Foresight Continues to Progress During COVID-19 Pandemic
Foresight Autonomous Holdings Ltd. - American Depositary Shares (FRSX)
US:NASDAQ Investor Relations:
ir.foresightauto.com
Company Research
Source: Business Wire
NESS ZIONA, Israel--(BUSINESS WIRE)--Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, today provided an update on operational and financial measures taken by the Company in response to the COVID-19 pandemic.The Company and its wholly owned subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd. are fully maintaining their business activities as usual, with minimal impact to research and development, business development and marketing activities. In response to the COVID-19 pandemic outbreak and its financial implications, Foresight has taken decisive action to reduce its monthly cash burn spending by more than 20%. These measures were implemented as of March 2020. Foresight is pleased with its technological development progress and does not foresee sizable impacts to its current commercialization efforts.“We have reduced our expected annual cash burn by more than 20% and in addition have seen significant cost savings in
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