Sullivan
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With a razor-sharp focus on Israeli companies and U.S. companies with Israeli interests, we provide completely integrated, cost-effective business law services, leveraging our experience and connections in the U.S., Europe, the Middle East and Asia to help advance our clients' objectives.

Sullivan has had long-standing relationships in Israel for 20 years. We have a deep bench for working on a variety of matters and issues affecting Israeli companies both in the U.S. and abroad.

Our track record with technology, life sciences, clinical trials and global enterprises in other sectors demonstrates the value of our multi-lingual, multi-cultural team in Israel, London and the U.S. We understand the dynamics of very different markets, deftly bridging cultural, time-zone and language differences worldwide. Additionally, we advise on regulatory, securities and other complex corporate law and funding issues around the globe, including in Israel, China, Japan and Europe.

Clients

Our clients are industry leaders seeking to grow their businesses strategically. They are public and private companies of varied industries and idiosyncrasies that require agile, pragmatic legal advice on how to get their business what it needs.

Accolades

  • IFLR10002024
    • Capital Markets: Debt
    • Capital Markets: Equity
  • The Legal 500 EMEA2018
    • Capital Markets
    • Commercial, Corporate & M&A
    • Hi-Tech
  • Dun’s 100 2019
  • BDICode 2018
Viewpoints
All Viewpoints
Sullivan & Worcester Submits Supplemental Comment Letter to SEC on Nasdaq’s Proposed Market Value Listing Requirement
On July 10, 2026, Sullivan & Worcester submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) regarding Nasdaq's proposal to adopt a new continued-listing requirement based on a company's Market Value of Listed Securities (MVLS), urging the SEC to reject or substantially revise the proposal. Following the firm's prior submissions, this comment letter argues that Nasdaq’s proposed $5 million MVLS continued-listing requirement remains fundamentally flawed, even after Nasdaq introduced a new amendment intended to address criticism. Sullivan & Worcester contends that the amendment does not provide meaningful protection for companies facing delisting and instead creates a process that is discretionary, difficult to use, and unlikely to help issuers recover. The letter also argues that Nasdaq has not adequately addressed concerns raised by opponents, including evidence that many companies falling below the proposed threshold later recovered. In addition, Sullivan claims the proposal unfairly disadvantages smaller public companies because the MVLS calculation excludes certain securities that represent real economic value, causing some issuers’ market capitalization to be understated.  Overall, the firm urges the SEC to reject the proposal or require significant revisions, including a meaningful cure period before delisting, changes to the MVLS calculation, and more practical standards for companies seeking to regain compliance. To stay informed on developments affecting small-cap and micro-cap market participants, visit Sullivan’s Small-Firm Task Force resource center, which provides ongoing insights, commentary and updates on the evolving regulatory landscape.
SEC Establishes Retail Fraud Working Group to Combat Fraud Targeting Everyday Investors
The U.S. Securities and Exchange Commission (“SEC”) announced on July 7, 2026, the creation of the Retail Fraud Working Group, a new initiative within the Division of Enforcement designed to identify and combat fraud targeting main street investors. The announcement formalizes a priority that SEC Enforcement Director David Woodcock previewed in his May 13, 2026, remarks to the Managed Funds Association Legal & Compliance Conference, reflecting the current Commission’s broader back-to-basics enforcement posture. For issuers, broker-dealers, investment advisers, and private fund managers with retail exposure, the announcement signals that retail-facing enforcement will be a sustained focus of the Division’s work in the months and years ahead. Overview The Retail Fraud Working Group will leverage staff and resources across the Commission to identify fraud and other misconduct targeting retail investors, including offering frauds, pump-and-dump schemes, market manipulation, and breaches of duties owed to customers by investment advisers and broker-dealers. The Group’s initiative is threefold: (i) to serve as a dedicated resource to proactively generate cases; (ii) to work with the Commission’s domestic regulatory partners and foreign counterparts; and (iii) to assist with educating retail investors in coordination with the SEC’s Office of Investor Education and Assistance. The Group will be led by Kate Zoladz, Deputy Director, West, and Kim Frederick, Assistant Director of the Asset Management Unit. Ms. Frederick’s role in the Asset Management Unit suggests that adviser and private fund conduct affecting retail investors will be a focus area for the Group. Chairman Paul S. Atkins described the initiative as “a return to the core values and principles of the enforcement program,” and Director Woodcock emphasized the Group’s role in “generating cases, building partnerships with our regulatory counterparts, and using data and technology to find and stop those who seek to take advantage of retail investors.” About Our Small-Firm Task Force Sullivan & Worcester’s Small-Firm Task Force is actively engaged in advising clients on the implications of the Retail Fraud Working Group and can assist with responding to any related SEC inquiries. The Task Force unites the firm’s Capital Markets, Regulatory Compliance, Government Investigations, and Financial Services Litigation practices, each with deep experience advising issuers, broker-dealers, investment funds, and institutional investors in the small-cap, micro-cap, and mid-market segments. Our interdisciplinary team is well-positioned to help clients navigate the SEC’s renewed retail-fraud enforcement priorities and to develop practical, risk-based compliance strategies aligned with the current regulatory environment.
