UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

 

For the month of: February 2022 (Report No. 2)

 

Commission file number: 001-38094

 

FORESIGHT AUTONOMOUS HOLDINGS LTD.

(Translation of registrant’s name into English)

 

7 Golda Meir

Ness Ziona 7403650 Israel

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulations S-T Rule 101(b)(1): ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulations S-T Rule 101(b)(7): ☐

 

 

 

 

 

 

CONTENTS

 

Attached hereto and incorporated herein is the Registrant’s press release issued on February 23, 2022, titled “Foresight’s Technology to Replace Use of LiDAR by a Leading Israeli Defense Integrator for the Israeli Defense Forces.”

 

The first two paragraphs and the section titled “Forward-Looking Statements” in the press release are incorporated by reference into the Registrant’s Registration Statements on Form F-3 (File No. 333-252334) and Form S-8 (Registration No. 333-229716 and 333-239474), filed with the Securities and Exchange Commission, to be a part thereof from the date on which this Report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

  

Exhibit No.   Description
99.1   Press release issued by Foresight Autonomous Holdings Ltd. on February 23, 2022, titled “Foresight’s Technology to Replace Use of LiDAR by a Leading Israeli Defense Integrator for the Israeli Defense Forces.”

 

1

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Foresight Autonomous Holdings Ltd.
  (Registrant)
     
Date: February 23, 2022 By: /s/ Eli Yoresh
  Name:  Eli Yoresh
  Title: Chief Financial Officer

 

 

2

 

Exhibit 99.1

 

 

 

Foresight’s Technology to Replace Use of LiDAR by a Leading
Israeli Defense Integrator for the Israeli Defense Forces

 

In exchange for $250,000, Foresight will customize the integrator’s solutions
to meet the requirements of its end-customer

 

Ness Ziona, Israel – February 23, 2022- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in automotive vision systems, announced today that it will customize products and solutions for a leading Israeli defense integrator. Foresight will develop a customized 3D perception solution to meet the requirements of the integrator’s end-customer, the Israeli Defense Forces (IDF) and expects to recognize revenue from the project of approximately $250,000 during the first half of 2022.

 

The products and solutions customization project follows extensive testing of QuadSight® prototype systems by the Israeli defense integrator, over a period of two years, as well as numerous successful demonstrations performed by the integrator to the IDF. Following the successful process, the integrator plans to replace the use of LiDAR in its solutions with Foresight’s vision technology. Foresight’s ability to make technological modifications to its system according to customer requirements allows the Company to provide tailor-made solutions that may be suitable for different markets, including the defense industry. As part of Foresight’s business model, it offers licenses for its proprietary 3D perception software, in addition to support and maintenance services.

 

“We believe that Foresight’s passive thermal stereo capabilities are vital to the defense industry. Our unique technology succeeded in outperforming other leading technologies, such as LiDAR, and was therefore chosen as a replacement in defense-focused solutions. By moving to the next stage of evaluation by the IDF, Foresight is supporting its business strategy of working in parallel with vehicle manufacturers, key players in the defense industry and heavy and agricultural equipment manufacturers. Innovative technologies tend to be quickly adopted by the defense market, generating short-term revenue. We believe that our customized vision-based solution could provide valuable data and results to potential customers from various market segments, including the defense industry, allowing us to expand our presence in these markets,” said Foresight’s CEO Haim Siboni.

 

About Foresight

 

Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a technology company developing smart multispectral vision software solutions and cellular-based applications. Through the Company’s wholly owned subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions.

 

Foresight’s vision solutions include modules of automatic calibration, sensor fusion and dense 3D point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics.

 

For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.foresightauto.com, follow @ForesightAuto1 on Twitter, or join Foresight Automotive on LinkedIn.

 

 

 

 

 

 

Forward-Looking Statements

 

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight is using forward-looking statements in this press release when it discusses the amount of revenue expected to be derived as well as the timing of the recognition of such revenue, that the integrator plans to replace the use of LiDAR in its solutions with its vision technology, the belief that its passive thermal stereo capabilities are vital to the defense industry, its business strategy and its belief that it will be able to rapidly expand its presence in the defense market. Because such statements deal with future events and are based on Foresight’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Foresight could differ materially from those described in or implied by the statements in this press release.

 

The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Foresight’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 30, 2021, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Foresight is not responsible for the contents of third party websites. 

 

Investor Relations Contact:

 

Miri Segal-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
917-607-8654