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Sono Group NV

For the period ended Dec 31, 2023. Filed Jun 21, 2024.

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About this filing

The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.

FY2023 · Filed Jun 21, 2024

SSM$0.89+2.1%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 20-F

☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

For the fiscal year ended December 31, 2023

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

For the transition period from to

Commission File No.001-41066

SONO GROUP N.V.

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English)

The Netherlands

(Jurisdiction of incorporation or organization)

Waldmeisterstraße 93****

80935 Munich, Germany

+49 (0)89 4520 5818

(Address of principal executive offices)

George O’Leary

Chief Executive Officer &

Chief Financial Officer

Sono Group N.V.

Waldmeisterstraße 93****

80935 Munich, Germany

+49(0)89 4520 5818

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

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

Title of each class:Trading Symbol(s)Name of each exchange on which registered:
Not ApplicableNot ApplicableNot Applicable

Securities registered or to be registered pursuant to Section 12(g) of the Act:

Ordinary Shares, par value of €0.06 per share

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

105,667,115 ordinary shares, with a par value of €0.06 and 3,000,000 high-voting shares with a par value of €1.50.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act of 1934. Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company.

Large accelerated filer ☐ Accelerated filer ☐Non-accelerated filer ☒ Emerging growth company☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark 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.☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing.

U.S. GAAP ☐International Financial Reporting Standards as issued by the International Accounting Standards Board ☒Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company. Yes☐ No ☒

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐

**As described in more detail in this Annual Report , the issuer was involved in preliminary self-administration proceedings under German insolvency law before the local court of Munich, Germany from mid-May 2023 through January 31, 2024 Since no insolvency plan providing for the distribution of securities was confirmed by the court, the issuer has not checked either of the boxes above.

TABLE OF CONTENTS

INTRODUCTION1
PRESENTATION OF FINANCIAL AND OTHER INFORMATION1
MARKET AND INDUSTRY DATA2
TRADEMARKS, SERVICE MARKS AND TRADE NAMES2
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS2
RISK FACTOR SUMMARY3
PART I.5
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS5
A. Directors and Senior Management5
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE5
ITEM 3. KEY INFORMATION6
A. [Reserved]6
B. Capitalization and Indebtedness6
C. Reasons for the Offer and Use of Proceeds6
D. Risk Factors6
ITEM 4. INFORMATION ON THE COMPANY43
A. Corporate History43
B. Business Overview44
C. Organizational Structure Organizational Structure61
D. Property, Plant and Equipment61
ITEM 4A. UNRESOLVED STAFF COMMENTS61
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS61
A. Operating Results66
B. Liquidity and Capital Resources67
C. Research and Development, Patents and Licenses69
D. Trend Information69
E. Critical Accounting Estimates69
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES70
A. Directors and Senior Management70
B. Compensation72
C. Board Practices78
D. Employees79
E. Share Ownership80
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS80
A. Major Shareholders80
B. Related Party Transactions82
C. Interests of Experts and Counsel82
ITEM 8. FINANCIAL INFORMATION.82
A. Consolidated Statements and Other Financial Information.82
B. Significant Changes85
ITEM 9. THE OFFER AND LISTING85
A. Offer and Listing Details85
B. Plan of Distribution85
C. Markets85
D. Selling Shareholders85
E. Dilution85
F. Expenses of the Issue85
ITEM 10. ADDITIONAL INFORMATION85
A. Share Capital85
B. Memorandum and Articles of Association85
C. Material Contracts86
D. Exchange Controls89
E. Taxation89
F. Dividends and Paying Agents105
G. Statement by Experts105
H. Documents on Display105
I. Subsidiary Information.106
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK106
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES106
A. Debt Securities.106
B. Warrants and rights.107
C. Other Securities.107
D. American Depositary Shares107
PART II.108
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES108
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS108
ITEM 15. CONTROLS AND PROCEDURES108
A. Disclosure Controls and Procedures108
C. Attestation Report of the Registered Public Accounting Firm109
D. Changes in Internal Control over Financial Reporting109
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT109
ITEM 16B. CODE OF ETHICS109
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES110
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES111
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS111
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT111
ITEM 16G. CORPORATE GOVERNANCE111
ITEM 16H. MINE SAFETY DISCLOSURE111
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS111
ITEM 16J. INSIDER TRADING POLICIES112
ITEM 16K. CYBERSECURITY112
PART III.113
ITEM 17. FINANCIAL STATEMENTS113
ITEM 18. FINANCIAL STATEMENTS113
ITEM 19. EXHIBITS.113

**INTRODUCTION

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