Automotive technology innovator Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX) this morning announced the pricing of an underwritten public offering of 4,000,000 American Depositary Shares (“ADSs”), each at a price to the public of $1.50 per ADS, with expected gross proceeds of approximately $6,000,000 to the company. According to the update, the company intends to use the offering’s net proceeds for general corporate purposes. Foresight has granted underwriters a 45-day option to purchase up to 600,000 additional ADSs at the public offering price, less underwriting discounts and commissions, to cover over-allotments, if any. Subject to customary conditions, the offering is expected to close on or about March 19, 2019.
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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.
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