Foresight Autonomous Hldgs Ltd Stock Price, News & Analysis

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced a registered direct offering of 6,265,063 American Depositary Shares (ADSs) priced at $4.15 each, aiming for approximately $26 million in gross proceeds. The funds will be allocated for working capital and corporate purposes. The closing is anticipated around December 30, 2020, subject to customary conditions. A.G.P./Alliance Global Partners leads the placement, with Aegis Capital Corp. as co-agent. The offering is under an effective shelf registration statement filed with the SEC.

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) has joined the University of Michigan's TechLab at Mcity 2021 startup cohort to develop its automotive vision systems for Advanced Driver Assistance Systems (ADAS) and autonomous vehicles. The one-year program includes collaboration with engineering students, aiming to enhance Foresight’s vision system performance in adverse conditions. This partnership grants access to Mcity's advanced test facility, crucial for demonstrating connected and automated vehicle technologies.

Foresight Autonomous Holdings Ltd. (FRSX) announced that its affiliate Rail Vision Ltd. received an order from Knorr-Bremse for two samples of its light rail vehicle (LRV) system, generating expected revenue of €400,000. Knorr-Bremse, a major player in the industry, previously invested €10 million in Rail Vision. The light rail market, valued at $8.6 billion in 2020, is projected to grow to $10.8 billion by 2027. Rail Vision’s system utilizes advanced sensor technology to detect obstacles and enhance safety in various conditions.

Foresight Autonomous Holdings Ltd. (FRSX) has been awarded a nearly €20 million grant by the European Commission for the AWARD consortium focused on developing autonomous heavy-duty vehicles for harsh weather. Foresight will provide its QuadSight® multispectral vision system and is expected to receive approximately $1 million from this funding. The project, coordinated by EasyMile, aims to improve safety and efficiency in freight transport and will span three years starting in 2021.

Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) will showcase its innovative mass screening COVID-19 symptom detection solution at the GITEX Future Stars 2020, held from December 6-9, 2020, in Dubai. The system aims to accurately detect symptoms such as cough, fatigue, and elevated body temperature, enhancing screening accuracy in crowded areas like airports and malls. Foresight is a leader in developing advanced automotive vision systems, and this solution exemplifies its commitment to leveraging technology for public health safety.

Foresight Autonomous Holdings Ltd. (FRSX) reported Q3 2020 results, ending with $14.5 million in cash and a GAAP net loss of $11.4 million. The company sees growth potential through new partnerships in Europe, Japan, and China, including deals with Elbit Systems and FLIR Systems. Significant advancements were made in subsidiaries Eye-Net Mobile and Rail Vision, with Eye-Net engaging in pilot projects for accident prevention with major Japanese companies. Overall, Foresight emphasizes resilience amid COVID-19 challenges and a commitment to enhancing its automotive vision technology.

Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) will showcase its COVID-19 symptom detection solution at the SEECAT 2020 exhibition in Tokyo, Japan from October 21-23, 2020. Developed in collaboration with a prominent Japanese trading house, this solution utilizes thermal and visible-light cameras to detect symptoms like elevated body temperature and fatigue. A successful presentation could lead to commercialization in critical facilities. CEO Haim Siboni emphasized the urgency of providing effective screening solutions as the world seeks to manage the COVID-19 pandemic.

Foresight Autonomous Holdings Ltd. (FRSX) has announced that its affiliate, Rail Vision Ltd., secured a $10 million investment from Knorr-Bremse, increasing Knorr-Bremse's ownership in Rail Vision to 36.79%. This investment values Rail Vision at approximately $50 million, a significant increase from Foresight's initial investment valuation of $4.4 million in 2016, marking a 1,130% rise. Foresight's holdings in Rail Vision will now total 19.34% (16.49% fully diluted). Rail Vision provides advanced cognitive vision sensor technology aimed at enhancing railway safety.

Foresight Autonomous Holdings Ltd. (FRSX) announced a distribution agreement between its subsidiary, Eye-Net Mobile Ltd., and Japanese trading house Cornes Technologies. This partnership aims to promote Eye-Net’s cellular-based accident prevention solutions within Japan's diverse technology market. The agreement follows pilot projects with leading Japanese companies for integration into advanced dashboard cameras and IoT services. Eye-Net’s Protect V2X solution offers real-time collision alerts for vulnerable road users, enhancing safety in various applications.