Monday, July 24, 2023
Ondas Networks expects to receive an additional investment of $3.5 million within thirty days from an investor group led by the C&P Group.
The $25 million gross proceeds from these financings are planned to support the growth of Ondas Holdings and its business units.
WALTHAM, MA / ACCESSWIRE / July 24, 2023 / Ondas Holdings Inc. (NASDAQ:ONDS) ("Ondas Holdings" or the "Company"), a leading provider of private industrial wireless networks and commercial drone and automated data solutions, announced today that a note holder has elected to purchase $11.5 million in aggregate principal amount of 3% 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.
Source: Yahoo Finance