Automotive industry innovator Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) (TASE: FRSX) this morning announced that it has signed a merger agreement with Tamda Ltd. (TASE: TMDA) and its controlling shareholder, Ipax Issues Ltd. Per the terms of the agreement, Foresight intends to spin off its activities related to the development of its Eye-Net™ accident prevention system into its wholly owned subsidiary before merging that subsidiary into Tamda. Upon closing of the transaction, Foresight will transfer 100 percent of the share capital of its subsidiary to Tamda in return for approximately 74.49 percent of Tamda’s share capital as of the closing date of the transaction. The closing of this merger agreement is subject to the fulfillment of customary closing conditions, including obtaining approval from Tamda’s shareholders and the Tel Aviv Stock Exchange, certain court approvals and other conditions necessary for the uplisting of Tamda to the TASE’s main list.
To view the full press release, visit http://ibn.fm/8nfTj
Foresight Autonomous Holdings Ltd., founded in 2015, is a technology company engaged in the design, development and commercialization of stereo/quad-camera vision systems and V2X cellular-based solutions for the automotive industry. Foresight’s vision systems are based on 3D video analysis, advanced algorithms for image processing and sensor fusion. The company, through its wholly owned subsidiary Foresight Automotive Ltd., develops advanced systems for accident prevention which are designed to provide real-time information about the vehicle’s surroundings while in motion. The systems are designed to improve driving safety by enabling highly accurate and reliable threat detection while ensuring the lowest rates of false alerts. The company’s systems are targeting the Advanced Driver Assistance Systems (ADAS), semi-autonomous and autonomous vehicle markets. The company estimates that its systems will revolutionize automotive safety by providing an automotive-grade, cost-effective platform and advanced technology. For more information, visit the company’s website at www.ForesightAuto.com
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