Why Foresight Autonomous Holdings Shares Are Getting Obliterated

Foresight Autonomous Holdings ADR FRSX shares are trading lower by 31.7% to $1.27 Thursday afternoon after the company announced it sealed deals with investors, including its CEO, to sell 4.5 million American Depositary Shares (ADSs) at $1.00 per ADS in a registered direct offering.

Expected to close around December 11, this move will generate roughly $4.5 million before fees.

The funds are slated for general corporate purposes and bolstering working capital.

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According to data from Benzinga Pro, FRSX has a 52-week high of $4.58 and a 52-week low of $1.14.