By Brianna Wessling | July 5, 2022
American Robotics, a subsidiary of Ondas Holdings, announced it signed a term sheet to acquire Airobotics, an Israeli developer of autonomous unmanned aircraft systems (UAS). The merger is expected to close in the second half of 2022.
The acquisition is intended to accelerate American Robotics’ technical development and regulatory roadmap and expand the breadth of applications, use cases and vertical AR targets. Combining American Robotics and Airobotics also means bringing together leading engineering and aviations talent and two world-class technology platforms.
The deal is still subject to the satisfaction of a few conditions, according to Ondas. Among other things, the two companies need to prepare, negotiate and execute a definitive agreement, and receive any required board and shareholder approvals. The companies have agreed to an exclusivity period until the earlier of August 4, 2022, or until an agreement is reached.
According to Ondas, each issued and outstanding share of Airobotics is expected to be inverted into and exchanged for 0.16806 shares of Ondas common stock.
Source: The Robot Report