As published in Globes: Each of the two founders will sell shares worth $100 million in the driving assistance systems company’s offer for sale.
Mobileye has developed a system that issues warnings of road perils. The system is based on a mono-camera installed beneath the car’s rearview mirror. The system issues a sound warning of potentially dangerous situations, such as moving out of the lane, tailgating, and getting too close to pedestrians and bicycle riders. The product is being sold to equipment manufacturers, who market it to auto manufacturers for integration into the cars they offer to the public at large.
The company expects revenue of $218.3 million in 2015.
The prospectus filed with the SEC details, which shareholders are now taking their profit. The two founders, chairman and CTO Prof. Amnon Shashua and president and CEO Ziv Aviram, will each sell shares worth nearly $100 million. In the IPO each of the founders sold shares worth $46 million. In contrast, Dr. Shmuel Harlap chairman and controlling shareholder of Colmobil, Israeli’s leading auto importer, who owns nearly as many shares as the founder, is not selling any shares, as he told “Globes” in a recent interview. But Delek Automotive Systems Ltd. owner Gil Agmon is selling shares worth $54 million.