Ondas Holdings Inc. Announces Pricing of $30 Million Follow-On Public Offering of Common Stock
Summary
The Company has also granted the underwriters a 30-day option to purchase up to an additional 750,000 shares of common stock offered in the public market. The Company intends to use the net proceeds from the Offering: (1) to continue research and development of future configurations of its FullMAX platform; (2) to build product inventory and support expected increased levels of customer sales activity; (3) subject to the Company receiving gross proceeds of not less than $20.0 million in the Offering, to repay approximately $5.0 million of principal and accrued interests under the Steward Capital Loan and Security Agreement, that matures on September 9, 2021, and (4) for other general corporate purposes. The shares of common stock are expected to begin trading on The Nasdaq Capital Market on December 4, 2020, under the symbol "ONDS." Ondas Networks’ customer end markets include utilities, oil and gas, transportation, and government entities whose demands span a wide range of mission critical applications that require secure communications over large and diverse geographical areas, many of which are within challenging radio frequency environments. We undertake no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.