to be earlier than required, and fixed at a premium of the 2017 earnings, rather than based on later earnings. The agreement also included a distribution of capital from Team Internet to shareholders, including Matomy, so that Matomy could fund the purchases. In January 2018, Niri stepped down, in order to "pursue an offer that cannot be refused" with Teddy Sagi. Niri's ten-month tenure oversaw the disposal of non-core assets as well as the laying off of 150 staff in order to focus on just two parts of the company: MobFox and Team Internet. Niri was replaced by Liam Galin, the former CEO of Flash Networks. At the same time, two of the three founders of Team Internet left the company. The Team Internet CEO and founder, Nico Zeifang, was replaced by Markus Ostertag. Revenue decline Following the imposition of stricter quality requirements from video advertisers, the revenue of Optimatic fell significantly and was closed in April 2018. The company also divested of some non-compliant traffic from Team Internet and Mobfox, meaning that the earnings of Team Internet were actually much lower than in 2017. In February 2018, Matomy raised $30M in convertible bonds in order to fund the purchase of the remaining share options held by Team Internet. The bonds had a duration of three years, bear an interest of 5.5%, and have a conversion price of NIS 4.26. Within a few months, the yields on the company's bonds entered junk bond territory, trading at a significant discount to their face value. In August 2018, Matomy sold Whitedelivery to 1029 Holdings Inc. However, the buyer subsequently ran into financial difficulties, meaning that Matomy lost the income from this unit without benefiting financially. In November 2018, Matomy sold Mobfox to Teddy Sagi, the person to whom Sagi Niri had resigned to. This left Team Internet as Matomy's only subsidiary. The CEO Liam Galin said that the sale was partially to fund the acquisition of the remaining shares of Team Internet, and that he was trying to alter the terms of that acquisition, which was due at the end of the same month. Later in the month, the company scheduled a meeting with the company's bondholders in order to seek new terms for the bonds. At this point, the bonds were trading at over a 50% discount to the face value, and the shares had fallen by 95% in the previous