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, D.C. 20549

FORM 20-F

(Mark One)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(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 31,2025

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:

Commission File Number:001-41823

Nvni Group Limited

(Exact name of Registrant as specified in its charter)

Not applicableCayman Islands
(Translation of Registrant’s name into English)(Jurisdiction of incorporation or organization)

P.O. Box 10008, Pavilion East, Cricket Square

Grand Cayman, Cayman Islands KY1-1001

(Address of principal executive offices)

Pierre Schurmann

Telephone:(+55 11)5642-3370

Email: p@nuvini.com.br

At the address of the Company set forth above

(Name, Telephone, Email 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 classTrading Symbol(s)Name of each exchange on which registered
Ordinary shares, par value $0.0001 per shareNVNIThe Nasdaq Stock Market LLC (Nasdaq Capital Market)
Warrants to purchase ordinary shares, each whole warrant exercisable for one ordinary share at an exercise price of $11.50NVNIWThe Nasdaq Stock Market LLC (Nasdaq Capital Market)

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 shell company report: As of December 31, 2025, the issuer had 10,032,710 ordinary shares and 21,011,316 warrants to purchase ordinary shares outstanding.

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 ☒

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, 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 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 (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒

TABLE OF CONTENTS

PART IPage
INTRODUCTION1
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS6
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE6
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 COMPANY58
A. History and Development of the Company58
B. Business Overview65
C. Organizational Structure71
D. Property, Plants and Equipment71
ITEM 4A. UNRESOLVED STAFF COMMENTS71
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS71
A. Operating Results71
B. Liquidity and Capital Resources87
C. Research and Development, Patents and Licenses, etc.97
D. Trend Information97
E. Critical Accounting Estimates97
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES98
A. Directors and Senior Management98
B. Compensation100
C. Board Practices101
D. Employees106
E. Share Ownership107
F. Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation107
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS108
A. Major Shareholders108
B. Related Party Transactions109
C. Interests of Experts and Counsel113
ITEM 8. FINANCIAL INFORMATION113
A. Consolidated Statements and Other Financial Information113
B. Significant Changes114
ITEM 9. THE OFFER AND LISTING114
A. Offer and Listing Details114
B. Plan of Distribution114
C. Markets114
D. Selling Shareholders114
E. Dilution114
F. Expenses of the Issue114
ITEM 10. ADDITIONAL INFORMATION115
A. Share Capital115
B. Memorandum and Articles of Association115
C. Material Contracts115
D. Exchange Controls115
E. Taxation115
F. Dividends and Paying Agents122
G. Statement by Experts122
H. Documents on Display122
I. Subsidiary Information122
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK123
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES125
A. Debt Securities125
B. Warrants and Rights125
C. Other Securities125
D. American Depositary Shares125

i

PART II
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES126
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS126
ITEM 15. CONTROLS AND PROCEDURES126
A. Disclosure Controls and Procedures126
C. Attestation Report of the Registered Public Accounting Firm127
D. Changes in Internal Control Over Financial Reporting127
ITEM 16. RESERVED128
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT128
ITEM 16B. CODE OF ETHICS128
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES128
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES129
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS129
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT129
ITEM 16G. CORPORATE GOVERNANCE130
ITEM 16H. MINE SAFETY DISCLOSURE130
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS130
ITEM 16J. INSIDER TRADING POLICIES130
ITEM 16K. CYBERSECURITY130
PART III
ITEM 17. FINANCIAL STATEMENTS132
ITEM 18. FINANCIAL STATEMENTS132
ITEM 19. EXHIBITS132

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.