Welcome to Nexxen's call discussing its proposed stock exchange and trading structure changes. At this time, participants are in a listen-only mode with a question-and-answer session to follow at the end of the presentation. This call is being recorded, and a replay of today's call will be made available on Nexxen's Investor Relations website. I will now hand the call over to Billy Eckert, Vice President of Investor Relations, for introductions and a reading of the safe harbor statement. Billy, please go ahead. Thank you, Operator. Hello, everyone, and welcome to our call discussing proposed resolutions we brought forth to be voted on by our shareholders at our upcoming AGM on December 20th to change our stock exchange and trading structure. With us on the line today for prepared remarks is Nexxen's Chief Financial Officer, Sagi Niri, and following the prepared remarks, Sagi will also be joined by the company's Chief Executive Officer, Ofer Druker, and Chief Legal Officer, Amy Rothstein, to answer questions. During today's conference call, we will make forward-looking statements. All statements other than statements of historical fact could be deemed as forward-looking. We advise caution in reliance on forward-looking statements. These statements include, without limitation, statements and projections regarding our anticipated future financial and operating performance, market opportunity, growth prospects, strategy, anticipated benefits related to the potential changes in the company's trading security structure and timing thereof, forward-looking views on macroeconomic and industry conditions, as well as any other statements concerning the expected development, performance, and market share or competitive performance relating to our products or services. All forward-looking statements are based on information available to us as of the date of this call. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from those implied by these forward-looking statements, including unexpected changes in our business, shareholders not approving the proposed resolutions, or unexpected changes in macroeconomic or industry conditions. More detailed information about these risk factors and additional risk factors are set forth in our filings with the U.S. Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled Risk Factors in our most recent annual report on Form 20-F. Nexxen does not intend to update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. At this time, it is my pleasure to introduce Sagi Niri, CFO of Nexxen. Sagi, please go ahead. Thanks, Billy. As we announced, our board approved submission of several changes to our stock exchange and trading structure for shareholders to vote on at our upcoming AGM on December 20th, which we believe will benefit Nexxen and its investors over the long term. As such, we wanted to hold today's call to explain our rationale as well as the process and timing for potentially changing our company's trading structure and to answer questions. Over the last several quarters, we've significantly advanced our tech, data, and CTV capabilities. We've branded to clarify our platform's value proposition and bolstered our sales team and efforts, the combination of which drove record Q3 results, and we believe has positioned us for strong and sustainable long-term growth. After achieving these milestones, our business performance and industry standing has taken a massive leap forward, and now we believe it is the time for our market and trading structure to do the same. If shareholders approve the proposed resolutions, the intended changes include exchanging our Nasdaq-listed ADRs for Nasdaq-listed ordinary shares and terminating the ADR facility, conducting a reverse stock split of our ordinary shares at a two-for-one ratio, which will allow for a one -to-one exchange from ADRs to ordinary shares and delisting from London to trade solely on the Nasdaq in the U.S. under the ticker symbol NEXN. With respect to ADR holders, contingent upon shareholders' approval of the proposed resolutions, such holders would receive a 30-day notice setting forth the proposed changes to the ADR program and related deposit agreements. These changes would include a mandatory exchange feature upon termination of the ADR facility and notice that ADR holders would receive ordinary shares upon termination. During the period between now and the potential exchange to ordinary shares, ADR holders could continue to hold and trade our ADRs on Nasdaq, and ordinary shareholders could continue to hold, trade, or sell our ordinary shares through depositary interest on the LSE or exchange them into ADRs and participate in the mandatory exchange. Following the conclusion of the ADR notice period and related SEC review, it is intended that on or around February 14th, 2025, the deposit agreement would be amended for these changes. The reverse split would become effective such that every two ordinary shares would be consolidated into one ordinary share. Our Nasdaq-listed ADRs would then be exchanged for Nasdaq-listed ordinary shares on a 1-for-1 basis, and the ADR facility would be terminated. Additionally, as a final step to the process, on or around February 14th, 2025, the company