Silynxcom Ltd. Files Annual Report on Form 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Silynxcom Ltd. has filed its annual report on Form 20-F for the fiscal year ending December 31, 2023, detailing its financial and operational status.</b>

AI Summary

Silynxcom Ltd. (SYNX) filed a Foreign Annual Report (20-F) with the SEC on April 30, 2024. Silynxcom Ltd. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The company's ordinary shares trade on the NYSE American LLC under the symbol SYNX. As of December 31, 2023, Silynxcom Ltd. had 3,161,779 ordinary shares outstanding. The filing indicates Silynxcom Ltd. is not a well-known seasoned issuer. The company is incorporated in the State of Israel and its principal executive offices are located in Netanya.

Why It Matters

For investors and stakeholders tracking Silynxcom Ltd., this filing contains several important signals. This filing provides investors with a comprehensive overview of Silynxcom's performance and financial health for the past fiscal year, crucial for investment decisions. As a Form 20-F filing, it adheres to SEC regulations for foreign private issuers, offering transparency to the US market regarding the company's operations and governance.

Risk Assessment

Risk Level: low — Silynxcom Ltd. shows low risk based on this filing. The filing is an annual report (20-F), which is standard for foreign private issuers and does not contain new or unexpected negative information.

Analyst Insight

Investors should review the full 20-F filing for detailed financial statements, risk factors, and management discussion to assess Silynxcom's performance and outlook.

Key Numbers

• 3,161,779 — Ordinary Shares Outstanding (As of December 31, 2023)
• 2023-12-31 — Fiscal Year End (Covered by the annual report)
• 2024-04-30 — Filing Date (Date the 20-F was filed)

Key Players & Entities

• Silynxcom Ltd. (company) — Filer of the 20-F report
• SYNX (company) — Trading symbol for Silynxcom Ltd. ordinary shares
• NYSE American LLC (company) — Exchange where Silynxcom Ltd. ordinary shares are registered
• Nir Klein (person) — Chief Executive Officer of Silynxcom Ltd.
• Israel (company) — Jurisdiction of incorporation and location of principal executive offices

FAQ

Industry Context

Silynxcom Ltd. operates in the Household Audio & Video Equipment industry, as indicated by its SIC code 3651.

Regulatory Implications

As a foreign private issuer incorporated in Israel, Silynxcom Ltd. is subject to SEC reporting requirements under the Securities Exchange Act of 1934, filing annual reports on Form 20-F.

What Investors Should Do

1. Review the full Form 20-F for detailed financial statements and management discussion.
2. Analyze the risk factors section for potential business challenges.
3. Monitor future filings for updates on company performance and strategic initiatives.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 20-F filing.
• 2024-04-30: Filing Date — The date Silynxcom Ltd. submitted its annual report on Form 20-F.

Year-Over-Year Comparison

This is the annual report filing for the fiscal year ended December 31, 2023, following previous filings as required by the SEC.

Key Financial Figures

• $1.00 — -F were made at a rate of NIS 3.627 for $1.00 per U.S. dollar, the exchange rate as o

Filing Documents

• ea0204848-20f_silynxcom.htm (20-F) — 1972KB
• ea020484801ex2-1_silynxcom.htm (EX-2.1) — 39KB
• ea020484801ex12-1_silynxcom.htm (EX-12.1) — 11KB
• ea020484801ex12-2_silynxcom.htm (EX-12.2) — 11KB
• ea020484801ex13-1_silynxcom.htm (EX-13.1) — 3KB
• ea020484801ex13-2_silynxcom.htm (EX-13.2) — 3KB
• ea020484801ex97-1_silynxcom.htm (EX-97.1) — 39KB
• image_001.jpg (GRAPHIC) — 4KB
• image_002.jpg (GRAPHIC) — 36KB
• image_003.jpg (GRAPHIC) — 13KB
• image_004.jpg (GRAPHIC) — 18KB
• image_005.jpg (GRAPHIC) — 19KB
• image_006.jpg (GRAPHIC) — 17KB
• image_007.jpg (GRAPHIC) — 20KB
• image_008.jpg (GRAPHIC) — 21KB
• 0001213900-24-037798.txt (&nbsp;) — 9270KB
• synx-20231231.xsd (EX-101.SCH) — 133KB
• synx-20231231_cal.xml (EX-101.CAL) — 60KB
• synx-20231231_def.xml (EX-101.DEF) — 417KB
• synx-20231231_lab.xml (EX-101.LAB) — 770KB
• synx-20231231_pre.xml (EX-101.PRE) — 427KB
• ea0204848-20f_silynxcom_htm.xml (XML) — 1291KB

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 INTRODUCTION iii CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS iii SUMMARY RISK FACTORS v 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

Risk Factors 1 ITEM 4. INFORMATION ON THE COMPANY 18 A. History and Development of the Company 18 B. Business Overview 19 C. Organizational Structure 33 D. Property, Plants and Equipment 33 ITEM 4.A UNRESOLVED STAFF COMMENTS 33 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 34 A. Operating Results 34 B. Liquidity and Capital Resources 36 C Research and development, patents and licenses, etc. 38 D Trend Information 38 E. Critical Accounting Estimates 38 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 39 A. Directors and Senior Management 39 B. Compensation 41 C. Board Practices 44 D. Employees 57 E. Share Ownership 57 F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation 58 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 58 A. Major Shareholders 58 B. Related Party Transactions 60 C. Interests of Experts and Counsel 61 ITEM 8. FINANCIAL INFORMATION 61 A. Consolidated Statements and Other Financial Information 61 B. Significant Changes 61 ITEM 9. THE OFFER AND LISTING 61 A. Offer and Listing Details 61 B. Plan of Distribution 62 C. Markets 62 D. Selling Shareholders 62 E.

