Business
Ondas Holdings Provides Update on Definitive Merger Agreement to Acquire Airobotics
Airobotics Shareholders Approved the Proposed Acquisition on December 18, 2022Received Approval for Dual Listing on the Tel Aviv Stock Exchange Upon Closing
About this update from Ondas Inc
[{"type":"text","content":"Airobotics Shareholders Approved the Proposed Acquisition on December 18, 2022Received Approval for Dual Listing on the Tel Aviv Stock Exchange Upon Closing of Proposed AcquisitionProposed Acquisition on Track to Close by the End of January 2023WALTHAM, MA / ACCESSWIRE / December 19, 2022 / Ondas Holdings Inc. (Nasdaq:ONDS) (\"Ondas\" or the \"Company\"), a leading provider of private wireless, drone and automated data solutions through its wholly owned subsidiaries, Ondas Networks Inc. (\"Ondas Networks\") and American Robotics, Inc. (\"American Robotics\" or \"AR\"), announced today that on December 18, 2022 the shareholders of AIRBOTICS Ltd. (AIRO) (\"Airobotics\") approved the proposed acquisition of Airobotics by Ondas. The transaction is expected to close by the end of January 2023 and will result in Airobotics becoming a wholly owned subsidiary of Ondas.In addition, the Company received approval from the Israel Securities Authority (\"ISA\") and the Tel Aviv Stock Exchange (\"TASE\") for its dual listing application. Upon closing of the proposed acquisition of Airobotics, the Company expects its common stock to be dual listed on Nasdaq and TASE.\"We're pleased to have gained the support of Airobotics shareholders and complete this important milestone within our proposed acquisition, which we believe will be a transformative event for the broader drone landscape,\" said Eric Brock, Chairman and CEO of Ondas. \"We believe Airobotics' Optimus System, together with American Robotics' market-leading Scout SystemTM, will allow us to target high growth opportunities and reinforce our position at the forefront of the drone industry. With our approved dual listing, we also look forward to expanding our shareholder base and introducing our mission critical technology to a broader investor audience.\"Airobotics recent announcement of the expanded installation of Urban Drone Infrastructure in the city of Dubai highlights the maturity and reliability of the Optimus Systems for high-valued urban use cases. This fleet has the potential to grow to more than 20 systems over the next several years and we see additional demand for commercial fleet deployments in other markets. By leveraging our technology with Airobotics' robust government and commercial customer pipeline, we can more effectively deploy drones on a larger scale. We are exci...