would be delisted from the LSE. Thereafter, holders of depositary interest formerly trading on the LSE or ordinary shares would work with their brokers to position their securities to be tradable on Nasdaq. By executing this specific approach and strategy in the aforementioned order, we help minimize liquidity risk for the shareholders and reduce or eliminate U.K. tax complications, including the stamp duty tax. Any shareholders who do not provide instruction to their brokers prior to the delisting will then hold illiquid depositary interest until such time that they can work with their brokers to reposition the ordinary shares underlying the depositary interest to be tradable on the Nasdaq. Assuming our shareholders approve the proposed resolution at the upcoming AGM, we believe this initiative and strategy will benefit Nexxen's long-term capital appreciation potential and shareholders for several key reasons. For one, we believe these changes position us far more strongly to attract new U.S. investors into our stock. Shifting our focus toward attracting U.S. investors creates more opportunity for Nexxen. Over 60% of the world's equity assets under management are held by U.S. investors, and roughly 50% of global equity market value trades on U.S. exchanges, making it the world's largest and most liquid equity market by far. We believe our ADR structure has precluded a significant amount of U.S. investors from buying and holding our ADRs due to their investment mandates, which prevent ADRs ownership, so exchanging our Nasdaq-listed ADRs to Nasdaq-listed ordinary shares opens Nexxen up to an additional base of potential new U.S. investors. Additionally, our depositary interest trading in the U.K. and ADRs trading in the U.S., which each represent two ordinary shares per ADR, has created added complexity for U.S. investors and sell-side analysts, which we believe has deterred many from investing the time needed to research the company, regardless of how strong our business performs, and we believe these changes can help alleviate that issue. We also believe consolidating our trading into a sole U.S. ordinary share listing will attract new U.S. investors who may have viewed our limited liquidity as a barrier to entry, which was feedback we commonly received. Additionally, we believe the single listing will help better align our stock with other U.S.-listed asset companies currently trading at higher multiples than Nexxen and reduce price volatility that can result from a dual listing. Index inclusion potential is another reason we believe this trading structure changes benefit Nexxen and shareholders over the long term. Because of our non-U.S. domicile, ADR structure, and depositary interest trading in the U.K., our eligibility for and inclusion in indices has been very limited, especially compared to other U.S.-listed ad tech companies. If shareholders approve the proposed resolution, we believe we would become eligible for acceptance into some well-known indices, which in turn could attract interest from large passive investors as well as others that track major indices and purchasing activity from index funds. Many other small-cap U.S.-listed tech and ad tech companies have index investor ownership that represents a notable percentage of their shares outstanding, while Nexxen currently has minimal index investor ownership, making future index inclusion a potential catalyst for our stock. Finally, because of our dual listing, we divert time-consuming and duplicative employee efforts, ensuring reporting and regulatory compliance in the U.S. and U.K., and expand internal and external resources on listing, exchange, regulatory, consulting, legal, compliance, and other fields across two markets. We believe the proposed changes will eliminate these costs and duplicative efforts and streamline some of our internal operations. From our perspective, we believe the answer is clear and that these proposed changes can help advance Nexxen's positioning in the capital market, reduce previous barriers to entry for U.S. investors, and better position us for future potential stock price appreciation, the combination of which could benefit the company and its shareholders tremendously. We hope our shareholders and those on the line with us today agree with our perspective and rationale, and with that, we're happy to take questions. At this time, I would like to remind everyone in order to ask a question, press star, then the number one on your telephone keypad. We will pause for just a moment to compile the Q&A roster. Your first question comes from the line of Andrew Marok of Raymond James. The line is open. Please go ahead. Hi. Thanks for taking my questions. Maybe two quick ones. You mentioned near the end of your remarks some potential cost savings and duplicative efforts that can be reduced. Can you give a sense of scale of those cost savings and then maybe separately on kind of the structure of the process, assuming passage at the AGM, how certain is that February 14th date? Are there any factors that could maybe move that into the future in any material way? Thank you. Thank you, Andrew. I will talk about the cost savings, and I will let Amy answer your question regarding