Sullivan & Worcester Advances Japan-Focused Capital Markets Initiative, Building on Track Record Connecting International Companies with U.S. Markets
(Originally distributed via Access Newswire on September 3, 2026.) New York, NY – Sullivan & Worcester is expanding its international capital markets platform with a focused initiative to help Japanese companies evaluate and pursue opportunities to access U.S. investors and capital markets. As part of that initiative the firm will serve as a Gold Sponsor of the Japan Go IPO Summit, taking place on September 16, 2026, in Tokyo. Hosted by MarcumAsia and organized by AUM Advisors, the Summit will bring together senior executives and board members of innovative Japanese companies seeking growth capital and opportunities to expand their brands globally. This is the firm’s second year as a sponsor and participant in the Summit. Sullivan’s continued Japan initiative builds on its longstanding experience advising companies from international markets on U.S. capital markets strategies. The firm’s work with Israeli companies provides a particularly strong and successful example of this work. More than two decades ago, Sullivan identified the potential of Israel’s entrepreneurial culture, government support for innovation and strong private-capital ecosystem provided a foundation for companies seeking to grow through the U.S. markets. That strategy has delivered significant results: today, roughly 20 years after beginning that effort, Sullivan represents 22% of Israeli companies traded on Nasdaq. This underscores the firm’s ability to develop deep, long-term relationships with companies in key international markets that are interested in pursuing U.S. capital. Sullivan sees a similarly compelling opportunity in Japan. The country’s technological and manufacturing excellence, public- and private-sector investment across a range of industries, institutional stability and longstanding economic ties with the U.S. create strong conditions for greater cross-border investment and capital-markets activity. “Japan is home to sophisticated companies with strong fundamentals, differentiated technologies and significant global potential,” said David E. Danovitch, Partner at Sullivan and Director of the firm’s Corporate Department. “The U.S. market is increasingly looking for durable, high-quality growth opportunities, and Japan is well positioned to provide them. Our cross-border capital markets experience gives us valuable perspective to help Japanese companies approach the U.S. market with a clear strategy and execute on their long-term objectives.” At the Japan Go IPO Summit, Danovitch will moderate a discussion among leading global investment funds on how they view the investment landscape in Japan, the factors driving investment decisions, and how Japanese companies can position themselves for global growth. The conference will provide Sullivan an opportunity to engage directly with Japanese companies and investors and explore practical considerations surrounding U.S. IPOs, capital raising, public-company readiness and cross-border expansion. The firm’s work in Japan forms part of a broader ASEAN strategy focused on developing long-term relationships with companies and local market participants and connecting them with experienced U.S. legal advisory and financial resources. About Sullivan Sullivan & Worcester (Sullivan) is a premier, AmLaw 200 international law firm with lawyers in Boston, London, New York, Tel Aviv and Washington, D.C. Sullivan’s clients, including Fortune 500 companies, leading financial services firms and asset managers, boards of directors, real estate companies, and emerging businesses, rely on Sullivan’s ability to navigate complex legal and operational landscapes, the impeccable judgment of its lawyers, and its commitment to best-in-class client service.
Sullivan's Capital Markets Team Recognized by IFLR1000 Middle East
International law firm Sullivan & Worcester has been recognized in the 2025 IFLR1000 Middle East rankings, earning Notable distinctions in Capital Markets (Equity and Debt) and M&A. In addition, Tamir Chagal was recognized as a Notable Practitioner in Financial and Corporate. Since 1990, IFLR1000 has been a leading source of legal market intelligence, ranking law firms and lawyers based on financial and corporate transactional work. Rankings are determined through transactional evidence, peer feedback and client feedback. 2025 IFLR1000 Recognitions – Israel Capital Markets: Equity – Notable Capital Markets: Debt – Notable M&A – Notable For a full list of the firm's rankings, please visit the IFLR1000 website.

Global Capital Markets

Neural Input Technology Company, Wearable Devices Ltd. IPO

Sullivan represented Wearable Devices Ltd., a growth company developing a non-invasive neural input interface technology in the form of a wrist wearable band for controlling digital devices using subtle finger movements for B2B and B2C customers, in its $16 million initial public offering. Wearable Devices is based in Israel and aims to create a world in which the user’s hand becomes a universal input device for touchlessly interacting with technology, and that their technology is setting the standard input interface for the Metaverse.

Howard E. Berkenblit, Oded Har-Even, Tamilla Nurizada and Ilana Neck Levin

Thermal Energy Storage Company Shares to Commence Trading on Nasdaq

Sullivan advised Brenmiller Energy Ltd., a designer, builder and operator of thermal energy storage systems, in its $15 million private placement of ordinary shares and uplisting of ordinary shares to Nasdaq. The Company develops storage-based generation systems that combines thermal storage, inherent heat exchanging, and inherent steam generation in one unit.

Oded Har-Even, Reut Alfiah, Eric Victorson, Gal Cohen, Ilana Neck Levin and Emily A. Goldschmidt

Solar Panel On Field Against Sky

Global Capital Markets

Global Capital Markets