NetworkNewsBreaks – Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX) Secures $1M Investment and Enters Binding Agreements, Strategic Development Alliance with RH Electronics
Automotive technology innovator Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX) this morning announced its entry into an investment agreement, a development services agreement, and a binding memorandum of understanding (“MOU”) for manufacturing and engineering consulting services with RH Electronics Ltd., a primary contractor in the manufacturing and assembly of electronic systems. According to the update, RH will invest in Foresight, and Foresight will retain RH’s services for a multi-phase project to develop FPGA and ASIC solutions for Foresight’s QuadSight vision system. Under the investment agreement, which is subject to customary closing conditions and expected at the beginning of February 2019, RH will purchase approximately 1 percent of Foresight’s issued and outstanding share capital for a total consideration of $1,000,000. This is a per ADS of approximately $4.08 (reflecting the price of NIS 3.00 per ordinary share), which represents a 133 percent premium over the NASDAQ and TASE share market price as of January 28, 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,” Foresight CEO Haim Siboni stated in the news release. “In addition, RH’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 Foresight’s vision.”
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Automotive technology innovator Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX) this morning announced its entry into an investment agreement, a development services agreement, and a binding memorandum of understanding (“MOU”) for manufacturing and engineering consulting services with RH Electronics Ltd., a primary contractor in the manufacturing and assembly of electronic systems. According to the update, RH will invest in Foresight, and Foresight will retain RH’s services for a multi-phase project to develop FPGA and ASIC solutions for Foresight’s QuadSight vision system. Under the investment agreement, which is subject to customary closing conditions and expected at the beginning of February 2019, RH will purchase approximately 1 percent of Foresight’s issued and outstanding share capital for a total consideration of $1,000,000. This is a per ADS of approximately $4.08 (reflecting the price of NIS 3.00 per ordinary share), which represents a 133 percent premium over the NASDAQ and TASE share market price as of January 28, 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,” Foresight CEO Haim Siboni stated in the news release. “In addition, RH’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 Foresight’s vision.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
