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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

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

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

OR

☐ 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.:001-41387

(Exact name of registrant as specified in its charter)

Translation of registrant’s name into English: Not applicable

IsraelEm Hamoshavot Rd. 94 Petah Tikvah, 4970602 Israel +972-39094177
(Jurisdiction of incorporation or organization)(Address of principal executive offices)

Ori Gilboa

Chief Executive Officer

+972-39094177

OriG@saver.one

Em Hamoshavot Rd. 94

**Petah Tikvah, Israel **

(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 to be registeredTrading Symbol(s)Name of each exchange on which each class is to be registered
American Depositary Shares, each representing 5 ordinary shares, par value NIS 0.01 per shareSVRENasdaq Capital Market
Ordinary shares, par value NIS 0.01 per share_____Nasdaq Capital Market*
Warrants to purchase ordinary shares, par value NIS 0.01 per shareSVREWNasdaq Capital Market
*Listed not for trading or quotation purposes, but only in connection with the registration of American Depositary Shares representing such ordinary shares pursuant to the requirements of the Securities and Exchange Commission. The American Depositary Shares are registered under the Securities Act of 1933, as amended, pursuant to a separate registration statement on Form F-6 (File No. 333- 263785).

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

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 December 31, 2023:69,579,231 ordinary shares.

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 every Interactive Data File required to be submitted 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. See definition of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

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 7(a)(2)(B) of the Securities 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☒

TABLE OF CONTENTS

Page
INTRODUCTIONiii
EMERGING GROWTH COMPANY STATUSiv
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSvi
MARKET, INDUSTRY, AND OTHER DATAviii
PART I
ITEM 1.IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS1
ITEM 2.OFFER STATISTICS AND EXPECTED TIMETABLE1
ITEM 3.KEY INFORMATION1
A.[Reserved]1
B.Capitalization and Indebtedness1
C.Reasons for the Offer and Use of Proceeds1
D.Risk Factors1
ITEM 4.INFORMATION ON THE COMPANY26
A.History and Development of the Company26
B.Business Overview27
C.Organizational Structure37
D.Property, Plants and Equipment37
ITEM 4A.UNRESOLVED STAFF COMMENTS38
ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS38
A.Operating Results39
B.Liquidity and Capital Resources42
C.Research and Development, Patents and Licenses43
D.Trend Information43
E.Critical Accounting Estimates44
ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES45
A.Directors and Senior Management45
B.Compensation46
C.Board Practices48
D.Employees52
E.Share Ownership52
F.Disclosure of a registrant’s action to recover erroneously awarded compensation53
ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS54
A.Major Shareholders54
B.Related Party Transactions55
C.Interests of Experts and Counsel56
ITEM 8.FINANCIAL INFORMATION56
A.Statements and Other Financial Information56
B.Significant Changes56
ITEM 9.THE OFFER AND LISTING57
A.Offer and Listing Details57
B.Plan of Distribution57
C.Markets57
D.Selling Shareholders57
E.Dilution57
F.Expenses of the Issue57

i

ITEM 10.ADDITIONAL INFORMATION57
A.Share Capital57
B.Articles of Association57
C.Material Contracts57
D.Exchange Controls57
E.Taxation58
F.Dividends and Paying Agents65
G.Statement by Experts65
H.Documents on Display65
I.Subsidiary Information66
ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK66
ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES68
A.Debt Securities68
B.Warrants and rights68
C.Other Securities69
D.American Depositary Shares69
PART II78
ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES78
ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS78
ITEM 15.CONTROLS AND PROCEDURES78
ITEM 16.[RESERVED]79
ITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERT79
ITEM 16B.CODE OF ETHICS79
ITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES80
ITEM 16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES80
ITEM 16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS81
ITEM 16F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT81
ITEM 16G.CORPORATE GOVERNANCE81
ITEM 16H.MINE SAFETY DISCLOSURE82
ITEM 16I.DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS82
ITEM 16J.INSIDER TRADING POLICIES82
ITEM 16K.CYBERSECURITY82
PART III83
ITEM 17.FINANCIAL STATEMENTS83
ITEM 18.FINANCIAL STATEMENTS83
ITEM 19.EXHIBITS83
SIGNATURES85

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.