What is going on with FRSX?
Foresight Autonomous Holdings (FRSX) stock is lower today after a report by Fuzzy Panda Research accused the Israeli autonomous vehicle company of fraud, fake sales, and false promotions. Shares of FSRX fell 3.8% to $4.79 Wednesday afternoon.
What does this mean for Foresight Holdings?
Fuzzy Panda Research, who is short on FSRX, described the company as "nothing more than an aggressive stock promotion where insiders are siphoning cash to entities they control." Fuzzy Panda stated that FSRX accomplishes this insider enrichment through egregious related party “service agreements” which allow FSRX’s CEO and the known penny stock promoters to siphon cash out of the company. Additionally, the research firm stated that round-trip financing, in which shareholder capital is paid out to a party connected to Silberman and then then a smaller amount is funneled back to FRSX through new financings, further allows the company to siphon out money.
Fuzzy Panda Research also drew attention to the backgrounds of the firm's executives. They stated that FSRX is still under the influence of Kfir Silberman and Itschak Shrem, two notorious penny stock promoters, with Shrem being arrested for money laundering in the past.
Based on the various findings, Fuzzy Panda believes the company is unsustainable and expects the stock to fall below $1 in the near future.
FinServ Acquisition II Ord Shs Class A has a Bullish sentiment reading. Find out what this means for you and get the rest of the rankings on FSRX!
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