InvestorNewsBreaks – Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX) Announces Planned 1-for-30 ADS Ratio Change
Foresight Autonomous Holdings (NASDAQ: FRSX) (TASE: FRSX), an innovator in automotive vision systems, plans to change the ratio of its American Depositary Shares (“ADSs”) to its ordinary shares. According to the announcement, the current ADS ratio is one ADS to five ordinary shares; that ratio will change to one ADS to thirty ordinary shares. According to the announcement, the company anticipates the ADS ratio change will be effective on or about April 21, 2023, with the effect of the change on ADS trading prices on the NASDAQ market expected to occur at the open of trading on April 21, 2023, ET. FRSX noted that there will be no change to its ordinary shares. “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, for cancellation and will receive one new ADS in exchange for every six 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 company states in the press release. “Holders of uncertificated ADSs in the Direct Registration System and in the Depository Trust Company will have their ADSs automatically exchanged and need not take any action.”
To view the full press release, visit https://ibn.fm/u8JMR
About Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings is a technology company developing smart multispectral vision software solutions and cellular-based applications. Through the company’s wholly owned subsidiaries — Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd. — Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions. Foresight’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. Eye-Net Mobile’s cellular-based solution suite provides real-time, pre-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. For more information, visit the company’s website at www.ForesightAuto.com.
NOTE TO INVESTORS: The latest news and updates relating to FRSX are available in the company’s newsroom at http://ibn.fm/FRSX
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