Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, today announced its entry into definitive agreements with investors for the purchase and sale of 5,300,000 of the Company’s American Depositary Shares (“ADSs”), each at a price of $0.50, pursuant to a registered direct offering. Foresight will secure approximately $2.65 million in gross proceeds from the offering, before deduction of placement agent fees and other estimated expenses, and intends to use the net proceeds for working capital and other general corporate purposes. Subject to satisfaction of customary conditions, the closing of the registered direct offering is expected to take place on or about April 30, 2020. A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.
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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 sensors systems for the automotive industry. Through the company’s wholly owned subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of sight” vision systems and “beyond-line-of-sight” cellular-based applications. Foresight’s vision sensor is a four-camera system based on 3D video analysis, advanced algorithms for image processing, and sensor fusion. Eye-Net Mobile’s cellular-based application is a V2X (vehicle-to-everything) accident prevention solution based on real-time spatial analysis of clients’ movement. The company’s systems are designed to improve driving safety by enabling highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. Foresight is targeting the semi-autonomous and autonomous vehicle markets and predicts 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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