<SEC-DOCUMENT>0001178913-21-000979.txt : 20210309
<SEC-HEADER>0001178913-21-000979.hdr.sgml : 20210309
<ACCEPTANCE-DATETIME>20210309130709
ACCESSION NUMBER:		0001178913-21-000979
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210309
FILED AS OF DATE:		20210309
DATE AS OF CHANGE:		20210309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sol-Gel Technologies Ltd.
		CENTRAL INDEX KEY:			0001684693
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38367
		FILM NUMBER:		21725014

	BUSINESS ADDRESS:	
		STREET 1:		7 GOLDA MEIR ST.
		STREET 2:		WEIZMANN SCIENCE PARK
		CITY:			NESS ZIONA
		STATE:			L3
		ZIP:			7403648
		BUSINESS PHONE:		97289313433

	MAIL ADDRESS:	
		STREET 1:		7 GOLDA MEIR ST.
		STREET 2:		WEIZMANN SCIENCE PARK
		CITY:			NESS ZIONA
		STATE:			L3
		ZIP:			7403648
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk2125736.htm
<DESCRIPTION>6-K
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: ZKG
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;">
    <div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; line-height: 1.25; font-weight: bold;"><br>
          <font style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-style: normal; font-variant: normal; text-transform: none;">UNITED STATES</font></div>
        <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">SECURITIES AND EXCHANGE COMMISSION</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">Washington, D.C. 20549</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-style: normal; font-variant: normal; text-transform: none;">
        <div style="text-align: center; line-height: 1.25;">FORM&#160;6-K</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">Report of Foreign Private Issuer</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">Pursuant to Rule&#160;13a-16&#160;or&#160;15d-16</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">Under the Securities Exchange Act of 1934</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">For the month of March 2021</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">Commission File Number 001-38367</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">SOL-GEL TECHNOLOGIES LTD.</div>
        <div style="text-align: center; line-height: 1.25;">(Translation of registrant&#8217;s name into English)</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">7 Golda Meir Street</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">Ness Ziona 7403650, Israel</div>
        <div style="text-align: center; line-height: 1.25;">(Address of principal executive offices)</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-indent: 24.5pt; line-height: 1.25;">Indicate by check mark whether the registrant files or will file annual reports under cover Form&#160;20-F&#160;or Form&#160;40-F.</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; line-height: 1.25;">Form&#160;20-F &#9746;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Form&#160;40-F &#9744;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-indent: 24.5pt; line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form&#160;6-K&#160;in paper as permitted by Regulation&#160;S-T&#160;Rule 101(b)(1):&#160; &#9744;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-indent: 24.5pt; line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form&#160;6-K&#160;in paper as permitted by Regulation&#160;S-T&#160;Rule 101(b)(7):&#160; &#9744;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
          <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div id="DSPFPageBreak" style="page-break-after: always;">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <!--PROfilePageNumberReset%Num%2%%%-->
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">EXPLANATORY NOTE</div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">On February 18, 2021, Sol-Gel Technologies Ltd. (the &#8220;Company&#8221;) furnished a notice and proxy statement for a special meeting of shareholders scheduled for March 22, 2021.</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25;">Following further review with the assistance of a third-party valuation firm, the Company has determined to update the Black-Scholes valuation model utilized for the options proposed to be granted to the Company&#8217;s
          external directors and other independent directors to reflect a more appropriate expected term for such options. Such change resulted in reduction in the estimated annual fair value of the proposed option grants to the directors.</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25;">The Company is amending Proposal 2 of the proxy statement, as provided in the attached Notice to Shareholders, to reflect the updated calculation of the estimated annual fair value of the proposed option grants to
          the directors.</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25;">Attached hereto and incorporated by reference herein is the following document:</div>
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25;"><a href="exhibit_99-1.htm">Exhibit 99.1: Notice to Shareholders</a></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">This Form 6-K and related exhibits are hereby incorporated by reference into the Company's Registration Statement on Form S-8 (Registration No. 333-223915) and its Registration Statement on Form F-3 (Registration No.
          333-230564).</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
          <div id="DSPFPageBreak" style="page-break-after: always;">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">SIGNATURES</div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-indent: 24.5pt; line-height: 1.25;">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.</div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z5dca12e6dd214804a0d0ab1000fd0691">

          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="line-height: 1.25;">&#160;</div>
            </td>
            <td colspan="2" style="vertical-align: top;">
              <div style="line-height: 1.25; font-weight: bold;">SOL-GEL TECHNOLOGIES LTD.</div>
            </td>
            <td colspan="1" style="width: 23%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: middle;">
              <div style="line-height: 1.25;">&#160;</div>
            </td>
            <td style="width: 3%; vertical-align: middle;"><br>
            </td>
            <td style="width: 24%; vertical-align: middle;">
              <div style="line-height: 1.25;">&#160;</div>
            </td>
            <td colspan="1" style="width: 23%; vertical-align: middle;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">
              <div style="line-height: 1.25;">Date: March 9, 2021</div>
            </td>
            <td style="width: 3%; vertical-align: top; padding-bottom: 2px;">
              <div style="line-height: 1.25;">By:</div>
            </td>
            <td style="width: 24%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25;">/s/ Gilad Mamlok</div>
            </td>
            <td colspan="1" style="width: 23%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="line-height: 1.25;">&#160;</div>
            </td>
            <td style="width: 3%; vertical-align: top;">
              <div style="line-height: 1.25;">&#160;</div>
            </td>
            <td style="width: 24%; vertical-align: top;">
              <div style="line-height: 1.25;">Gilad Mamlok</div>
            </td>
            <td colspan="1" style="width: 23%; vertical-align: top;">&#160;</td>
          </tr>
          <tr>
            <td style="width: 50%; vertical-align: top;">
              <div style="line-height: 1.25;">&#160;</div>
            </td>
            <td style="width: 3%; vertical-align: top;">
              <div style="line-height: 1.25;">&#160;</div>
            </td>
            <td style="width: 24%; vertical-align: top;">
              <div style="line-height: 1.25;">Chief Financial Officer</div>
            </td>
            <td colspan="1" style="width: 23%; vertical-align: top;">&#160;</td>
          </tr>

      </table>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25">
          <div style="text-align: center;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
          <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
      </div>
      <br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: ZKG
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;">
    <div style="text-align: right;"> <u><font style="font-weight: bold;">Exhibit 99.1</font></u><br>
    </div>
    <div> <br>
    </div>
    <div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"><u>NOTICE TO THE SHAREHOLDERS OF SOL-GEL TECHNOLOGIES LTD.</u></div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-style: normal; font-variant: normal; text-transform: none;"><u>(the "Company")</u></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">March 9, 2021</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Proxy Statement for the Special Meeting of Shareholders of the Company to be held on March 22, 2021 is hereby amended as follows:</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">In Proposal 2, the first full paragraph on page 10 of the Proxy Statement is revised in its entirety to read as follows (changes marked):</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; margin-right: 1.45pt; margin-left: 36pt; line-height: 1.25;">&#8220;The Company&#8217;s Compensation Policy provides that the fair value of equity-based compensation granted to the directors, calculated annually on a linear
        basis, shall not exceed $55,000 per director, with an additional $10,000 per year for committee chairmen and an additional $5,000 per year for committee members. Because the estimated annual fair value of the proposed grant of options as of the
        date of approval by the Board, as calculated by the Company under the Black-Scholes methodology, is approximately <strike>$105,000</strike>&#160;<u>$60,714</u>, the proposed grant of options would <u>slightly deviate from</u>&#160;<strike>not comply with </strike>the
        Company&#8217;s Compensation Policy. <strike>The annual fair value provided above was affected by the volatility over the last few years of the price of the shares of comparable biopharmaceutical companies used in the calculation.</strike>&#8221;</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
    </div>
  </div>
  <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;">
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
