UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO
RULE 13a-16
OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File Number: 001-40842
VALENS SEMICONDUCTOR
LTD.
(Exact name of registrant as specified in its
charter)
8 Hanagar St. POB 7152
Hod Hasharon 4501309
Israel
(Address of principal executive office)
Indicate by check mark whether the registrant files
or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒
Form 40-F ☐
EXPLANATORY NOTE
The information in the attached Exhibit 99.1 is
being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated
by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as otherwise
set forth herein or as shall be expressly set forth by specific reference in such a filing.
TABLE OF CONTENTS
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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VALENS
SEMICONDUCTOR LTD. |
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By: |
/s/
Dror Heldenberg |
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Name: |
Dror Heldenberg |
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Title: |
Chief Financial
Officer |
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Date: August 21, 2023 |
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Exhibit 99.1
Valens
Semiconductor Announces CFO Transition
HOD HASHARON, Israel, August 21, 2023 –
Valens Semiconductor - (NYSE: VLN), a premier provider of high-performance connectivity solutions for the audio-video and automotive markets,
today announced that after more than eight years of serving as Chief Financial Officer, Dror Heldenberg will be stepping down to pursue
other opportunities, effective September 1, 2023. Mr. Heldenberg will continue to advise Valens Semiconductor to support a smooth transition.
Yael Rozenberg Haine, Vice President of Finance,
will be appointed Interim Chief Financial Officer, effective September 1, 2023. Ms. Rozenberg Haine is a seasoned finance executive and
a 10-year veteran of Valens Semiconductor. Prior to joining the Company in 2013, Ms. Rozenberg served in various finance positions at
Broadcom and at Provigent, which was acquired by Broadcom. She started her career at KPMG. Yael holds a BA in Accounting and Economics
from Ben-Gurion University in Israel. She has worked side-by-side with Dror on completing the Company’s initial public offering
(IPO) and managing all aspects of financial planning and reporting. Valens Semiconductor has launched a search for a permanent Chief Financial
Officer.
“Dror has made many important contributions
to Valens Semiconductor over the past eight plus years. With his management, we have achieved significant milestones including becoming
a public company and listing our stock on the New York Stock Exchange. He also played a pivotal role in shaping our financial strategy
to support our growth and our path to profitability,” said Gideon Ben Zvi, Chief Executive Officer of Valens Semiconductor. “I
want to thank Dror for his wisdom, professionalism and devotion and wish him all the best in his future endeavors. We are fortunate to
have an executive with Yael’s experience and knowledge of the Company and the semiconductor industry to serve as Interim Chief Financial
Officer.”
“I’m grateful for the opportunity
to have served as Chief Financial Officer of Valens Semiconductor. I’m especially proud of our success in transitioning Valens Semiconductor
into a leader in high-performance connectivity for the audio-video and automotive markets, and to have played a key role in our listing
on the New York Stock Exchange, and progress executing against the Company’s long-term growth opportunities and journey towards
profitability,” said Mr. Heldenberg. “I look forward to continuing to support our incredible team of professionals to ensure
a smooth transition, and I wish Valens Semiconductor continued success in the future.”
Forward Looking Statements
This press release includes
“forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,”
“project,” “forecast,” “intend,” “will,” “expect,” “anticipate,”
“believe,” “seek,” “target” or other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements
regarding our anticipated future results, including financial results, currency exchange rates, and contract wins, and future economic
and market conditions. These statements are based on various assumptions, whether or not identified in this press release, and on the
current expectations of Valens Semiconductor’s (“Valens”) management and are not predictions of actual performance.
These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied
on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of
Valens Semiconductor.
These forward-looking
statements are subject to a number of risks and uncertainties, including the cyclicality of the semiconductor industry; the effects of
health epidemics, such as the recent global COVID-19 pandemic; the impact of the global pandemic caused by COVID-19 on our customers’
budgets and on economic conditions generally, as well as the length, severity of and pace of recovery following the pandemic; competition
in the semiconductor industry, and the failure to introduce new technologies and products in a timely manner to compete successfully against
competitors; if Valens fails to adjust its supply chain volume due to changing market conditions or fails to estimate its customers’
demand; disruptions in relationships with any one of Valens’ key customers; any difficulty selling Valens’ products if customers
do not design its products into their product offerings; Valens’ dependence on winning selection processes; even if Valens succeeds
in winning selection processes for its products, Valens may not generate timely or sufficient net sales or margins from those wins; sustained
yield problems or other delays in the manufacturing process of products; our ability to effectively manage, invest in, grow, and retain
our sales force, research and development capabilities, marketing team and other key personnel; our ability to timely adjust product prices
to customers following price increase by the supply chain; our ability to adjust our inventory level due to sudden reduction in demand
due to inventory buffers accrued by customers; our expectations regarding the outcome of any future litigation in which we are named as
a party; our ability to adequately protect and defend our intellectual property and other proprietary rights; the market price and trading
volume of the Valens ordinary shares may be volatile and could decline significantly; political, economic, governmental and tax consequences
associated with our incorporation and location in Israel; and those factors discussed in Valens’ Form 20-F filed with the SEC on
March 2, 2022 under the heading “Risk Factors,” and other documents of Valens filed, or to be filed, with the SEC. If any
of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that Valens does not presently know or that Valens currently believes are immaterial
that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements
reflect Valens’ expectations, plans or forecasts of future events and views as of the date of this press release. Valens anticipates
that subsequent events and developments may cause Valens’ assessments to change. However, while Valens may elect to update these
forward-looking statements at some point in the future, Valens specifically disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Valens’ assessment as of any date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking statements.
About Valens Semiconductor
Valens Semiconductor pushes the boundaries of
connectivity by enabling long-reach, high-performance video and data transmission for the Audio-Video and Automotive industries. Valens’
HDBaseT® technology is the leading standard in the Audio-Video market with tens of millions of Valens’ chipsets integrated into thousands
of products in a wide range of applications. Valens’ Automotive chipsets are deployed in systems manufactured by leading customers and
are on the road in vehicles around the world. Valens is a key enabler of the evolution of ADAS and autonomous driving and its advanced
technology is the basis for the new industry standard for high-speed in-vehicle connectivity. For more information, visit https://www.valens.com/.
Investor Contacts:
Daphna Golden
Vice President Investor Relations
Valens Semiconductor Ltd.
investors@valens.com
Moira Conlon
Financial Profiles, Inc.
Valens@finprofiles.com
+1-310-622-8220
Media Contact:
Yoni Dayan
Head of Communications
Valens Semiconductor Ltd.
yoni.dayan@valens.com
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