Foresight Autonomous Holdings Ltd. Announces Pricing of $4.5 Million Registered Direct Offering
December 07 2023 - 8:30AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“FRSX”
or the “Company”), an innovator in automotive vision systems, today
announced it has entered into definitive agreements with
institutional investors and insiders of the Company, including the
Company’s Chief Executive Officer (through a company under his
control), for the purchase and sale of 4,500,000 of the Company’s
American Depositary Shares (“ADSs”) at a price of $1.00 per ADS
pursuant to a registered direct offering. The gross proceeds of the
offering will be approximately $4.5 million, before deducting
placement agent fees and other estimated offering expenses.
The closing of the offering is expected to occur
on or about December 11, 2023, subject to the satisfaction of
customary closing conditions. The Company intends to use the net
proceeds of this offering for working capital and other general
corporate purposes.
A.G.P./Alliance Global Partners is acting as the
sole placement agent for the offering.
The securities described above are being offered
pursuant to a shelf registration statement on F-3 (File No.
333-252334), originally filed with the Securities and Exchange
Commission (the “SEC”) on January 22, 2021, which was declared
effective by the SEC on February 1, 2021. The offering is being
made only by means of a written prospectus and accompanying
prospectus supplement, forming a part of the effective registration
statement to be filed with the SEC and available on the SEC's
website at www.sec.gov. Copies of the final prospectus supplement
and the accompanying prospectus may also be obtained from
A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor,
New York, NY 10022, by telephone at (212) 624-2060, or by email at
prospectus@allianceg.com.
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) is a technology company developing smart multi-spectral
vision software solutions and cellular-based applications. Through
the Company’s wholly owned subsidiaries, Foresight Automotive Ltd.,
Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd.,
Foresight develops both “in-line-of-sight” vision systems and
“beyond-line-of-sight” accident-prevention solutions.
Foresight’s vision solutions include modules of
automatic calibration and dense three-dimensional (3D) point cloud
that can be applied to different markets such as automotive,
defense, autonomous vehicles and heavy industrial equipment.
Eye-Net Mobile’s cellular-based solution suite provides real-time
pre-collision alerts to enhance road safety and situational
awareness for all road users in the urban mobility environment by
incorporating cutting-edge AI technology and advanced
analytics.
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 StatementsThis
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 timing of the
closing of the offering, and the expected proceeds, and use of
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, 2023, 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.
This press release does not constitute an offer
to sell, or the solicitation of an offer to buy, any
securities.
Investor Relations Contact:Miri
Segal-SchariaCEOMS-IR LLCmsegal@ms-ir.com917-607-8654
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