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UPDATE 1-Israeli car tech firm Foresight looks to dual list on Nasdaq
May 14, 2017 / 10:02 AM / in 6 months

UPDATE 1-Israeli car tech firm Foresight looks to dual list on Nasdaq

(Adds stock reaction)

JERUSALEM, May 14 (Reuters) -

* Israel’s Foresight Autonomous Holdings, which is developing technology for self-driving cars, said on Sunday it has applied to the U.S. Securities and Exchange Commission to dual list on Nasdaq.

* Foresight, whose parent company is security technology firm Magna BSP, in its statement to the Tel Aviv Stock Exchange did not give details about the potential listing of American depositary receipts on Nasdaq. They will be traded under the symbol FRSX.

* The company says it is developing a system that creates and analyzes 3D images to prevent road collisions.

* Foresight’s stock, which has risen more than 300 percent this year, was up 15.4 percent to 7.19 shekels ($2.00) in afternoon trade on Sunday.

* Last year Foresight said that after being approached by potential U.S. investors, it was looking at a public offering on a U.S. market, where most competitors in the field are traded.

* Foresight has a 567 million shekel market capitalisation in Tel Aviv.

* ($1 = 3.5980 shekels) (Reporting by Ari Rabinovitch)

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