Automotive technology innovator Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX) this morning announced its entry into an investment agreement, a development services agreement, and a binding memorandum of understanding (“MOU”) for manufacturing and engineering consulting services with RH Electronics Ltd., a primary contractor in the manufacturing and assembly of electronic systems. According to the update, RH will invest in Foresight, and Foresight will retain RH’s services for a multi-phase project to develop FPGA and ASIC solutions for Foresight’s QuadSight vision system. Under the investment agreement, which is subject to customary closing conditions and expected at the beginning of February 2019, RH will purchase approximately 1 percent of Foresight’s issued and outstanding share capital for a total consideration of $1,000,000. This is a per ADS of approximately $4.08 (reflecting the price of NIS 3.00 per ordinary share), which represents a 133 percent premium over the NASDAQ and TASE share market price as of January 28, 2019.
“This is an important transaction for Foresight which will help us to achieve our technological goals and expand our development. We aim to integrate our technology into semi-autonomous and autonomous vehicles, and I believe these agreements are a significant step toward reaching this goal,” Foresight CEO Haim Siboni stated in the news release. “In addition, RH’s investment in Foresight at a high premium over the market price represents a significant display of confidence in the company and its technology, making RH an ideal partner for Foresight’s vision.”
To view the full press release, visit http://nnw.fm/4k6zL
About Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings Ltd., 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 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
About NetworkNewsWire
NetworkNewsWire (NNW) is an information service that provides (1) access to our news aggregation and syndication servers, (2) NetworkNewsBreaks that summarize corporate news and information, (3) enhanced press release services, (4) social media distribution and optimization services, and (5) a full array of corporate communication solutions. As a multifaceted financial news and content distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive instant SMS alerts, text STOCKS to 77948
For more information please visit https://www.NetworkNewsWire.com
Please see full terms of use and disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
NetworkNewsWire (NNW)
New York, New York
www.NetworkNewsWire.com
212.418.1217 Office
Editor@NetworkNewsWire.com