Foresight Autonomous Holdings Faces Nasdaq Compliance Challenges

Foresight Autonomous Holdings Faces Nasdaq Compliance Challenges

Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX), a leading innovator in automotive vision systems, recently received a notification from Nasdaq regarding its compliance status. On September 3, 2024, Nasdaq informed Foresight that it had not met the necessary listing requirement due to its American Depositary Shares (ADSs) trading below $1.00 per share for the past 30 days.

Understanding Nasdaq's Compliance Rules

Nasdaq Listing Rule 5550(a)(2) sets forth the requirement that listed companies maintain a minimum closing bid price for their shares. When a company fails to satisfy these conditions, it is issued a notice of deficiency. Fortunately, Foresight is granted a 180-day period to rectify the situation, which extends until March 3, 2025. To regain compliance, the company must ensure that its ADSs trade above the $1.00 mark for at least ten consecutive business days during this period.

Path to Regaining Compliance

If Foresight cannot meet the minimum bid price requirement by the deadline, it may qualify for an additional 180-day period. This extension would require the company to comply with the continued listing standards, barring the minimum bid price guideline. During this time, it must also inform Nasdaq of its plans to rectify the deficiency. If the company fails to achieve compliance within these timeframes, it may be at risk of delisting from Nasdaq.

Company’s Strategic Response

Foresight is committed to monitoring its ADS bid prices closely and exploring options to increase their value within the compliance period. The company’s stock will continue to be traded on the Nasdaq Capital Market while it navigates this challenge, following the notice from Nasdaq.

About Foresight Autonomous Holdings

Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) specializes in advanced technology solutions that emphasize multi-spectral vision software and cellular applications. The company operates through various subsidiaries to develop cutting-edge vision systems aimed at accident prevention, both “in-line-of-sight” and “beyond-line-of-sight.” Its innovative approach caters to multiple sectors, including automotive, defense, and industrial equipment.

Technological Innovations and Solutions

The company’s vision technologies include robust automatic calibration systems and dense 3D point cloud software, applicable across diverse markets. Furthermore, their Eye-Net Mobile platform provides timely pre-collision alerts, enhancing safety for urban mobility users through sophisticated AI and analytics.

Connecting with Foresight

To learn more about Foresight Autonomous Holdings and its innovative efforts in automotive technology, visit www.foresightauto.com, follow them on Twitter @ForesightAuto1, or connect with Foresight Automotive on LinkedIn.

Frequently Asked Questions

What is the recent notification from Nasdaq regarding Foresight?

Foresight received a notice from Nasdaq indicating that its ADSs were trading below the minimum bid price of $1.00 per share.

How long does Foresight have to regain compliance?

Foresight has a 180-day compliance period until March 3, 2025, to meet the bid price requirement.

What happens if Foresight does not regain compliance?

If compliance is not restored, Foresight may receive an extension or risk delisting from Nasdaq.

What steps is Foresight taking to address this issue?

The company is actively monitoring its ADS prices and considering options to increase them to regain compliance.

What does Foresight specialize in?

Foresight specializes in automotive vision systems, offering innovative technology solutions for accident prevention and situational awareness.

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