<SEC-DOCUMENT>0001193125-21-022614.txt : 20210129
<SEC-HEADER>0001193125-21-022614.hdr.sgml : 20210129
<ACCEPTANCE-DATETIME>20210129160631
ACCESSION NUMBER:		0001193125-21-022614
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20210129
FILED AS OF DATE:		20210129
DATE AS OF CHANGE:		20210129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cognyte Software Ltd.
		CENTRAL INDEX KEY:			0001824814
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39829
		FILM NUMBER:		21571220

	BUSINESS ADDRESS:	
		STREET 1:		33 MASKIT
		CITY:			HERZLIYA PITUACH
		STATE:			L3
		ZIP:			4673333
		BUSINESS PHONE:		97299622300

	MAIL ADDRESS:	
		STREET 1:		33 MASKIT
		CITY:			HERZLIYA PITUACH
		STATE:			L3
		ZIP:			4673333
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>d116507d6k.htm
<DESCRIPTION>6-K
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<TITLE>6-K</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">6-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Report of
Foreign Private Issuer </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Rule <FONT STYLE="white-space:nowrap">13a-16</FONT> or
<FONT STYLE="white-space:nowrap">15d-16</FONT> </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the month of: January 2021 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number: <FONT STYLE="white-space:nowrap">001-39829</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>COGNYTE SOFTWARE LTD. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>33 Maskit
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Herzliya Pituach </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>4673333, Israel </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address
of principal executive office) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form <FONT STYLE="white-space:nowrap">20-F</FONT> or Form <FONT
STYLE="white-space:nowrap">40-F:</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Form
<FONT STYLE="white-space:nowrap">20-F&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form</FONT> <FONT STYLE="white-space:nowrap">40-F&nbsp;&nbsp;&#9744;</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT
STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(1):&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark if the registrant is submitting the Form <FONT
STYLE="white-space:nowrap">6-K</FONT> in paper as permitted by Regulation <FONT STYLE="white-space:nowrap">S-T</FONT> Rule 101(b)(7):&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Introductory Note </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This report on Form <FONT STYLE="white-space:nowrap">6-K</FONT> is being filed in connection with certain developments described below relating to the
previously announced <FONT STYLE="white-space:nowrap">spin-off</FONT> (the <FONT STYLE="white-space:nowrap">&#147;Spin-Off&#148;)</FONT> of Cognyte Software Ltd. (&#147;Cognyte&#148; or &#147;we,&#148; &#147;us&#148; and &#147;our&#148;) by Verint
Systems Inc. (&#147;Verint&#148;). Cognyte is currently a wholly owned subsidiary of Verint. The <FONT STYLE="white-space:nowrap">Spin-Off</FONT> is expected to be completed on February&nbsp;1, 2021 (the
<FONT STYLE="white-space:nowrap">&#147;Spin-Off</FONT> Date&#148;). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Declaration of Dividend </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As disclosed in our Registration Statement on Form <FONT STYLE="white-space:nowrap">20-F,</FONT> which was declared effective by the Securities and Exchange
Commission on January&nbsp;15, 2021 (the &#147;Registration Statement&#148;), in connection with the <FONT STYLE="white-space:nowrap">Spin-Off,</FONT> Verint will transfer certain operations and assets of its Cyber Intelligence Solutions<SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP> business unit to us, including, among other things, its interests in Cognyte Technologies Israel Ltd. (formerly Verint Systems Limited) (&#147;CTIL&#148;). That transfer is expected to occur on
or about the <FONT STYLE="white-space:nowrap">Spin-Off</FONT> Date. Prior to that transfer, CTIL will be a wholly owned subsidiary of Verint. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On
January&nbsp;29, 2021, CTIL&#146;s board of directors declared a cash dividend (the &#147;Dividend&#148;) in the aggregate amount of $35.0&nbsp;million payable to Verint, which was its sole holder of record of ordinary shares as of the
January&nbsp;29, 2021 record date for the Dividend. The Dividend will be paid on or before April&nbsp;19, 2021, subject to satisfaction of the Dividend Conditions described below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to Section&nbsp;302(b) of the Israeli Companies Law 5759-1999 (the &#147;Companies Law&#148;), the Dividend is considered a distribution which may be
effected only out of CTIL&#146;s available profits and so long that the distribution satisfies a solvency test and a profit test under the Companies Law. Compliance with the profit test requires that the amount of the Dividend not exceed the balance
of surplus or the surplus accumulated over the past two years, whichever is greater, as set forth in audited or reviewed financial statements of CTIL prepared in accordance with generally accepted accounting principles for a period ending no earlier
than six months prior to the date of the Dividend. While the CTIL board of directors has reached a preliminary conclusion that the distribution of the Dividend meets the solvency test and profit test under the Companies Law, such audited or reviewed
