![]() For example, Foresight is using forward-looking statements in this press release when it discusses the plan to implement ADS ratio change and the implications thereof including the potential increase of its ADS price as a result of the ADS Ratio Change, the timing thereof and the Company's belief that the ADS Ratio Change will help to maintain compliance with Nasdaq listing requirements. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Eye-Net Mobile's cellular-based solution suite provides real-timepre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics.įor more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit follow Twitter, or join Foresight Automotiveon LinkedIn. ![]() and Eye-Net Mobile Ltd., Foresight develops both "in-line-of-sight" vision systems and "beyond-line-of-sight"accident-prevention solutions.įoresight's vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Through the Company's wholly owned subsidiaries, Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. (Nasdaq and TASE: FRSX) is a technology company developing smart multi- spectral vision software solutions and cellular-based applications. However, the Company can give no assurance that this goal will be achieved.įoresight Autonomous Holdings Ltd. The Company believes that the change in the ADS Ratio will help the Company to maintain compliance with Nasdaq listing requirements. Instead, fractional entitlements to new ADSs will be aggregated and sold by the Depositary Bank and the net cash proceeds from the sale of the fractional ADS entitlements (after deduction of fees, taxes and expenses) will be distributed to the applicable ADS holders by the Depositary Bank.Īs a result of the change in the ADS Ratio, the ADS price is expected to increase proportionally, although the Company can give no assurance that the ADS price after the change in the ADS ratio will be equal to or greater than the ADS price on a proportionate basis. No fractional new ADSs will be issued in connection with the change in the ADS ratio. The ADS Ratio Change will not impact any shareholder's percentage ownership of the Company or voting power. ![]() The Company will file a post-effective amendment to its registration statement on Form F-6 with the United States Securities and Exchange Commission to reflect the ADS Ratio Change. The exchange of every six (6) then-held (existing) ADSs for one (1) new ADS will occur automatically, at the effective date, with the then-held ADSs being cancelled and new ADSs being issued by the Depositary Bank.Īs of the effective date for the ADS Ratio Change, the Company's ADSs will continue to be traded on the Nasdaq under the symbol "FRSX" with a new CUSIP Number. Holders of uncertificated ADSs in the Direct Registration System (DRS) and in The Depository Trust Company (DTC) will have their ADSs automatically exchanged and need not take any action. Effective April 21, 2023, ADS holders of record in certified form will be required on a mandatory basis to surrender their ADSs to the depositary bank for the Company's ADS program, The Bank of New York Mellon (the "Depositary Bank"), for cancellation and will receive one (1) new ADS in exchange for every six (6) existing ADSs then held in connection with the ADS Ratio Change, with further details to be provided in the notice by the Depositary Bank. The effect of the ADS Ratio Change on the ADS trading price on the Nasdaq Capital Market is expected to take place at the open of trading on Ap(U.S. There will be no change to the Company's Ordinary Shares. The Company anticipates that the ADS Ratio Change will be effective on or about April 21, 2023. ![]() (Nasdaq and TASE: FRSX) ("Foresight" or the "Company"), an innovator in automotive vision systems, today announced that it plans to change the ratio of its American Depositary Shares ("ADSs") to its Ordinary Shares (the "ADS Ratio"), no par value per share, from the current ADS Ratio of one (1) ADS to five (5) Ordinary Shares, to a new ADS Ratio of one (1) ADS to thirty (30) Ordinary Shares (the "ADS Ratio Change"). Ness Ziona, Israel - ApForesight Autonomous Holdings Ltd. Foresight Announced One-For-Thirty ADS Ratio Change
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