Dilution

Dilution 62 F. Expenses of the Issue r 62 i ITEM 10. ADDITIONAL INFORMATION 62 A. Share Capital 62 B. Memorandum and Articles of Association 62 C. Material Contracts 62 D. Exchange Controls 62 E. Taxation 63 F. Dividends and Paying Agents 68 G. 68 H. Documents on Display 68 I. Subsidiary Information 69 J. Annual Report to Security Holders. 69 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 69 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 69 A. Debt Securities 69 B. Warrants and rights 69 C. Other Securities 69 D. American Depositary Shares 69 PART II 70 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 70 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 70 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 70 ITEM 16. [RESERVED] 70 ITEM 16. A AUDIT COMMITTEE FINANCIAL EXPERT 70 ITEM 16. B CODE OF ETHICS 71 ITEM 16. C PRINCIPAL ACCOUNTANT FEES AND SERVICES 71 ITEM 16. D EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 72 ITEM 16. E PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 72 ITEM 16. F CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 72 ITEM 16. G CORPORATE GOVERNANCE 72 ITEM 16. H MINE SAFETY DISCLOSURE 73 ITEM 16. I DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 73 ITEM 16. J INSIDER TRADING POLICIES 73 ITEM 16 K CYBERSECURITY 73 PART III 74 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 74 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 74 ITEM 19. EXHIBITS 74

SIGNATURES

SIGNATURES 75 ii Silynxcom Ltd. INTRODUCTION We develop, manufacture, and sell ruggedized tactical communication headset devices as well as other communication accessories, all of which have been field-tested and combat proven. Our in-ear headset devices, or In-Ear Headsets, are used in combat, the battlefield, riot control, demonstrations and weapons training courses. Our In-Ear Headsets seamlessly integrate with third party manufacturers of professional-grade ruggedized radios that are used by soldiers in combat or police officers in riot situations. Our In-Ear Headsets also fit tightly into the protective gear to enable users to speak and hear clearly and precisely while they are protected from the hazardous sounds of combat, riots or dangerous situations. Our sleek, lightweight, In-Ear Headsets include active sound protection to eliminate unsafe sounds, while maintaining ambient environmental awareness, giving our customers 360 situational awareness. We work closely with our customers and seek to improve the functionality and quality of our products based on actual feedback from soldiers and police officers "in the field." Our headset devices are compatible and easily integrate with the various communication equipment devices currently being used by tens of thousands of military and law enforcement personnel in leading military and law enforcement units globally. We sell our In-Ear Headsets and communication accessories directly to military forces, police and other law enforcement units around the world. We also sell indirectly, through a specialized network of local distributors in each geography in which we operate, as well as through key strategic partnerships with radio equipment manufacturers. Our direct sales are generally conducted through government-run official tender processes. Our indirect sales are conducted through our distributor network, specialized agents, and strategic original equipment manufacturers, or OEMs. Our distributor network

Forward-looking statements

Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate Important factors that could cause actual results, developments, and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things: our planned level of revenues and capital expenditures; our ability to market and sell our products; our ability to maintain our business model; our ability to project market growth and trends; our ability to secure government tenders and maintain relationships with government contractors; our ability to elicit a greater positive reception for our technology and devices than other similar devices that are sold on the market; our ability to raise capital through the issuance of additional securities; the effect of competition and other technologies; projected capital expenditures and liquidity; the effects of any potential litigation; our plans to continue to invest in research and development to develop technology for both existing and new products; our ability to maintain our relationships with suppliers, manufacturers, and other partners; our ability to maintain, protect and enhance our intellectual property; our ability to retain key executive members and employees; our ability to internally develop and protect new inventions and intellectual property; our ability to educate the industry about the use of our products; our expectations regarding our tax classifications; interpretations of current laws and the passage of future laws; general market, political, and economic conditions in the countries in which we operate including those related to recent unre

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION A. [Reserved] B. Capitalization and Indebtedness. Not applicable. C. Reasons for the Offer and Use of Proceeds. Not applicable. D. Risk Factors. Our business faces significant risks. You should carefully consider the risks described below, together with all of the other information in this annual report on Form 20-F. The risks described below are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our business operations. If any of these risks actually occurs, our business and financial condition could suffer, and the price of our Ordinary Shares could decline. This annual report on Form 20-F also contains forward-looking statements that involve risks and uncertainties. Our results could materially differ from those anticipated in these forward-looking statements, as a result of certain factors including the risks described below and elsewhere in this annual report on Form 20-F and our other SEC filings (see " Cautionary Note Regarding Forward-Looking Statements " above). Risks Related to Our Business and Industry A reduction in the spending patterns of government agencies or ability to obtain government approval for sales of our products could materially and adversely affect our net sales, results of operations, earnings and cash flow. Demand for our products sold to the military procurement market is, in large part, driven by government funding. Government spending is subject to periodic changes. A significant reduction in available government funding could result in a reduction in our net sales, results of operations, earnings and cash flow. A significant portion of our sales is to government agencies and services that are subject to long-term procurement investment and work plans that must be approved and budgeted by relevant authorities. Our sales may be affected if government agencies and services

View Full Filing

View this 20-F filing on SEC EDGAR