Israeli auto-tech co Foresight prices $26m offering

Israeli auto-tech computerized vision systems developer Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX; TASE: FRSX) has announced that it has entered into definitive agreements with investors for the purchase and sale of 6,265,063 American Depositary Shares (ADS) at $4.15 per ADS, as part of a registered direct offering. The gross proceeds of the offering will amount to $26 million, before deducting placement agent fees and expenses.

Foresight says it plans to use the funds for working capital and other general corporate purposes. The closing of the registered direct offering is expected to take place on or about December 30, 2020.

Foresight Autonomous Holdings, through its subsidiary Foresight Automotive Ltd., develops computerized vision systems for road vehicles. It was founded in 2015 by its CEO Haim Siboni, who owns 13% of the company. The company became listed on the stock exchange in January 2016 when it merged into shell company Asia Development Ltd.

Foresight's share price on Wall Street is up 3.3% today at $4.61, giving a market cap of $310 million.