Skip to main content
See the whole filing, with its images and exhibits
Contents

Cover page

Show cover page

**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

Commission File No.:001-41334

RAIL VISION LTD.

(Exact name of registrant as specified in its charter)

Translation of registrant’s name into English: Not applicable

Israel15 Ha’Tidhar St Ra’anana, 4366517 Israel Tel: +972-9-957-7706
(Jurisdiction of incorporation or organization)(Address of principal executive offices)

Shahar Hania

Chief Executive Officer

15 Ha’Tidhar St

Ra’anana,4366517 Israel

Tel:+972-9-957-7706

Email: marketing@railvision.io

(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
Ordinary shares, no par valueRVSNThe Nasdaq Stock Market LLC
Warrants to purchase ordinary shares, no par valueRVSNWThe Nasdaq Stock Market LLC

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, 2023:2,998,278 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.

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 DATAvii
PART I1
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 Structure44
D.Property, Plants and Equipment44
ITEM 4A.UNRESOLVED STAFF COMMENTS44
ITEM 5.OPERATING AND FINANCIAL REVIEW AND PROSPECTS44
A.Operating Results45
B.Liquidity and Capital Resources47
C.Research and Development, Patents and Licenses50
D.Trend Information51
E.Critical Accounting Estimates51
ITEM 6.DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES52
A.Directors and Senior Management52
B.Compensation55
C.Board Practices57
D.Employees70
E.Share Ownership70
ITEM 7.MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS71
A.Major Shareholders71
B.Related Party Transactions73
C.Interests of Experts and Counsel75
ITEM 8.FINANCIAL INFORMATION75
A.Statements and Other Financial Information75
B.Significant Changes76
ITEM 9.THE OFFER AND LISTING
A.Offer and Listing Details76
B.Plan of Distribution76
C.Markets76
D.Selling Shareholders76
E.Dilution76
F.Expenses of the Issue77

i

ITEM 10.ADDITIONAL INFORMATION77
A.Share Capital77
B.Articles of Association77
C.Material Contracts77
D.Exchange Controls77
E.Taxation77
F.Dividends and Paying Agents88
G.Statement by Experts88
H.Documents on Display88
I.Subsidiary Information88
ITEM 11.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK88
ITEM 12.DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES89
A.Debt Securities89
B.Warrants and rights89
C.Other Securities89
D.American Depositary Shares89
PART II90
ITEM 13.DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES90
ITEM 14.MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS90
ITEM 15.CONTROLS AND PROCEDURES90
ITEM 16.[RESERVED]91
ITEM 16A.AUDIT COMMITTEE FINANCIAL EXPERT91
ITEM 16B.CODE OF ETHICS91
ITEM 16C.PRINCIPAL ACCOUNTANT FEES AND SERVICES91
ITEM 16D.EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES92
ITEM 16E.PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS92
ITEM 16F.CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT92
ITEM 16G.CORPORATE GOVERNANCE92
ITEM 16H.MINE SAFETY DISCLOSURE94
ITEM 16IDISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS94
ITEM 16JINSIDER TRADING POLICIES94
ITEM 16KCYBERSECURITY94
PART III95
ITEM 17.FINANCIAL STATEMENTS95
ITEM 18.FINANCIAL STATEMENTS95
ITEM 19.EXHIBITS95
SIGNATURES97

ii

ContentsView on SEC.gov

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