Auto-tech co Foresight makes third offering in two weeks

siboni autonomous car

Foresight, whose share price soared 30% this week, has raised NIS 43 million this month.

Foresight Autonomous Holdings Ltd. (TASE: FRST), Mobileye's(NYSE: MBLY) junior competitor, is taking advantage of the momentum generated this week by Intel's acquisition of Mobileye to raise more money. The company today announced its third financing round of the month.

Foresight operates in the redhot segment of preventing traffic accidents and developing software solutions for advanced driver assistance systems (ADAS) and autonomous driving apps. The company today notified the Tel Aviv Stock Exchange (TASE) that it intended to raise money from private investors through an offering of shares and options.

The company will allocate 2,083,000 shares (2.77% of the company's issued share capital) at NIS 2.40 per share and 1,040,000 non-tradable options for purchasers of shares (G options) at a $0.95 (NIS 3.40) strike price per share. Investors participating in the offering will be allotted one option for every two allocated shares. The options are exercisable for 18 months after their allocation.

Controlled by CEO Haim Siboni, Foresight yesterday announced that it had raised NIS 14.7 million, on top of the NIS 23.5 million it raised in a financing round completed over the past two weeks, in which it issued 17% of its shares. Money raised by the company this month is likely to reach NIS 43 million. At the same time, the company said that in view of its success in its recent financing rounds, it had no plans to raise more money at the prices in its recent rounds (NIS 1.90-2.40 per share).

Foresight's share price is up 7.5% today, and has now risen 33% this week and 41% since the beginning of the month.

Published by Globes [online], Israel Business News - www.globes-online.com - on March 16, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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