Foresight: Eye-Net Receives $3 Million Investment Reflecting $55 Million Valuation

Core Points - Foresight Autonomous Holdings Ltd. and its subsidiary Eye-Net Mobile Ltd. have secured a $3 million investment based on a pre-money valuation of $55 million for Eye-Net [1][2] - The investment represents approximately 5.17% of Eye-Net's ordinary shares, with antidilution protections for investors in case of a down round within a year, subject to a floor valuation of $30 million [2] - Foresight will issue Series A and Series C Warrants for American Depositary Shares (ADSs) at specified exercise prices, with a total of up to 2,751,152 ADSs available for purchase [3] Financial Details - The gross proceeds from the investment amount to $3 million before any deductions for fees and expenses [1] - The Series A Warrants have an exercise price of $0.02 per ADS, while the Series C Warrants have an exercise price of $2.7125 per ADS [3] - The exercise price of Series B Warrants has been repriced from $6.0375 to $2.7125 per ADS [3] Use of Proceeds - Eye-Net intends to utilize the net proceeds from this offering for working capital and general corporate purposes [4] Company Overview - Eye-Net develops advanced V2X collision prevention solutions and smart automotive systems aimed at enhancing road safety through AI technology and real-time alerts [7] - Foresight Autonomous Holdings Ltd. focuses on developing 3D perception systems and cellular-based applications across various markets, including automotive and defense [9][10]