Foresight Autonomous Holdings' share price rose nearly 36% on Friday.
The volume of trading in shares of Foresight Autonomous Holdings (TASE: FRSX; Nasdaq: FRSX) was much higher than average in the last couple of sessions of last week. On Thursday, the stock opened with a sharp rise, but it eventually closed unchanged. On Friday, it shot up by 35.9%, giving the company a market cap of $19.2 million. The company, a developer of 3D perception systems, announced that its wholly owned subsidiary Eye-Net Mobile had signed a multi-phase agreement with SoftBank Corp. (Tokyo: 9434) and "a leading Japanese vehicle manufacturer." The companies will collaborate on evaluating Eye-Net’s cellular vehicle-to-everything (C-V2X) technology as a component in advanced driver assistance systems, with the aim of improving road safety.
The agreement was signed earlier this year. Eye-Net is conducting a paid proof of concept (POC) project supported by SoftBank’s cellular network infrastructure. "This initiative is designed to explore the integration of Eye-Net’s non-line-of-sight collision avoidance solution into the automaker’s future vehicle systems, addressing critical challenges in real-time situational awareness," the company’s announcement said.
In 2024 to date, Foresight Autonomous Holdings, headed by Haim Siboni, has risen 21.4%, but its share price is still 98% lower than the peak it reached in 2021.
Published by Globes, Israel business news - en.globes.co.il - on December 22, 2024.
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Foresight credit: PR