Shares of Foresight Autonomous Holdings Ltd. (FRSX) are up 19% on Monday after the company signed an exclusive 5-year commercialization agreement with Elbit Systems Land Ltd. and expects revenues of up to $4 million, with minimum guaranteed revenues of $1 million over that time period.
FRSX is trading on the Nasdaq at $3.16, up 19.35% or $0.51 per share. It has traded between $1.74 and $5.88 in the past 52-week period.
Under the agreement, Elbit will commercialize Foresight's software solution, in the form of a software license exclusively and globally. While, Foresight's solution will be offered to Elbit's end customers for advanced driver assistance systems, in unmanned combat and security ground vehicles in the defense, paramilitary, and homeland security markets.
The company stated that it would start calculating initial revenues from this agreement with Elbit during the second half of 2023.
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