2 days ago
Foresight Autonomous plans to conduct 1-for-7 reverse stock split
Foresight Autonomous (FRSX) announced that it plans to conduct a reverse share split of the company's outstanding ordinary shares, no par value per share, at a ratio of 1-for-7 which is expected to be implemented at market open on the Tel-Aviv Stock Exchange on August 24, and on the Nasdaq Capital Market on August 25. There will be no change to the existing ratio of the number of ordinary shares represented by the company's American Depositary Shares. However, as a result of the reverse share split, the ADS price is expected to increase proportionally, although the company can give no assurance that the ADS price after the reverse share split will be equal to or greater than the ADS price on a proportionate basis. The company believes that the reverse share split will help the company to maintain compliance with Nasdaq listing requirements. However, the company can give no assurance that this goal will be achieved. As of the effective date for the reverse share split, the company's ADSs will continue to be traded on the Nasdaq under the symbol 'FRSX' with a new CUSIP Number.
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