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

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced that its affiliate, Rail Vision Ltd., has filed a nonpublic draft prospectus for an initial public offering on the Tel Aviv Stock Exchange. Foresight holds a 19.36% stake in Rail Vision. The draft prospectus was submitted on April 25, 2021, with the intention of testing market conditions for a potential offering. However, no final decision on the offering has been made, and it is subject to regulatory approval. The offering will be limited to Israel and will not involve U.S. stock exchanges.

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced a distribution agreement between its subsidiary, Eye-Net Mobile Ltd., and Brazilian company WebSIA. WebSIA will exclusively promote the Eye-Net™ Protect solution in Sao Paulo, aiming to enhance road safety. The agreement may expand to other territories following successful integration. The Eye-Net™ Protect app provides real-time pre-collision alerts, leveraging AI technology. This partnership aligns with Sao Paulo's smart city initiatives and could significantly increase Eye-Net's user base and market impact in Latin America.

Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) has sold a prototype of its QuadSight® four-camera vision system to a major Japanese manufacturer of stereo vision systems for use in the automotive industry. This Tier One supplier will assess the prototype's thermal stereo capabilities to enhance their visible-light systems. CEO Haim Siboni emphasized the sale's significance in validating the market need for advanced stereo technology, which is crucial for ADAS and autonomous driving. The automotive stereo camera market is projected to grow significantly, with North America driving much of this growth.

Foresight Autonomous Holdings Ltd. (Nasdaq: FRSX) announced a commercial partnership between its subsidiary, Eye-Net Mobile Ltd., and SaverOne 2014 Ltd. to integrate Eye-Net’s Protect solution into SaverOne’s cell phone distraction prevention system. This collaboration aims to reduce road accidents caused by texting while driving, which accounts for 1.6 million crashes annually in the U.S. The partnership also opens potential revenue streams through license fees and mutual introductions to business relationships in Japan.

Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) announced that its subsidiary, Eye-Net Mobile Ltd., completed the first phase of a pilot project with a major Japanese vehicle manufacturer. The project evaluated the Eye-Net™ Protect solution for its smart city initiative and deemed it a valid option. Technical discussions will follow for potential integration into the smart city project. This pilot builds on a previous successful trial conducted in March 2021, highlighting Foresight's role in advancing urban safety technologies.

Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) announced the successful completion of a controlled trial for its Eye-Net™ Protect system, designed to prevent vehicle collisions. Conducted with a major Japanese vehicle manufacturer and supervised by Blue and White Robotics, the trial achieved a 95.54% success rate in simulating accidents. All alerts were issued approximately 2.4 seconds before collisions, allowing participants to brake safely. The results indicate Eye-Net Protect is ready for commercial deployment, promising significant safety benefits for the automotive industry.

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.