COMMITMENTS AND CONTINGENT LIABILITIES
|9 Months Ended|
Sep. 30, 2022
|Commitments and Contingencies Disclosure [Abstract]|
|COMMITMENTS AND CONTINGENT LIABILITIES||COMMITMENTS AND CONTINGENT LIABILITIES
(a)Pledges and bank guarantees:
1.In conjunction with the credit agreement and its amendments (see Note 6), Innovid pledged 65,000 common stock of its Israeli Subsidiary, NIS 0.01 par value each.
2.The Company’s subsidiaries pledged bank deposits in an aggregate amount of $862 in connection with an office rent agreement and credit cards.
3.Innovid Inc. obtained bank guarantees in an aggregate amount of $231 in connection with its office lease agreements.
(b)Legal contingencies:On March 4, 2022, the Nielsen Claim was filed by Nielsen, LLC against TVS. TVS has filed its answer to the complaint and has also filed an opposed motion to transfer venue to the Southern District of New York. That motion is scheduled to be heard on November 14, 2022 and if unsuccessful the following hearing in the current venue would be scheduled for January 2023. The plaintiff has not specified the amount sought in the litigation.
The entire disclosure for commitments and contingencies.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef