Ondas Holdings Inc., a leading provider of private industrial wireless networks and commercial drone and automated data solutions, have announced that a note holder has elected to purchase $11.5 million in aggregate principal amount of 3 percent senior convertible notes due 2025 (the “Offering”) resulting in gross proceeds of $10.0 million to Ondas Holdings. Oppenheimer & Co. Inc. will act as placement agent in connection with the Offering. Also, if elected by the note holder, Ondas Holdings may complete additional closings of up to an additional $34.5 million in aggregated principal amount. The proceeds from the investment in Ondas Holdings will be used for general corporate purposes. In addition, the Company and the note holder agreed to extend the maturity of the existing convertibles notes originally issued in October 2022 to April 2025.
Ondas Holdings also announced that its subsidiary Ondas Networks Inc. has received $11.5 million in an initial closing of a previously announced investment from a private investor group led by Charles & Potomac Capital, LLC. The C&P Group plans to invest an additional $3.5 million in Ondas Networks under the same terms within thirty days.
“Ondas continues to invest in attractive growth markets, with leading data solutions,” said Eric Brock, chairman and CEO of Ondas Holdings. “As we drive adoption of our technology platforms, we are fortunate to be supported by sophisticated investors who have identified the significant investment opportunity we have created. In aggregate, we have secured $25 million in gross proceeds with these transactions to help support the growth of Ondas Holdings and our business units.”
For additional information regarding both the investment in Ondas Holdings and in Ondas Networks, please see the Form 8-K to be filed by the Company.
For more information visit www.ondas.com
