Steakholder Foods Ltd
For the period ended Dec 31, 2023. Filed Apr 30, 2024.
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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 Apr 30, 2024
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Cover page
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**UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 20-F
(Mark One)
☐ 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 endedDecember 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 number 001-40173
Steakholder Foods Ltd.
(Exact name of Registrant as specified in its charter)
N/A
(Translation of Registrant’s name into English)
Israel
(Jurisdiction of incorporation or organization)
5 David Fikes St., P.O. Box 4061**
Rehovot 7638205 Israel
(Address of principal executive offices)
**Arik Kaufman
+972-73-332-2853
info@steakholderfoods.com
5 David Fikes St., Rehovot 7638205 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 | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| American Depositary Shares, each representing 100 ordinary shares, no par value per share | STKH | The Nasdaq Stock Market LLC |
| Ordinary shares, no par value per share | ⸺ | The Nasdaq Stock Market LLC* |
| * | 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. 333-253915). |
Securities registered or to be registered pursuant to Section 12(g) of the Act.
None
(Title of Class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.
None
(Title of Class)
Indicate the 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.As of December 31, 2023, the registrant had outstanding 251,756,047 ordinary shares, no par value.
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 Securities Exchange Act of 1934. Yes ☐No ☒
Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an 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. (Check one):
| 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 the 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 (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒
TABLE OF CONTENTS
INTRODUCTION
| PART I | 1 | |
|---|---|---|
| ITEM 1. | Identity Of Directors, Senior Management And Advisers | 1 |
| ITEM 2. | Offer Statistics And Expected Timetable | 1 |
| ITEM 3. | Key Information | 1 |
| ITEM 4. | Information On The Company | 27 |
| ITEM4A. | Unresolved Staff Comments | 39 |
| ITEM 5. | Operating And Financial Review And Prospects | 40 |
| ITEM 6. | Directors, Senior Management And Employees | 46 |
| ITEM 7. | Major Shareholders And Related Party Transactions | 62 |
| ITEM 8. | Financial Information | 63 |
| ITEM 9. | The Offer And Listing | 64 |
| ITEM 10. | Additional Information | 65 |
| ITEM 11. | Quantitative And Qualitative Disclosure On Market Risk | 72 |
| ITEM 12. | Description Of Securities Other Than Equity Securities | 72 |
| PART II | 74 | |
| ITEM 13. | Defaults, Dividend Arrearages and Delinquencies | 74 |
| ITEM 14. | Material Modifications To The Rights Of Security Holders And Use Of Proceeds | 74 |
| ITEM 15. | Controls And Procedures | 74 |
| ITEM 16. | [reserved] | 75 |
| ITEM 16A. | Audit Committee Financial Expert | 75 |
| ITEM 16B. | Code Of Ethics | 75 |
| ITEM 16C. | Principal Accountant Fees And Services | 75 |
| ITEM 16D. | Exemptions From The Listing Standards For Audit Committees | 76 |
| ITEM 16E. | Purchases Of Equity Securities By The Issuer And Affiliated Purchasers | 76 |
| ITEM 16F. | Change In Registrant’s Certifying Accountant | 76 |
| ITEM 16G. | Corporate Governance | 76 |
| ITEM 16H. | Mine Safety Disclosure | 77 |
| ITEM 16I. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 77 |
| ITEM 16J | Insider Trading Policies | 77 |
| ITEM 16K | Cybersecurity | 77 |
| PART III | 79 | |
| ITEM 17. | Financial Statements | 79 |
| ITEM 18. | Financial Statements | 79 |
| ITEM 19. | Exhibits | 80 |
| SIGNATURES | 81 |
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INTRODUCTION
Certain Definitions
In this Annual Report on Form 20-F, unless the context otherwise requires:
| ● | references to “Steakholder Foods,” the “Company,” “us,” “we” and “our” refer to Steakholder Innovation Ltd. (formerly MeaTech MT Ltd. and MeaTech Ltd.) from its inception until the consummation of the January 2020 merger described herein, and Steakholder Foods Ltd. (formerly MeaTech 3D Ltd.) (the “Registrant”), an Israeli company, thereafter, unless otherwise required by the context; |
| ● | references to “ordinary shares,” “our shares” and similar expressions refer to the Registrant’s ordinary shares, no nominal (par) value per share; |
| ● | references to “ADS” refer to the American Depositary Shares listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “STKH,” each representing ten ordinary shares of the Registrant; |
| ● | references to “dollars,” “U.S. dollars,” “USD” and “$” are to United States Dollars; |
| ● | references to “NIS” are to New Israeli Shekels, the currency of the State of Israel; |
| ● | references to the “Companies Law” are to Israel’s Companies Law, 5759-1999, as amended; and |
| ● | references to the “SEC” are to the United States Securities and Exchange Commission. |
Forward-Looking Statements
This Annual Report on Form 20-F contains forward-looking statements concerning our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition. Any statements that are not historical facts may be deemed to be forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms including “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would,” and similar expressions intended to identify forward-looking statements, but these are not the only ways these statements are identified. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. You should not put undue reliance on any forward-looking statements. Unless we are required to do so under U.S. federal securities laws or other applicable laws, we do not intend to update or revise any forward-looking statements. Readers are encouraged to consult the Company’s filings made on Form 6-K, which are periodically filed with or furnished to the SEC.
Forward-looking statements contained in this prospectus include, but are not limited to:
| ● | our estimates regarding our expenses, future revenue, capital requirements and needs for additional financing; |
| ● | our expectations regarding the success of our cultured meat manufacturing technologies we are developing, which will require significant additional work before we can potentially launch commercial sales; |
| ● | our research and development activities associated with technologies for cultured meat manufacturing, including three-dimensional meat production, which involves a lengthy and complex process; |
| ● | our expectations regarding the timing for the potential commercial launch of our cultured meat technologies; |
| ● | our ability to successfully manage our planned growth, and any future acquisitions, joint ventures, collaborations or similar transactions; |
| ● | the competitiveness of the market for our cultured meat technologies; |
| ● | our ability to enforce our intellectual property rights and to operate our business without infringing, misappropriating, or otherwise violating the intellectual property rights and proprietary technology of third parties; |
| ● | our ability to predict and timely respond to preferences for alternative proteins and cultured meats and new trends; |
| ● | our ability to attract, hire and retain qualified employees and key personnel; |
| ● | security, political and economic instability in the Middle East that could harm our business, including due to the current war between Israel and Hamas; and |
| ● | other risks and uncertainties, including those listed in “Item 3. —Key Information—Risk Factors.” |
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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.