Senstar Technologies Corp. Files 20-F Annual Report

TL;DR

<b>Senstar Technologies Corp. has filed its annual 20-F report for the fiscal year ending December 31, 2023, detailing its business operations and financial data.</b>

AI Summary

Senstar Technologies Corp (SNT) filed a Foreign Annual Report (20-F) with the SEC on April 19, 2024. Senstar Technologies Corp. filed its annual report on Form 20-F for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 119 John Cavanaugh Drive, Ottawa, A6, K0A 1L0. Senstar Technologies Corp. is classified under SIC code 3669 for Communications Equipment, NEC. The report includes data for fiscal years ending December 31, 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking Senstar Technologies Corp, this filing contains several important signals. This filing provides a comprehensive overview of Senstar Technologies Corp.'s financial performance and business activities for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. As a 20-F filing, it offers detailed information required for foreign private issuers, including financial statements and business descriptions, enabling a deeper understanding of the company's global operations and regulatory compliance.

Risk Assessment

Risk Level: low — Senstar Technologies Corp shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new risks or material changes that would elevate the risk level.

Analyst Insight

Review the detailed financial statements and business segment information within the 20-F filing to understand Senstar Technologies Corp.'s performance and strategic direction for fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period end date.)
• 2024-04-19 — Filing Date (Date the 20-F was filed.)
• 001-41980 — SEC File Number (SEC file number assigned to the company.)
• 000000000 — IRS Number (Company's IRS number.)

Key Players & Entities

• Senstar Technologies Corp. (company) — Filer of the 20-F report.
• 20-F (document) — Form type filed by the company.
• 119 John Cavanaugh Drive, Ottawa, A6, K0A 1L0 (address) — Business and mailing address of the company.
• 3669 (industry_code) — Standard Industrial Classification code for Communications Equipment, NEC.

FAQ

Industry Context

Senstar Technologies Corp. operates in the Communications Equipment sector, which involves the manufacturing and sale of telecommunications equipment.

Regulatory Implications

As a foreign private issuer, Senstar Technologies Corp. is subject to SEC regulations and files annual reports on Form 20-F, which outlines financial performance and business operations.

What Investors Should Do

1. Analyze the financial statements and disclosures in the 20-F for fiscal year 2023.
2. Identify any significant changes in business operations or financial performance compared to prior years.
3. Assess the company's compliance with regulatory requirements for foreign private issuers.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 20-F filing.
• 2024-04-19: Filing Date — Date the 20-F annual report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual 20-F report for fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $35 million — agreement for a total consideration of $35 million in cash, on a cash-free, debt-free basi

Filing Documents

• zk2431282.htm (20-F) — 2565KB
• exhibit_2-1.htm (EX-2.1) — 52KB
• exhibit_4-6.htm (EX-4.6) — 23KB
• exhibit_8-1.htm (EX-8.1) — 4KB
• exhibit_12-1.htm (EX-12.1) — 9KB
• exhibit_12-2.htm (EX-12.2) — 10KB
• exhibit_13-1.htm (EX-13.1) — 6KB
• exhibit_13-2.htm (EX-13.2) — 6KB
• exhibit_97-1.htm (EX-97.1) — 39KB
• snt_img01.jpg (GRAPHIC) — 412KB
• 0001178913-24-001392.txt (&nbsp;) — 12427KB
• snt-20231231.xsd (EX-101.SCH) — 86KB
• snt-20231231_cal.xml (EX-101.CAL) — 82KB
• snt-20231231_def.xml (EX-101.DEF) — 227KB
• snt-20231231_lab.xml (EX-101.LAB) — 969KB
• snt-20231231_pre.xml (EX-101.PRE) — 426KB
• zk2431282_htm.xml (XML) — 2257KB

Item 18

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 Page No. 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 A. [Reserved]. 1 B. Capitalization and Indebtedness. 1 C. Reasons for the Offer and Use of Proceeds. 1 D. Risk Factors. 1 ITEM 4. Information on the Company 11 A. History and Development of the Company. 11 B. Business Overview. 12 C. Organizational Structure. 19 D. Property, Plants and Equipment. 19 ITEM 4A. Unresolved Staff Comments 19 ITEM 5. Operating and Financial Review and Prospects 19 A. Operating Results. 19 B. Liquidity and Capital Resources 26 C. Research and Development, Patents and Licenses. 29 D. Trend Information. 30 E. Critical Accounting Estimates. 30 ITEM 6. Directors, Senior Management and Employees 32 A. Directors and Senior Management. 32 B. Compensation 34 C. Board Practices 35 D. Employees 39 E. Share Ownership. 39 F. Disclosure of a registrant's action to recover erroneously awarded compensation 40 ITEM 7. Major Shareholders and Related Party Transactions 40 A. Major Shareholders 40 B. Related Party Transactions. 40 C. Interests of Experts and Counsel. 40 ITEM 8. Financial Information 41 A. Consolidated Statements and Other Financial Information. 41 B. Significant Changes. 41 ITEM 9. The Offer and Listing 42 A. Offer and Listing Details. 42 B. Plan of Distribution. 42 C. Markets. 42 D. Selling Shareholders. 42 E. Dilution. 42 F. Expenses of the Issue. 42 ITEM 10. Additional Information 42 A. Share Capital. 42 B. Articles and By-laws. 42 C. Material Contracts. 42 D. Exchange Controls. 42 E. Taxation. 42 F. Dividends and Pa

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 49 ITEM 12.

