Foresight Autonomous Holdings Prices $26 Million Registered Direct Offering
December 28 2020 - 08:30AM
Business Wire
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX)
(“Foresight” or the “Company”), today announced it has entered into
definitive agreements with investors for the purchase and sale of
6,265,063 of the Company’s American Depositary Shares (“ADSs”) at a
price of $4.15 per ADS pursuant to a registered direct offering.
The gross proceeds of the offering will be approximately $26
million, before deducting placement agent fees and other estimated
offering expenses. The Company intends to use the net proceeds for
working capital and for other general corporate purposes. The
closing of the registered direct offering is expected to take place
on or about December 30, 2020, subject to the satisfaction of
customary closing conditions.
A.G.P./Alliance Global Partners is acting as lead placement
agent for the offering. Aegis Capital Corp. is acting as a
co-placement agent for the offering.
This offering is being made pursuant to an effective shelf
registration statement on Form F-3 (File No. 333-229715) previously
filed with the U.S. Securities and Exchange Commission (the “SEC”).
A prospectus supplement describing the terms of the proposed
offering will be filed with the SEC and will be available on the
SEC’s website located at http://www.sec.gov. Electronic copies of
the prospectus supplement may be obtained, when available, from
A.G.P./Alliance Global Partners, 590 Madison Avenue, 36th Floor,
New York, NY 10022, or by telephone at (212) 624-2060, or by email
at prospectus@allianceg.com. Before investing in this offering,
interested parties should read in their entirety the prospectus
supplement and the accompanying prospectus and the other documents
that the Company has filed with the SEC that are incorporated by
reference in such prospectus supplement and the accompanying
prospectus, which provide more information about the Company and
such offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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 Advanced Driver Assistance Systems (ADAS), 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 about Foresight and its wholly owned
subsidiary, Foresight Automotive, visit www.foresightauto.com,
follow @ForesightAuto1 on Twitter, or join Foresight Automotive on
LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995 and other Federal
securities laws. Words such as “expects,” “anticipates,” “intends,”
"plans,” “believes,” “seeks,” “estimates” and similar expressions
or variations of such words are intended to identify
forward-looking statements. For example, Foresight is using
forward-looking statements in this press release when it discusses
expected timing of the closing of the offering and planned use of
the net proceeds from the offering. Because such statements deal
with future events and are based on Foresight’s current
expectations, they are subject to various risks and uncertainties,
and actual results, performance or achievements of Foresight could
differ materially from those described in or implied by the
statements in this press release. The forward-looking statements
contained or implied in this press release are subject to other
risks and uncertainties, including those discussed under the
heading “Risk Factors” in Foresight’s annual report on Form 20-F
filed with the SEC on March 31, 2020, and in any subsequent filings
with the SEC. Except as otherwise required by law, Foresight
undertakes no obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. References and links to websites have been provided as a
convenience, and the information contained on such websites is not
incorporated by reference into this press release. Foresight is not
responsible for the contents of third party websites.
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version on businesswire.com: https://www.businesswire.com/news/home/20201228005160/en/
Foresight IR Contact Miri Segal-Scharia CEO MS-IR LLC
msegal@ms-ir.com 917-607-8654
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