Psagot, Meitav Dash invest NIS 20m in Foresight

siboni autonomous car
siboni autonomous car

Foresight develops systems for auto computer vision, auto accident prevention, and autonomous driving systems.

Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) today reported to the stock exchange agreements for financing totaling NIS 25 million through a number of private share allocations at NIS 2.05 per share, 19% below Foresight's closing share price yesterday. Foresight develops systems for auto computer vision, auto accident prevention, and autonomous driving systems.

Meitav Dash Investment House Ltd. will invest NIS 14.75 million for 5.4% of Foresight's share capital, while Psagot will invest NIS 5 million for 1.8% of the share capital and other investors will put NIS 5 million into the company.

As in the case of the investment in Foresight by Harel Insurance Investments and Financial Services Ltd. (TASE: HARL), Foresight granted the investors the same number of two-year options (one option for each share purchased) at an exercise price of $0.80 (NIS 2.90) per share. The shares will be blocked for six months.

Harel invested NIS 20 million in Foresight last week at the same price, NIS 2.05 per share, receiving 8.1% of Foresight's share capital. The new investment brings the amount raised by Foresight to NIS 45 million in the space of a week.

Foresight, controlled by CEO Haim Siboni, has a market cap of NIS 290 million after its share price climbed more than 30% over the past month (17% since Harel's investment was reported last Wednesday). The company's share price, however, has plunged over 60% over the past year.

Foresight finished the first quarter of 2018 with a $3.5 million net loss, leaving the company with $16.7 million (NIS 60 million) in cash.

Foresight took advantage of the hype surrounding its activity last year following Intel's $15 billion acquisition of Mobileye to raise NIS 40 million in two rounds with participation from both financial investors and auto industry concerns.

Published by Globes [online], Israel business news - www.globes-online.com - on June 25, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

siboni autonomous car
siboni autonomous car
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