UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 23, 2021

Registrant’s telephone number, including area code: 212-930-9700

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mart if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Election of Directors; Compensatory Arrangements of Certains Inc Officers.

On December 17, 2021, the Board of Directors (the “Board”) of Creations, Inc., a Delaware corporation (the “Company”), appointed Shmuel Yelshevich to serve as Chief Executive Officer, President, Treasurer and Secretary of the Company, effective December 20, 2021.

Mr. Yelshevich is the Interim Chief Financial Officer of Creations, Inc. since June 2021 and CFO of Ocean Yetsira since July 2020. Prior to that, Shmuel co-founded Yetsira and served as a Director and Chief Financial Officer, Vice President of Sales and Investment Manager at Yetsira since November 2016. From 2013 to 2016, Mr. Yelshevich served as a manager of marketing department, portfolio manager and analyst at a large Israeli portfolio management firm. Mr. Yelshevich holds a portfolio management license from the ISA and a B.A. in Finance and Financial Risk Management from The Interdisciplinary Center Herzliya. Mr. Yelshevich is a licensed portfolio manager by the ISA.

On December 17, 2021, the Board appointed Ilan Arad to serve as Chairman of the Board, effective December 20, 2021.

Mr. Arad, co-founded Yetsira and has served as Chief Executive Officer and Investment Manager of Yetsira since November 2016. From 2010 to 2013, Mr. Arad served at dash- Securities, a large brokerage firm in Israel, as a trading floor manager and portfolio manager of institutional funds. Mr. Arad holds a portfolio management license from the ISA and a BA in Finance from Max Stern Yezreel Valley College. Mr. Arad is a licensed portfolio manager by the ISA.

On December 17, 2021, the Board appointed each of Shmuel Yelshevich and Ilan Arad to serve on the boards of Ocean Yetsira, Ltd., Ocean Partners, Y.O.D.M. and Yetsira Investment House, LTD (the “Subsidiaries”), each of which is a wholly-owned subsidiary of the Company, with such appointments effective December 20, 2021.

There is no arrangement or understanding between Mr. Arad, Mr. Yelshevich, and any other persons, pursuant to which they were selected to their respective positions. Mr. Arad and Mr. Yelshevich have not engaged in any transaction, or any currently proposed transaction, in which the Company was or is to be a participant and the amount involved exceeds $120,000, and in which any related person had or will have a direct or indirect material interest. There are no family relationships between Mr. Arad, Mr. Yelshevich and any Director or executive officer of the Company.