Alcobra Ltd. entered into a cooperation agreement with Brosh Capital Partners LP and certain of its affiliates, pursuant to which two directors were appointed to the company's board.
Amir Efrati, who is founder, managing partner and chief information officer of Brosh Capital, was appointed a director. Yuval Yanai, who is unaffiliated with Brosh Group, was appointed an independent director.
The appointments bring the number of Alcobra board members to 10.
Alcobra said under the agreement, the company will continue its ongoing review of strategic alternatives and existing proposals by inviting additional proposals from targeted candidates and conducting diligence on several additional prospects.
Alcobra and Brosh filed an application with the Economic Division of the District Court of Tel Aviv to obtain approval for the cooperation agreement.
In April, the Tel Aviv District Court issued a temporary injunction to restrain Brosh Capital and certain affiliates from distributing material to Alcobra shareholders regarding an extraordinary general meeting, which had been requested by the activist investor to replace Alcobra's board with its own nominees.