Foresight Autonomous enters term sheet for $17.5M investment with VisionWave

Foresight Autonomous (FRSX) announced that it has entered into a non-binding term sheet with VisionWave Holdings (VWAV), a defense and advanced sensing technology company. Pursuant to the term sheet, at closing, VisionWave will make a strategic equity investment of up to $17.5 million through the issuance of VisionWave common stock based on the five-day average closing price of VisionWave’s common stock prior to closing. In exchange, VisionWave will receive Foresight’s ordinary shares representing up to 51% of the Company’s issued and outstanding share capital. The transaction values Foresight at a significant premium with a multiple of approximately three times its current market value.