Foresight Autonomous says Eye-Net receives $3M investment

Foresight Autonomous (FRSX) Holdings announced that it and its majority-owned subsidiary, Eye-Net Mobile, entered into definitive agreements with institutional investors for an investment in Eye-Net, based on an Eye-Net pre-money valuation of $55M. The gross proceeds of the investment amounted to $3M, before deducting finders’ fees and other estimated offering expenses. The investment was executed through the direct purchase of approx. 5.17% of Eye-Net’s ordinary shares. Eye-Net granted the investors certain antidilution protections in the event of a down round effectuated within a year of the closing of their investment, subject to a floor valuation of $30M. In addition, Foresight agreed to issue warrants to purchase American Depositary Shares, each representing 30 ordinary shares of Foresight, as follows: Series A Warrants to purchase ADSs at an exercise price of $0.02 per ADS, exercisable until 120 days from the date on which the Registration Statement becomes effective, for a number of ADSs equal to the quotient of the investment amount paid by each investor divided by 97% of the lowest VWAP of the ADSs on the Nasdaq Capital Market during the five trading days preceding the exercise date, which in no event shall be less than $1.40; provided that in no event shall the aggregate number of ADSs issuable upon exercise of the Series A Warrants exceed 1,714,286 ADSs, and Series C Warrants to purchase up to 1,036,866 ADSs at an exercise price of $2.7125 per ADS, exercisable until November 30, 2027. In addition, the Company agreed to reprice the exercise price of Series B Warrants, issued to two of the Investors on March 11, 2025, from $6.0375 per ADS to $2.7125 per ADS.