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PETAH TIKVAH, Israel - SaverOne 2014 Ltd. (Nasdaq:SVRE, TASE: SVRE), a transportation safety technology company with a market capitalization of $11.2 million, announced Tuesday it has signed a sales and marketing agreement with Florida-based TOJ Jax LLC to offer its in-cabin mobile distraction prevention systems to large commercial fleets in the United States. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt, though it faces significant growth challenges.
Under the terms of the agreement, TOJ Jax will have exclusive rights to market SaverOne’s systems to U.S. fleet operators with over 500 vehicles. The agreement includes annual sales targets and leverages TOJ Jax’s industry connections with major fleet operators. While analysts expect revenue growth of 4.4% for the coming year, InvestingPro analysis indicates the company is currently experiencing rapid cash burn with an EBITDA of -$9.12 million in the last twelve months.
TOJ Jax is led by CEO Stephen Silverman, who has been in the transportation industry since 1970, and Richard Sisisky. Both executives bring extensive experience in the trucking and logistics sectors.
"Partnering with TOJ Jax is key in furthering our expansion into the US market," said Ori Gilboa, CEO of SaverOne.
SaverOne’s technology identifies the driver’s area in vehicles and prevents access to distracting mobile applications while allowing essential functions like navigation and calls. The system aims to reduce accidents caused by driver distraction, which according to the company, is a major contributor to road accidents. With a current ratio of 1.82, the company maintains sufficient liquidity to fund its operations, though InvestingPro subscribers can access 12 additional key insights about the company’s financial health and growth prospects.
The U.S. National Highway Traffic Safety Administration estimates the annual cost of road accidents in the United States at approximately $870 billion, with about a quarter related to mobile phone use while driving, according to the press release.
SaverOne’s primary markets include commercial and private vehicle fleets, vehicle manufacturers, and insurance and leasing companies. The company is targeting fleet operators in Israel, Europe, and the United States.
In other recent news, SaverOne 2014 Ltd. has announced a significant change in the ratio of its American Depositary Shares (ADSs). According to a recent SEC filing, the ADS ratio will shift from one ADS representing 1,200 ordinary shares to one ADS representing 3,600 ordinary shares. This adjustment is effectively a 1-for-3 reverse stock split of the ADSs and is expected to take effect on June 11, 2025. After this change, the number of outstanding ADSs will be reduced from 1,052,690 to 350,896, representing 1,263,228,000 underlying ordinary shares. The Bank of New York Mellon will manage the issuance of the new ADSs, and the company’s ADSs will continue to trade on Nasdaq under the same symbol, "SVRE," but with a new CUSIP number. The company’s ordinary shares traded on the Tel Aviv Stock Exchange will not be affected. Fractional new ADSs will not be issued, and instead, fractional entitlements will be sold, with net cash proceeds distributed to applicable ADS holders after fees, taxes, and expenses. SaverOne 2014 Ltd. anticipates a proportional increase in the ADS trading price following the change, although no guarantees are made regarding the price level.
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