Authorization

Foresight Receives $1 Million Investment from RH Electronics at $4.08 per ADS

Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator
in automotive vision systems, announced today that it entered into a
development services agreement, a binding memorandum of understanding
(MOU) for manufacturing and engineering consulting services, and an
investment agreement with RH Electronics Ltd. According to the
agreement, RH, a primary contractor in the manufacturing and assembly of
electronic systems, will invest in Foresight, while Foresight will
retain RHa??s services for a multi-phase project to develop FPGA and ASIC
solutions for Foresighta??s QuadSighta??
vision system.


Under the investment agreement, RH will purchase approximately 1% of
Foresighta??s issued and outstanding share capital for a total
consideration of $1,000,000 at a price per ADS of approximately $4.08
(reflecting the price of NIS 3.00 per ordinary share), representing a
133% premium over the share market price on Nasdaq and TASE as of
January 28, 2019. The closing of the investment agreement is subject to
customary closing conditions and is expected at the beginning of
February 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,a?? said Haim Siboni, CEO of Foresight. "In addition, RHa??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 Foresighta??s vision.a??


"This collaboration with Foresight is of strategic importance to us,a??
said Yacov Rozenberg, chairman of the board of RH. "We expect that our
alliance with Foresight will contribute to the growth of RH, and this
investment in the company will be our initial foothold in the automotive
industry.a??
See also:
Leave a comment
News
  • Latest
  • Read
  • Commented
Calendar Content
«     2019    »
 123
45678910
11121314151617
18192021222324
252627282930