Foresight Autonomous Holdings Ltd. American Depositary Shares - FRSX STOCK NEWS

Foresight Autonomous Holdings reported a successful year in 2020 despite pandemic challenges. Key milestones included prototype sales of the QuadSight® vision system to leading automotive and defense companies globally. Collaborations with FLIR Systems enhanced product offerings. The company also secured multiple patents and raised $40.4 million in capital, strengthening its financial position. Moreover, its subsidiaries, Eye-Net Mobile and Rail Vision, made significant progress, including launching pilot programs and securing commercial orders. Foresight enters 2021 with a robust balance sheet for future expansion.

Foresight Autonomous Holdings Ltd. (FRSX) reported its 2020 financial results, ending with $43.9 million in cash and short-term deposits. The company posted a GAAP operating loss of $12.84 million, a reduction from $15.03 million in 2019. Fourth-quarter GAAP net loss was $3.96 million, improved from $4.37 million year-over-year. Key developments included a $26 million capital raise and successful partnerships, including a significant investment in its affiliate Rail Vision. R&D expenses decreased, reflecting cost-cutting measures during the pandemic.

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced that its subsidiary, Eye-Net Mobile, will conduct technological demonstrations of its Eye-Net™ Protect V2X system over a 5G network in collaboration with a major European cellular provider. The demonstrations aim to test software performance and may lead to a pilot project. Eye-Net Protect enhances road safety by providing real-time collision alerts to vulnerable users such as pedestrians and cyclists, adapting seamlessly to various cellular infrastructures.

Foresight Autonomous Holdings Ltd. (FRSX) announced a partnership between its subsidiary Eye-Net Mobile and WunderCar Mobility Solutions, enhancing urban micro-mobility safety. Eye-Net™ Protect, an accident prevention solution, will be integrated into Wunder's online Marketplace to reach global customers focusing on mobility tech. This collaboration aims to address safety concerns as micro-mobility use grows, with Eye-Net's AI-driven alerts improving awareness for pedestrians and users. The partnership targets the European market following Eye-Net's earlier success in Japan.

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced it received a notice of allowance for its patent application in China for a running vehicle alerting system. This technology detects traffic signs and generates alerts to prevent collisions, integrating with the Eye-Net Mobile application. The patent also received approval from the U.S. Patent and Trademark Office in 2019. This innovation aims to enhance automotive safety and is part of Foresight’s strategy to target the Advanced Driver Assistance Systems market.

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced a pilot project with a major Japanese vehicle manufacturer, testing its Eye-Net™ Protect V2X accident prevention solution. This project is significant as it's Eye-Net Mobile's third collaboration in Japan, aiming to enhance automotive safety through real-time pre-collision alerts. Dror Elbaz, COO of Eye-Net Mobile, highlighted this project as an entry into a new market, indicating the automotive industry's need for effective software solutions to prevent accidents.

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) will participate in the all-digital CES 2021 event from January 12-14, 2021. The company will showcase advancements in its automatic calibration software for stereo cameras, enhancing depth perception and obstacle detection. The innovative solution allows flexible camera placement, improving performance up to several hundred meters. One-on-one virtual meetings will be available during the event. Founded in 2015, Foresight focuses on automotive sensor systems, targeting safety in advanced driver assistance systems and autonomous vehicles.

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.