FRSX Stock Price Increased 18.84%: Why It Happened

By Amit Chowdhry ● January 18, 2021
  • The stock price of Foresight Autonomous Holdings ADR (NASDAQ: FRSX) increased by 18.84% on Friday, January 15. This is why it happened.

The stock price of Foresight Autonomous Holdings ADR (NASDAQ: FRSX) — an innovator in automotive vision systems — increased by 18.84% on Friday, January 15 as it went from a previous close of $6.58 to $7.82. One of the reasons why the stock price jumped is due to an announcement that a company subsidiary initiated a pilot project with a top global vehicle manufacturer.

Foresight’s wholly-owned subsidiary Eye-Net Mobile Ltd. is going to begin a pilot project with the intelligent transport system division of a multibillion-dollar global Japanese vehicle manufacturer to test its Eye-Net Protect cellular-based V2X (vehicle-to-everything) accident prevention solution. And the pilot project will be used to validate and evaluate the software development kit (SDK) configuration of the Eye-Net solution for possible integration into the vehicle manufacturer’s smart city project.

This is Eye-Net Mobile’s third pilot project in Japan, following the company’s announcements in August about two pilot projects with leading global Japanese technology and electronics companies. And Eye-Net Mobile’s market penetration strategy advocates concentrating on one geographic region in order to achieve a critical mass of Eye-Net Protect users in a defined area that could potentially increase the chances of preventing road accidents and saving lives.

KEY QUOTE:

“This first pilot with a top global vehicle manufacturer opens a new market for Eye-Net Mobile and demonstrates a need in the automotive industry for a readily-available software-based solution that provides real-time pre-collision alerts and enhances the safety of drivers and other vulnerable road users.”

— Dror Elbaz, COO & Deputy CEO of Eye-Net Mobile.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.