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Israel's Harel Insurance invests in tech company

Israel-based Harel Insurance invested US$5.5 million in technology company Foresight Autonomous Holdings Ltd. through a private placement.

Harel Insurance will hold approximately 8.15% of Foresight's issued share capital. Under the terms of the private placement, Foresight will issue 9,756,097 ordinary shares priced at about 56 cents each. The technology company will also issue warrants to purchase the same number of ordinary shares at an exercise price of 80 cents apiece, exercisable over 24 months.

The private placement was priced at a minimum discount compared to the market price. The issued ordinary shares will be restricted for a period of six months under Israeli securities laws.