Ondas Holdings Inc. (NASDAQ: ONDS) announced in a recent 8-K filing with the Securities and Exchange Commission that it has issued $18.9 million in 3% Series B-2 Senior Convertible Notes. The New 2024 Additional Notes are convertible into shares of the company’s Common Stock under certain conditions as outlined in the agreement. The original issue discount of approximately thirteen percent results in gross proceeds to the company of approximately $16.5 million.
The net proceeds from the issuance are intended for general corporate purposes, primarily to support the growth of Ondas Autonomous Systems’ drone business. The New 2024 Additional Notes were issued as part of an indenture with Wilmington Savings Fund Society, FSB, serving as the trustee. These notes have a maturity date of December 31, 2026.
Legal opinions from Snell & Wilmer L.L.P. and Akerman LLP regarding the issuance and sale of the New 2024 Additional Notes and the conversion into Common Stock are included in the filing.
The Company reminds that this transaction, detailed in the Current Report on Form 8-K, does not constitute an offer to sell or a solicitation of an offer to buy securities and must adhere to all relevant securities laws and regulations. For further details regarding the offering, interested parties are advised to refer to the complete filing available with the SEC.
The full details of Ondas Holdings Inc.’s recent financial transactions, along with relevant legal opinions and agreements, can be found in the Form 8-K filing on the SEC’s website.
This article is based on information provided in the 8-K SEC filing by Ondas Holdings Inc. and aims to deliver factual highlights from the document. Investors and market participants are encouraged to review the filing comprehensively for a complete understanding of the recent financial events at Ondas Holdings Inc.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Ondas’s 8K filing here.
Ondas Company Profile
Ondas Holdings Inc, through its subsidiaries, provides private wireless, drone, and automated data solutions. It operates in two segments, Ondas Networks and Ondas Autonomous Systems. The company designs, develops, manufactures, sells, and supports FullMAX, a software defined radio (SDR) platform for wide-area broadband networks.
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