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Foresight raises USD5.5m from Israeli institutional investor through private placement

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Foresight Autonomous Holdings, a specialist in automotive vision systems, has raised USD5.5 million through a private placement agreement with Harel Insurance, an Israeli institutional investor.

Following the closing of the private placement, Harel Insurance will hold an aggregate of approximately 8.15 per cent of Foresight’s issued share capital.
 
Foresight, subject to customary closing conditions, will issue 9,756,097 ordinary shares at a price per share of NIS 2.05 (approximately USD0.56 per ordinary share, or USD2.81 per ADS). In addition, Foresight agreed to issue warrants to purchase 9,756,097 ordinary shares at an exercise price of USD0.80 per share (approximately USD4 per ADS), exercisable for a period of 24 months.
 
This private placement was priced at a minimum discount compared to the market price. The issued ordinary shares will be restricted for a period of six months under Israeli securities laws.

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