Foresight's Recent Nasdaq Compliance Notification
Ness Ziona, Israel — Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX), recognized for its pioneering work in 3D perception systems, has received important news regarding its standing on the Nasdaq Stock Market. Recently, the company was notified that it is currently not in compliance with Nasdaq Listing Rule 5550(a)(2) because the closing bid price for its American Depositary Shares (ADSs) has dipped below $1.00 per share for over 30 consecutive business days.
Understanding the Compliance Requirements
This report comes as per the regulations that govern the Nasdaq. Specifically, Nasdaq Listing Rule 5810(c)(3)(A) grants Foresight a compliance period of 180 calendar days to remedy this situation. The company has until the end of this period, which extends to September 22, to ensure that its shares meet the minimum bid price requirement. To comply, the ADSs must achieve a closing bid price of $1.00 or higher for at least 10 consecutive business days.
Options for Regaining Compliance
Should Foresight not meet this requirement by the stipulated end date, there is a possibility of an additional compliance period of another 180 days. However, to qualify for this extension, the company needs to fulfill the continued listing standards for the market value of publicly held shares and other initial listing criteria, excluding the minimum bid price requirement. It must also inform Nasdaq of its intent to rectify the deficiency.
Monitoring Progress and Maintaining Listings
Foresight is proactive in its response to this notification. The company plans to closely monitor the bid price of its ADSs until the September deadline and is exploring various options to address and cure the deficiency within the given timeframe. It's important to note that during this compliance period, the company’s ADSs will continue to be actively listed and traded on the Nasdaq Capital Market.
About Foresight Autonomous Holdings
Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) is at the forefront of developing sophisticated 3D perception and cellular-based technologies. Through its subsidiaries — Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd., and Eye-Net Mobile Ltd. — the company creates innovative “in-line-of-sight” vision systems alongside “beyond-line-of-sight” accident prevention mechanisms.
Innovative Solutions Across Various Markets
The firm’s 3D perception systems are foundational in numerous industries, such as automotive technology, defense mechanisms, autonomous driving solutions, farming, heavy industrial machinery, and unmanned aerial vehicles (UAVs). Each of these markets benefits greatly from the advanced and finely-tuned applications provided by Foresight’s services.
Eye-Net Mobile, a subsidiary of Foresight, is dedicated to enhancing road safety through next-generation vehicle-to-everything (V2X) collision prevention methods. Utilizing cutting-edge artificial intelligence and existing cellular networks, Eye-Net Mobile provides real-time alerts that significantly improve situational awareness for all road users.
Contact Information and Future Updates
As developments unfold regarding the company’s compliance efforts and operational advancements, stakeholders and interested parties can stay informed through the company’s official communications. For further inquiries about Foresight or its subsidiaries, please reach out to the Investor Relations contact:
Investor Relations Contact:
Miri Segal-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
917-607-8654
Frequently Asked Questions
What prompted the Nasdaq notification to Foresight?
Foresight received notification due to the closing bid price of its ADSs falling below $1.00 for 30 consecutive business days.
What is the duration of the compliance period granted to Foresight?
The company has a 180-calendar day compliance period that ends on September 22.
What happens if Foresight does not regain compliance?
If compliance is not achieved, Foresight might be granted a second compliance period of an additional 180 days.
Will Foresight's stock continue to trade normally?
Yes, Foresight’s ADSs will remain listed and traded on the Nasdaq Capital Market during this compliance review period.
How can investors stay updated on Foresight's progress?
Investors can follow the company’s announcements and updates through their investor relations contact or corporate communications.
