XML 24 R14.htm IDEA: XBRL DOCUMENT
v3.22.1

Warrants Liability | 12 Months Ended
--- | ---
Dec. 31, 2021
Warrants Liability [Abstract] |
Warrants Liability | NOTE 7 - WARRANTS LIABILITY:
| a. | On February 16, 2011, following a loan agreement signed between the Company and a third party, the Company granted to the lender warrants to purchase 161,808 Series B-1 Preferred Shares of NIS 0.01 par value at a price per preferred share of $0.40171. The warrants may be exercised upon the earlier of (i) February 16, 2021; (ii) upon a Liquidation Event (as defined); or (iii) the fifth annual anniversary following the closing of an IPO. On February 16, 2021, 161,808 Series B-1 Preferred Shares warrants were exercised into 145,195 Series B-1 Preferred Shares on a cashless basis. These Series B-1 Preferred Shares were converted to Ordinary Shares as part of the Recapitalization, see also note 1(d).
The Preferred B-1 warrants were classified as liabilities in accordance with ASC 480-10-35-5, as they were considered freestanding financial instruments, exercisable into Series B-1 preferred shares, which were redeemable upon certain events that represent “Deemed Liquidation Events” (see also Note 1(g)). Accordingly, until their exercise, the Preferred B-1 warrants were measured at fair value each reporting period, and changes in their fair value were recognized in the consolidated statement of operations as part of financial income, net. The fair value of the warrants was computed using the following key assumptions:
|  | 2020 |  |  | 2019 |
Stock price |  |  | 3.97 |  |  |  | 3.2128 |
Exercise price |  |  | 0.40171 |  |  |  | 0.40171 |
Expected term (years) |  |  | 0.13 |  |  |  | 1.13 |
Expected volatility |  |  | 48.15 | % |  |  | 45.85 | %
Risk-free interest rate |  |  | 0.1%-0.17 | % |  |  | 1.59 | %
Expected dividend rate |  |  | 0 | % |  |  | 0 | %
| b. | The table below sets forth a summary of the changes in the fair value of the warrants liability classified as Level 3:
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | U.S. dollars in thousands |
Balance at beginning of year |  |  | 568 |  |  |  | 459 |  |  |  | 459 |
Exercise of warrants |  |  | (568 | ) |  |  | — |  |  |  | — |
Changes in fair value |  |  | — |  |  |  | 109 |  |  |  | — |
Balance at end of year |  |  | — |  |  |  | 568 |  |  |  | 459 |

X
- Definition Warrants Liability. + References No definition available. + Details
Name: | vln_WarrantsLiabilityAbstract
Namespace Prefix: | vln_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Warrants liability. + References No definition available. + Details
Name: | vln_WarrantsLiabilityTextBlock
Namespace Prefix: | vln_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration