SCHEDULE: Phoenix Financial Reports 4.99% Stake in Sol-Gel Technologies

Phoenix Financial Ltd. has disclosed a beneficial ownership of 4.99% in Sol-Gel Technologies Ltd. as of June 2, 2026.

Summary

• Phoenix Financial Ltd., through its subsidiaries, reported beneficial ownership of 161,825.70 ordinary shares of Sol-Gel Technologies Ltd.
• This holding represents 4.99% of the total ordinary shares outstanding.
• The filing is an amendment (Amendment No. 9) to a Schedule 13G.
• The reporting date for the event requiring this filing is June 2, 2026.
• Phoenix Financial Ltd. is an Israeli entity, and the shares are of Sol-Gel Technologies Ltd., an Israeli issuer.
• The filing clarifies that subsidiaries manage their own funds and make independent voting and investment decisions.
• Phoenix Financial Ltd. and its subsidiaries disclaim the existence of a group for Section 13(d) purposes and beneficial ownership beyond their actual pecuniary interest.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing. It is a routine disclosure of beneficial ownership by an institutional investor, providing transparency without immediate implications for the company's operational or financial performance.

Positives

• Phoenix Financial Ltd. has a significant, though below the 5% threshold for active disclosure, stake in Sol-Gel Technologies Ltd.
• The filing indicates a clear and transparent disclosure of ownership by Phoenix Financial Ltd.

Negatives

• The filing does not contain any financial performance data or operational updates for Sol-Gel Technologies Ltd., limiting the ability to assess the company's health.
• The disclaimer regarding the existence of a group and beneficial ownership beyond pecuniary interest could be interpreted as a cautious stance, potentially indicating a lack of direct control or influence.

Risks

• The ownership structure, with subsidiaries managing their own funds and making independent decisions, could lead to potential misalignment of interests or voting discrepancies.
• The frequent changes in ownership rights within the partnership, as mentioned in the filing, introduce an element of uncertainty regarding the stability of Phoenix Financial's stake.
• The disclaimer about not holding shares for the purpose of influencing control suggests that Phoenix Financial may not be an active strategic investor, which could impact Sol-Gel's governance if active participation is desired.

Future Outlook

The filing does not contain any forward-looking statements or guidance from Sol-Gel Technologies Ltd. or Phoenix Financial Ltd. regarding future performance or strategy.

Management Comments

• Each of the Subsidiaries operates under independent management and makes its own independent voting and investment decisions.
• Neither the filing of this Schedule 13G nor any of its contents shall be deemed to constitute an admission by either the Filing Persons or Subsidiaries that a group exists for purposes of Section 13(d) of the Securities Exchange Act of 1934 or for any other purpose, and each reporting person disclaims the existence of any such group.
• Each of the Filing Persons and Subsidiaries disclaims any beneficial ownership of the securities covered by this report in excess of their actual pecuniary interest therein.
• This Statement shall not be construed as an admission by the Filing Persons or Subsidiaries that they are the beneficial owners of any of the Ordinary Shares covered by this Statement.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are common for institutional investors accumulating stakes in public companies. Phoenix Financial Ltd.'s disclosure of a 4.99% stake in Sol-Gel Technologies Ltd. places it as a significant, but not controlling, shareholder. This level of ownership often precedes potential strategic discussions or further accumulation, depending on the investor's strategy and the target company's performance.

Stakeholder Impact

• Shareholders of Sol-Gel Technologies Ltd.: The disclosure provides transparency regarding a significant institutional shareholder, which may be viewed positively by other investors.
• Phoenix Financial Ltd. stakeholders: The investment represents a portion of Phoenix Financial's portfolio, and its performance will impact the overall returns managed by Phoenix Financial.

Next Steps

• Phoenix Financial Ltd. will continue to monitor its investment in Sol-Gel Technologies Ltd.
• Sol-Gel Technologies Ltd. will continue its business operations, with the disclosure of Phoenix Financial's stake being a standard regulatory event.

Key Dates

Keywords

Schedule 13G, Phoenix Financial Ltd., Sol-Gel Technologies Ltd., Beneficial Ownership, Ordinary Shares, SEC Filing, Investment, Israel