financial statements are not currently available to the CTIL board of directors. Accordingly, payment of the Dividend is subject to the conditions (the &#147;Dividend Conditions&#148;) that the CTIL board of directors must (i)&nbsp;receive and
review financial statements that meet all the conditions set forth in Section&nbsp;302(b) of the Companies Law and (ii)&nbsp;determine, after reviewing the financial statements, that the distribution of the Dividend satisfies the solvency test and
the profit test under the Companies Law, in each case, prior to the actual distribution of the Dividend. If the Dividend Conditions are not satisfied by April&nbsp;19, 2021, CTIL will not distribute the Dividend and the declaration of the Dividend
will be deemed to be rescinded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As described in the Registration Statement, we entered into two revolving credit facilities (the &#147;Credit
Facilities&#148;) that will provide, subject to the completion of the <FONT STYLE="white-space:nowrap">Spin-Off,</FONT> for up to $100.0&nbsp;million in total borrowings. We expect that CTIL will pay the Dividend with cash from our operations or
other available sources of cash, which may include borrowings under the Credit Facilities or cash that is currently classified as restricted cash that may become unrestricted in the event we obtain bank guarantees in respect of those amounts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The $35.0&nbsp;million of dividends payable to Verint will be reflected as a current liability on our combined balance sheets as of January&nbsp;31, 2021. The
Dividend was not reflected, and is in addition to the adjustments set forth, in the unaudited pro forma combined financial information included in the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Based on past performance and current expectations, we currently believe that, after giving effect to payment of the Dividend, our cash, cash equivalents,
short-term investments, cash generated from operations, and borrowings under the Credit Facilities, if needed, will be sufficient to meet anticipated operating costs, working capital needs, ordinary course capital expenditures, research and
development spending, and other commitments for at least the next twelve months. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward-Looking Statements </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to,
statements regarding the <FONT STYLE="white-space:nowrap">Spin-Off</FONT> of Cognyte and the payment of the Dividend. These forward-looking statements are based on Cognyte&#146;s current assumptions, expectations and beliefs and involve substantial
risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not
limited to: (a)&nbsp;uncertainties regarding the impact of changes in macroeconomic and/or global conditions, including as a result of slowdowns, recessions, economic instability, political unrest, armed conflicts, natural disasters or outbreaks of
disease, such as the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic; (b)&nbsp;customer delay or cancellation of orders and counterparty default due to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic or otherwise;
(c)&nbsp;continuing restrictions resulting from the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic or actions taken in response to the pandemic adversely impacting our operations or our ability to fulfill orders, complete implementations,
or recognize revenue; (d)&nbsp;the mishandling or perceived mishandling of sensitive, confidential or classified information, including information that may belong to our customers or other third parties, and with security vulnerabilities or lapses,
including cyber-attacks, information technology system breaches, failures, or disruptions; (e)&nbsp;the challenges of evolving industry standards; (f)&nbsp;aggressive competition in all of our markets; (g)&nbsp;challenges associated with our ability
to accurately forecast revenue and expenses; (h)&nbsp;changing regulatory environments relating to our operations, the products and services we offer, and/or the use of our solutions by our customers; (i)&nbsp;risks that our intellectual property
rights may not be adequate to protect our business or assets or that others may make claims on our intellectual property; (j)&nbsp;changing tax laws and regulations, tax rates, and the continuing availability of expected tax benefits; and
(k)&nbsp;market volatility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A detailed discussion of these factors and other risks that affect Cognyte&#146;s business is included in filings Cognyte
makes with the SEC from time to time, including the Registration Statement, particularly under the heading &#147;Item 3.D. Risk Factors.&#148; Copies of these filings are available online from the SEC. All forward-looking statements in this report
on Form <FONT STYLE="white-space:nowrap">6-K</FONT> are based on information currently available to Cognyte, and we assume no obligation to update these forward-looking statements in light of new information or future events. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>COGNYTE SOFTWARE LTD.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(Registrant)</P></TD></TR>
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<TD VALIGN="top">January&nbsp;29, 2021</TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Ziv Levi</TD></TR>
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<TD VALIGN="top">Ziv Levi</TD></TR>
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<TD VALIGN="bottom">Chief Legal Officer</TD></TR>
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