Israeli's Nano-X Settles US SEC Charges over Costs of Flagship Imaging Device

Israeli flag seen during anti-government protest in Jerusalem - File/EPA/ABIR SULTAN
Israeli flag seen during anti-government protest in Jerusalem - File/EPA/ABIR SULTAN
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Israeli's Nano-X Settles US SEC Charges over Costs of Flagship Imaging Device

Israeli flag seen during anti-government protest in Jerusalem - File/EPA/ABIR SULTAN
Israeli flag seen during anti-government protest in Jerusalem - File/EPA/ABIR SULTAN

Nano-X Imaging and its founder Ran Poliakine agreed to pay nearly $1.1 million to settle US Securities and Exchange Commission charges accusing the Israeli medical imaging company of negligently misleading investors about the cost to make its flagship product.

Poliakine was accused of claiming in 2020 and 2021 that Nano-X could mass-produce Nanox.ARC, purportedly a lower-cost alternative to existing X-ray devices, for $8,000 to $12,000 each, while ignoring higher estimates provided by company executives, including engineering executives, Reuters reported.

The SEC said Nano-X also touted the misleadingly low estimate before and after its August 2020 initial public offering, which raised $165 million.

Poliakine was Nano-X's chief executive at the time of the misleading statements, and is now non-executive chairman, the SEC said.

Without admitting or denying wrongdoing, Nano-X and Poliakine agreed to pay respective civil fines of $650,000 and $150,000, and Poliakine will pay $267,000 in disgorgement plus interest.



India’s Navy Launches Submarine, Warships to Guard against China’s Presence in Indian Ocean

A view of the Indian Navy's three frontline vessels during the commissioning ceremony in Mumbai, India, 15 January 2025. (EPA)
A view of the Indian Navy's three frontline vessels during the commissioning ceremony in Mumbai, India, 15 January 2025. (EPA)
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India’s Navy Launches Submarine, Warships to Guard against China’s Presence in Indian Ocean

A view of the Indian Navy's three frontline vessels during the commissioning ceremony in Mumbai, India, 15 January 2025. (EPA)
A view of the Indian Navy's three frontline vessels during the commissioning ceremony in Mumbai, India, 15 January 2025. (EPA)

India's navy on Wednesday simultaneously launched a submarine, a destroyer and a frigate built at a state-run shipyard, underscoring the importance of protecting the Indian Ocean region through which 95% of the country's trade moves amid a strong Chinese presence.

Defense Minister Rajnath Singh said that the Atlantic Ocean’s importance has shifted to the Indian Ocean region, which is becoming a center of international power rivalry.

“India is giving the biggest importance to making its navy powerful to protect its interests,” he said.

“The commissioning of three major naval combatants marks a significant leap forward in realizing India’s vision of becoming a global leader in defense manufacturing and maritime security,” Prime Minister Narendra Modi said while commissioning the vessels at the state-run Mazagon dockyard in Mumbai.

The situation in the Indian Ocean region is challenging with the Chinese navy, India’s main rival, growing exponentially, said Rahul Bedi, a defense analyst.

Bedi said that the INS Vagsheer submarine, the sixth among a French license-built Kalvari (Scorpene)-class conventional diesel-electric submarines, is aimed at replacing aging Indian underwater platforms and plugging serious capability gaps in existing ones. India now has a total of 16 submarines.

The P75 Scorpene submarine project represents India’s growing expertise in submarine construction in collaboration with the Naval Group of France, Bedi said.

India’s defense ministry is expected to conclude a deal for three additional Scorpene submarines to be built in India during Modi’s likely visit to Paris next month to attend the Artificial Intelligence Action Summit hosted by French President Emmanuel Macron.

However, the first of these boats, according to the Indian navy, is only likely to be commissioned by 2031.

India commissioned its first home-built aircraft carrier in 2022 to counter regional rival China’s much more extensive and growing fleet and expand its indigenous shipbuilding capabilities.

The INS Vikrant, whose name is a Sanskrit word for “powerful” or “courageous,” is India’s second operational aircraft carrier. It joins the Soviet-era INS Vikramaditya, which India purchased from Russia in 2004 to defend the Indian Ocean and Bay of Bengal.