yigal Alon Street
Tel Aviv 6789141, Israel
Tel: +972 (3) 608-9999
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of
"large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth
company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
Accelerated filer
o
Non-accelerated filer
þ
Smaller reporting company
o
Emerging growth company
þ
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
¨
CALCULATION OF REGISTRATION FEE
Title of Securities to be Registered
Amount to be Registered
(1)
Proposed Maximum Offering Price Per Share
Proposed Maximum Aggregate Offering Price
(4)
Amount of Registration Fee
(4)
Ordinary shares, no par value, to be issued in connection with
Valens Semiconductor Ltd. 2007 Option Plan
1,388,035
$0.17(2)
$235,965.87
$25.75
Valens Semiconductor Ltd. 2012 Option Plan
14,253,014
$0.78(2)
$11,117,350.75
$1,212.91
Valens Semiconductor Ltd. 2021 Share Incentive Plan
8,370,000
$0.79(3)
$6,612,300.00
$721.41
Valens Semiconductor Ltd. 2021 Employee Stock Purchase Plan
1,400,000
$0.79(3)
$1,106,000.00
$120.67
Total
25,411,049
$19,071,616.62
$2,080.74
(1)
This Registration Statement on Form S-8 (this "Registration Statement") covers
    ordinary shares, no par value ("Ordinary Shares"), of Valens Semiconductor Ltd. (the "Company" or the
    "Registrant") that are (i) authorized for issuance under the Valens Semiconductor Ltd. 2021 Share Incentive Plan (the
    "2021 Plan") and the Valens Semiconductor Ltd. 2021 Employee Stock Purchase Plan (the "ESPP"), (ii)
    authorized for issuance upon the exercise of outstanding stock options issued pursuant to the 2021 Plan, ESPP, the Valens
    Semiconductor Ltd. 2012 Option Plan ("2012 Plan") and the Valens Semiconductor Ltd. 2007 Option Plan (the "2007
    Plan," and, together with the 2021 Plan, the ESPP, and the 2012 Plan, the "Plans"). In the event of any stock
    dividend, stock split or other similar transaction involving the Ordinary Shares, the number of shares registered hereby shall
    automatically be adjusted in accordance with Rule 416(a) under the Securities Act of 1933, as amended (the "Securities
    Act").
(2)
Computed solely for the purpose of calculating the registration fee pursuant to Rule 457(h) under the Securities Act on the basis of the weighted-average exercise price of the stock options outstanding, rounded up to the nearest penny.
(3)
Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(a) of the
    Securities Act. Given that there is no proposed maximum offering price per share of Ordinary Shares, the Registrant calculates the
    proposed maximum aggregate offering price by analogy to Rule 457(f)(2), based on the book value of the Ordinary Shares the
    Registrant registers of $ 0.79 per share, which was calculated from its unaudited condensed consolidated balance sheets as of June
    30, 2021, rounded up to the nearest penny. Given that the Registrant's shares of Ordinary Shares are not traded on an exchange
    or over-the-counter, the Registrant did not use the market price of its Ordinary Shares in accordance with Rule
    457(c).
(4)
Rounded up to the nearest penny.
PART I
INFORMATION REQUIRED IN
THE SECTION 10(a) PROSPECTUS
The documents containing the information specified
in Item 1 and Item 2 of Part I of Form S-8 will be sent or given to participants as specified by Rule 428(b)(1) under the Securities Act.
In accordance with the rules and regulations of the Securities and Exchange Commission (the "Commission") and the instructions
to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or
prospectus supplements pursuant to Rule 424 under the Securities Act.
PART II
INFORMATION REQUIRED IN
THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents filed by the Registrant
with the Commission are incorporated herein by reference:
1.
The prospectus dated June 17, 2021 filed by the Registrant with the Commission pursuant to Rule 424(b) under the Securities Act relating to the registration statement on
Form F-4
, as amended (Registration No. 333-257176) (the "Form F-4 Registration Statement");
2.
All other reports filed by the Registrant pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), since the end of the fiscal year covered by the Form F-4 Registration Statement; and
3.
The description of the Registrant's ordinary shares contained in the Form F-4 Registration Statement, including any amendment or report filed for the purpose of updating that description.
In addition, all documents subsequently filed
by the Registrant with the Commission pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective
amendment to this Registration Statement which indicates that all securities offered have been sold or which deregisters all securities
then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the
date of the filing of such documents. The Registrant is not incorporating by reference any document or portion thereof, whether specifically
listed above or to be filed in the future, that is not deemed "filed" with the Commission.
Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein, (or in any other subsequently filed document which also is incorporated or deemed to
be incorporated by reference herein), modifies or supersedes such statement. Any such statement so modified or superseded shall not be
deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Under the Israeli Companies
Law, 5759-1999 (the "Companies Law"), a company may not exculpate an office holder from liability for a breach of the duty
of loyalty. An Israeli company may exculpate in advance an office holder from liability to the company, in whole or in part, for damages
caused to the company as a result of a breach of duty of care but only if a provision authorizing such exculpation is included in its
articles of association. The Registrant's amended and restated articles of association include such a provision. We may not exculpate
a director from liability arising out of a prohibited dividend or distribution to shareholders.
Under the Companies Law,
a company may indemnify an office holder in respect of the following liabilities and expenses incurred for acts performed as an office
holder, either in advance of an event or following an event, provided a provision authorizing such indemnification is contained in its
articles of association:
•
a financial liability imposed on him or her in favor of another person pursuant to a judgment, including a settlement or arbitrator's award approved by a court. However, if an undertaking to indemnify an office holder with respect to such liability is provided in advance, then such an undertaking must be limited to events which, in the opinion of the board of directors, can be foreseen based on the company's activities when the undertaking to indemnify is given, and to an amount or according to criteria determined by the board of directors as reasonable under the circumstances, and such undertaking shall detail the abovementioned events and amount or criteria;
•
reasonable litigation expenses, including legal fees, incurred by the office holder (1) as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation or proceeding, provided that (i) no indictment was filed against such office holder as a result of such investigation or proceeding; and (ii) no financial liability, such as a criminal penalty, was imposed upon him or her as a substitute for the criminal proceeding as a result of such investigation or proceeding or, if such financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent; and (2) in connection with a monetary sanction;
•
reasonable litigation expenses, including legal fees, incurred by the office holder or imposed by a court in proceedings instituted against him or her by the company, on its behalf or by a third-party or in connection with criminal proceedings in which the office holder was acquitted or as a result of a conviction for an offense that does not require proof of criminal intent; and
•
expenses, including reasonable litigation expenses and legal fees, incurred by an office holder in relation to an administrative proceeding instituted against such office holder, or certain compensation payments made to an injured party imposed on an office holder by an administrative proceeding, pursuant to certain provisions of the Israeli Securities Law, 1968 (the "Israeli Securities Law").
An Israeli company may
insure an office holder against the following liabilities incurred for acts performed as an office holder if and to the extent provided
in the company's articles of association:
•
a breach of the duty of loyalty to the company, to the extent that the office holder acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;
•
a breach of the duty of care to the company or to a third-party, including a breach arising out of the negligent conduct of the office holder;
•
a financial liability imposed on the office holder in favor of a third-party;
•
a financial liability imposed on the office holder in favor of a third-party harmed by a breach in an administrative proceeding; and
•
expenses, including reasonable litigation expenses and legal fees, incurred by the office holder as a result of an administrative proceeding instituted against him or her, pursuant to certain provisions of the Israeli Securities Law.
An Israeli company may
not indemnify or insure an office holder against any of the following:
•
a breach of the duty of loyalty, except to the extent that the office holder acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;
•
a breach of the duty of care committed intentionally or recklessly, excluding a breach arising out of the negligent conduct of the office holder;
•
an act or omission committed with intent to derive illegal personal benefit; or
•
a fine or forfeit levied against the office holder.
Under the Companies Law,
exculpation, indemnification and insurance of office holders must be approved by the compensation committee and the board of directors
(and, with respect to directors and the chief executive officer, by the shareholders). However, under regulations promulgated under the
Companies Law, the insurance of office holders does not require shareholder approval and may be approved by only the compensation committee,
if the engagement terms are determined in accordance with the company's compensation policy, which was approved by the shareholders
by the same special majority required to approve a compensation policy, provided that the insurance policy is on market terms and the
insurance policy is not likely to materially impact the company's profitability, assets or obligations.
Our amended and restated
articles of association allow us to exculpate, indemnify and insure our office holders for any liability imposed on them as a consequence
of an act (including any omission) which was performed by virtue of being an office holder, subject to the provisions of the Companies
Law.
We have entered into
agreements with each of our directors and executive officers exculpating them in advance, to the fullest extent permitted by law, from
liability to us for damages caused to us as a result of a breach of duty of care, and undertaking to indemnify them to the fullest extent
permitted by law. This indemnification is limited to events determined as foreseeable by the board of directors based on our activities,
and to an amount or according to criteria determined by the board of directors as reasonable under the circumstances.
The maximum indemnification
amount set forth in such agreements is limited to an amount equal to the higher of $100,000,000, and 25% of our total shareholders'
equity as reflected in our most recent consolidated financial statements as of the time of the actual payment of the indemnification,.