the timing. So, cost savings, we mentioned it. It's not going to be something material that will really affect our numbers and our 2025 performance. Having said that, I think that the hassle, the duplicative processes, regulation, reporting, and everything that we are doing currently will go away. And I think this is much, much human cost savings than really money that we are saving. Having said that, it's somewhere around less than $1 million. That's the number. Amy, can you respond to the timing, please? Yes. As you can see, there's multiple steps that we have to take in this process, but we believe that we've built a very manageable timeline. There's always unexpected issues that can arise when you're making SEC filings. So there may be some delays that could arise. Of course, we will notify investors and the public as soon as those occur, if they occur, but we do feel confident that the February 14th timeline is achievable. Great. Thank you. Your next question comes from the line of Matthew Swanson with RBC. Your line is open. Great. Yeah. Thank you. And thank you guys for hosting this call this morning. I guess two for me. The first would be I know this is kind of a unique situation, but have you seen other companies go through this and just any color that you can kind of give us on the impact? And then the second is I know we hear it from investors too, but if you could go a little deeper on kind of the feedback that you've gotten from investors that leads you to think that this is going to make it a more attractive offer. Thank you. Yes. Sure. Amy, do you want to take the first question of Matt? And I will answer the second part. Yes. So for precedent, it is certainly not unusual for dual-listed companies to delist and go to a single listing. There are several key factors for us that do make this less of a common process. Our ADR structure, for one, our Israeli domicile is another. So those factors do make the precedent that's available to us out there less common, but certainly moving from a dual to a single listing is something that many companies engage in. And we've researched and looked at the process, and we feel that we've come up with a multi-step process that aims to mitigate tax implications and avoid any sort of downtime for trading or any blackout periods. So although there aren't apples to apples out there that we can look at, we do feel that the current process here is commonplace in a lot of aspects, and we think that the process should go fairly smoothly. Thank you, Amy. Matt, regarding your second question, yes, so for a long period of time since we came to Nasdaq, we heard from, or we know that many U.S. investors couldn't hold even ADRs because of their investment mandates, so, of course, this will help alleviate this issue. Secondly, we are quite sure that part of bringing more U.S. investors is our limited liquidity, so we think that by consolidating both our trading into one exchange, of course, will help to increase our U.S. liquidity and will help other U.S. investors to get into the share. Of course, it will also create less complexity because of the ADRs and the two-to-one with ordinary shares trading in the U.K., and probably it will prevent completely price manipulation on arbitrage between exchanges, so we think that all of these issues will help U.S. investors in order to get into our stock. Having said that, going forward, of course, we will think about going into reporting in U.S. GAAP and not IFRS and reporting by 10-Ks and 10-Qs and not 20-Fs and 6-Ks. That will hopefully open a lot more U.S. investors' barriers. Thank you. From the line of Matthew Condon with Citizens JMP, your line is open. Thank you for taking my questions. Two quick ones. My first one is just, does this change your capital allocation strategy at all, or does it have some sort of impact on your ability to buy shares here over the next couple of months? And then my second one is just as we sit here mid-December. I don't know if you guys can give us an update just on the overall ad demand environment, but any sort of color there would be helpful. Thank you. Okay. So per your first question, I don't really think it has any effect on our capital allocation and our plan and strategy going forward. It will not change or limit in any way our ability to continue the buybacks that we are conducting today through the London Stock Exchange into Nasdaq. So on that front, no change. And regarding your second question, December, I think that we had our earnings call somewhere around mid-November, and I think that we said at that point of time that we are seeing the record Q3 and trending in that quarter going into Q4. So I think we are in the same place. Thank you so much. Again, if you would like to ask a question, press star one on your telephone keypad. I will now turn the call back over to Sagi Niri for closing remarks. Okay. Thank you, everyone, for your time today. We are sure that the AGM and the changing structure will go through and will get to our right and better position structure and will trade accordingly. Thank you all, and Happy New Year to everyone if we'll not meet until then. Thank you very much. Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.