Cuentas Inc. (the Company or Cuentas) entered into a term sheet with CIMA Telecom Inc. outlining its License for the technology platforms owned by two of CIMA's wholly owned subsidiaries, Knetik Inc., a Delaware corporation (Knetik), and Auris, LLC, respectively. Contemporaneously with the Transaction Closing, Natali Dadon resigned from her position on the Board of Directors of the Company. On the same date, the Board of Directors of the Company appointed Yochanon Bruk to the Board of Directors of the Company in accordance with the Voting Agreement.