The maximum amount set forth in such agreements is in addition to any amount paid (if paid) under insurance and/or by a third-party pursuant
to an indemnification arrangement.
In the opinion of the
SEC, indemnification of directors and office holders for liabilities arising under the Securities Act, however, is against public policy
and therefore unenforceable.
Registrant has purchased
and currently intends to maintain insurance on behalf of each and every person who is or was a director or officer of the company against
any loss arising from any claim asserted against him or her and incurred by him or her in any such capacity, subject to certain exclusions.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
Exhibit
No.
Description
4.1
Articles of Association of Registrant (incorporated by reference to Exhibit 3.1 to the registration statement on Form F-4, as amended (Registration No. 333-257176))
4.2
Form of Amended and Restated Articles of Association of Registrant (incorporated by reference to Exhibit 3.2 to the registration statement on Form F-4, as amended (Registration No. 333-257176))
5.1
Opinion of Meitar | Law Offices (filed herewith)
23.1
Consent of Meitar | Law Offices (included in Exhibit 5.1)
23.2
Consent of  Kesselman & Kesselman, a member of PricewaterhouseCoopers International Limited, independent registered public accounting firm, relating to the financial statements of the Registrant (filed herewith)
24.1
Power of Attorney (filed herewith)
99.1
Valens Semiconductor Ltd. 2007 Option Plan
99.2
Valens Semiconductor Ltd. 2012 Option Plan
99.3
Valens Semiconductor Ltd. 2021 Share Incentive Plan
99.4
Valens Semiconductor Ltd. 2021 Employee Stock Purchase Plan
Item 9. Undertakings.
(a)       The
undersigned Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate,
the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation
of Registration Fee" table in this Registration Statement; and
(iii)
To include any material information with respect to the Plans not previously disclosed in this Registration Statement or any material
change to such information in this Registration Statement;
provided
,
however
, that paragraphs (a)(1)(i)
and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in
this Registration Statement.
(2) That, for the purpose of determining
any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating
to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(3) To remove from registration by
means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant
to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant
to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide
offering thereof.
(c) Insofar as indemnification for liabilities
arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing
provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such
liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities
Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing this Registration
Statement and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in
Hod Hasharon, Israel, as of the 28
th
day of September, 2021.
VALENS SEMICONDUCTOR LTD.
By:
/s/ Dror Heldenberg
Dror Heldenberg
Chief Financial Officer
AUTHORIZED REPRESENTATIVE
Pursuant to the requirements
of the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Valens Semiconductor
Ltd. has signed this Form S-8 in the City of New York, State of New York, on the 28
th
day of September, 2021.
AUTHORIZED U.S. REPRESENTATIVE – COGENCY GLOBAL INC.
By:
/s/ Colleen A. De Vries
Colleen A. De Vries
Senior Vice President on behalf of Cogency Global Inc.
POWER OF ATTORNEY
KNOW ALL PERSONS BY
THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints Gideon Ben-Zvi and Dror Heldenberg and
each of them, individually, as his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution,
for him or her and in his or her name, place and stead in any and all capacities, in connection with this Registration Statement, including
to sign in the name and on behalf of the undersigned, this Registration Statement and any and all amendments thereto, including post-effective
amendments and registrations filed pursuant to Rule 462 under the Securities Act of 1933, as amended, and to file the same, with all exhibits
thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents full power and authority to do and perform each and every act and thing requisite and desirable to be done in and about the
premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or his or her substitute, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements
of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and
on the dates indicated:
Signature
Title
Date
/s/ Gideon Ben-Zvi
Chief Executive Officer & Director
September 28, 2021
Gideon Ben-Zvi
(Principal Executive Officer)
/s/ Dror Heldenberg
Chief Financial Officer
September 28, 2021
Dror Heldenberg
(Principal Financial Officer and Principal Accounting Officer)
/s/ Peter Mertens
Chair of the Board of Directors
September 28, 2021
Peter Mertens
/s/ Yahal Zilka
Director
September 28, 2021
Yahal Zilka
/s/ Dr. Eyal Kishon
Director
September 28, 2021
Dr. Eyal Kishon
/s/ Dror Jerushalmi
Director
September 28, 2021
Dror Jerushalmi
/s/ Moshe Lichtman
Director
September 28, 2021
Moshe Lichtman
/s/ Michael Linse
Director
September 28, 2021
Michael Linse
/s/ Ben Rabinowitz
Director
September 28, 2021
Ben Rabinowitz
/s/ Massad Eyal
Director
September 28, 2021
Massad Eyal