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 49 PART II 49 ITEM 13. Defaults, Dividend Arrearages and Delinquencies 49 ITEM 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 49 ITEM 15.

Controls and Procedures

Controls and Procedures 50 ITEM 16A. Audit Committee Financial Expert 50 ITEM 16B. Code of Ethics 50 ITEM 16C. Principal Accountant Fees and Services 51 ITEM 16D. Exemptions from the Listing Standards for Audit Committees 51 ITEM 16E. Purchase of Equity Securities by the Issuer and Affiliated Purchasers 51 ITEM 16F. Changes in Registrant's Certifying Accountant 51 ITEM 16G. Corporate Governance 52 ITEM 16H. Mine Safety Disclosure 52 ITEM 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 52 ITEM 16J. Insider Trading Policies 52 ITEM 16K. Cybersecurity 52 PART III 52 ITEM 17.

Financial Statements

Financial Statements 52 ITEM 18.

Financial Statements

Financial Statements 52 ITEM 19. Exhibits 53 ii INTRODUCTION We are a leading international provider of comprehensive physical, video, and access control security products and solutions. We offer comprehensive solutions for critical sites, which leverage our broad portfolio of homegrown PIDS (Perimeter Intrusion Detection Systems), advanced VMS (Video Management Software) with native IVA (Intelligent Video Analytics) security solutions, as well as access control products and technologies. Based on our multi-decade industry experience and interaction with customers, we have developed a comprehensive set of solutions and products, optimized for perimeter, outdoor, and general security applications. Our broad portfolio of critical infrastructure protection and site protection technologies includes a variety of fences, fence mounted sensors, buried and concealed detection systems, and sophisticated sensors for sub-surface intrusion such as to secure pipelines, as well as advanced video analytics software and video management systems. We have successfully installed customized solutions and products in more than 100 countries worldwide. On June 30, 2021, we completed the sale of our Integration Solution Division to Aeronautics Ltd., a subsidiary of RAFAEL Advanced Defense Systems Ltd., in a share and asset purchase agreement for a total consideration of $35 million in cash, on a cash-free, debt-free basis. As part of the acquisition, Aeronautics acquired our facility in Yehud, Israel. Following the sale of the Integrated Solutions (Project) Division, we changed our name to Senstar Technologies Ltd. (formerly known as Magal Security Systems Ltd.) and focused our business on providing comprehensive physical, video and access control security products and solutions, with development and manufacturing facilities located in Canada and sales and support offices in the US, EMEA, China and APAC regions as well as in Canada. On September 26, 2023, Senstar Technologi

financial statements

financial statements. We may be adversely affected by regulations and market expectations related to sourcing and our supply chain, including conflict minerals. 2 Risks Relating to Our Common Shares Volatility of the market price of our Common Shares could adversely affect our shareholders and us. We may not pay dividends in the future. As a foreign private issuer whose shares are listed on the NASDAQ Global Market, we may follow certain home country corporate governance practices instead of certain NASDAQ requirements. We may in the future be classified as a passive foreign investment company, or PFIC, which would subject our U.S. investors to adverse tax rules. Risks Relating to Our Existence as an Ontario Corporation The rights and obligations of a holder of Common Shares will be governed by Ontario law and may differ from the rights and obligations of shareholders of companies organized under the laws of other jurisdictions The Articles, together with the By-laws, and Canadian laws and regulations applicable to us may adversely affect our ability to take actions that could be deemed beneficial to holders of our Common Shares, or the ability of another party to acquire control of the Company. Canadian take-over bid laws may discourage take-over bids being made for the Company and may discourage the acquisition of large numbers of our Common Shares. Canadian issuer bid laws restrict our ability to purchase our Common Shares. We are able to issue an unlimited amount of additional Common Shares, which may cause our shareholders to experience dilution in the future. Our Common Shares are subject to Canadian insolvency laws which may offer less protection to its shareholders compared to U.S. insolvency laws. The expected benefits of the Redomiciliation may not be realized. There can be no assurance that all of the anticipated benefits of the Redomiciliation will be achievable, particularly as the achievement of the benefits are in many important respe

View Full Filing

View this 20-F filing on SEC EDGAR