Foresight: Nasdaq Listing Ushers In New Era
Edison | Jun 29, 2017 08:09AM ET
Foresight Autonomous Holdings Ltd ADR (NASDAQ:FRSX) shares have become significantly more investible in recent months with the company listing on Nasdaq on 15 June, publication of accounts in English and the company becoming self-financing with completion of a NIS43m ($11.7m) funding round. Indeed, with $17m in cash and an estimated c NIS158m ($45m) of its warrants deep in the money, we see the potential for FRSX to exercise its $11.3m options to increase its stake in RV to 45% and build a substantial cash cushion in the coming years if these are converted. In this note we launch our dollar-based US GAAP forecasts and review recent developments.
Good progress towards milestones
Foresight continues to make strong progress in working towards its key targets. Having been invited to compete against ADAS leaders Mobileye (NYSE:MBLY) and Bosch Ltd (NS:BOSH), in its first ADAS pilot with top-10 Chinese auto maker, JAC, FRSX appears to have produced a strong set of results leading to considerable optimism about its sales prospects. In recent months FRSX has also secured two more pilots from top-10 Chinese auto-makers and is optimistic of engaging in more trials in coming months. Associate Rail Vision’s rail ADAS product is also attracting strong interest from European rail companies, putting both companies on track for 2018 order inflows.
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