Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX)
this morning announced that it has entered into private placement agreements
with Harel Insurance, a prominent Israeli institutional investor. Per the
agreement, Foresight will issue 9,756,097 ordinary shares at approximately
$0.56 per ordinary share, subject to customary closing conditions. The company
also agreed to issue warrants to purchase 9,756,097 ordinary shares at an
exercise price of $0.80 per share, exercisable for a period of 24 months. Upon
the closing of the private placement, which totaled $5.5 million, Harel
Insurance will hold a total of roughly 8.15% of Foresight’s issued share
capital.
About Foresight
Foresight Autonomous Holdings Ltd. (NASDAQ and TASE: FRSX), founded in 2015, is a technology company engaged in the design, development and commercialization of stereo/quad-camera vision systems and V2X cellular-based solutions for the automotive industry. Foresight’s vision systems are based on 3D video analysis, advanced algorithms for image processing and sensor fusion. The company, through its wholly owned subsidiary Foresight Automotive Ltd., develops advanced systems for accident prevention which are designed to provide real-time information about the vehicle’s surroundings while in motion. The systems are designed to improve driving safety by enabling highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. The company’s systems are targeting the Advanced Driver Assistance Systems (ADAS), semi-autonomous and autonomous vehicle markets. The company estimates that its systems will revolutionize automotive safety by providing an automotive-grade, cost-effective platform and advanced technology. For more information, visit the company’s website at www.ForesightAuto.com.
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