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Ondas Holdings Inc. Announces Exercise and Closing of Over-Allotment Option in Public Offering of Common Stock
SUNNYVALE, Calif.--(BUSINESS WIRE)-- Ondas Holdings Inc. (NASDAQ: ONDS) (the “Company”) today announced that in connection with its previously announced
About this update from Ondas Inc
[{"type":"text","content":" SUNNYVALE, Calif.--(BUSINESS WIRE)--\nOndas Holdings Inc. (NASDAQ: ONDS) (the “Company”) today announced that in connection with its previously announced public offering (the “Offering”) of its common stock, par value $0.0001 per share (the “Common Stock”), the underwriters exercised in full and closed on their over-allotment option to purchase an additional 750,000 shares of Common Stock from the Company. The Company received approximately $4.1 million in additional net proceeds from the sale of these shares, after deducting the underwriting discount. The Company intends to use the net proceeds that it will receive from the sale of these additional shares (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, and (3) for other general corporate purposes.\n\nOppenheimer & Co. Inc. acted as the sole book-running manager for the Offering. National Securities Corporation acted as lead manager. Northland Capital Markets and Spartan Capital Securities, LLC acted as co-managers for the Offering. Akerman LLP served as legal counsel to the Company and White & Case LLP served as legal counsel to the underwriters.\n\nA registration statement on Form S-1 (File No. 333-249658) relating to the Offering was declared effective by the Securities and Exchange Commission (the “SEC”) on December 3, 2020. The Offering was made only by means of a prospectus, copies of which may be obtained from: Oppenheimer & Co. Inc., Attn: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, New York 10004, by telephone at (212) 667-8055, or by email at [email protected]. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.\n\nAbout Ondas Holdings Inc.\n\nOndas Holdings Inc., through its wholly owned subsidiary, Ondas Networks Inc., is a developer of proprietary, software-based wireless broadband technology for large established and emerging industrial markets. The Company’s standards-based, multi-patented, softwa...