Ondas Holdings Inc. Issues $11.5 Million in Senior Convertible Notes

On December 17, 2024, Ondas Holdings Inc. (NASDAQ: ONDS) announced the issuance of $11.5 million in 3% Series B-2 Senior Convertible Notes (the “New 2024 Additional Notes”), as per the terms of a Securities Purchase Agreement (SPA). The New 2024 Additional Notes are convertible into shares of the company’s common stock, with an original issue discount of approximately thirteen percent resulting in gross proceeds of $10.0 million.

The net proceeds from this issuance are intended for general corporate purposes, primarily to support the growth of the drone business at Ondas Autonomous Systems. The New 2024 Additional Notes have a maturity date of December 17, 2026, and were issued under an indenture with Wilmington Savings Fund Society, FSB, as trustee.

These notes were offered and sold under Ondas Holdings Inc.’s shelf registration statement on Form S-3, and a prospectus supplement was filed with the Securities and Exchange Commission (SEC) on the same day of issuance. Oppenheimer & Co. Inc. acted as the sole placement agent for the transaction under the Placement Agent Agreement.

Legal opinions from Snell & Wilmer L.L.P. and Akerman LLP regarding the issuance and sale of the New 2024 Additional Notes were attached to the current report filed with the SEC.

The Form 8-K filing with the SEC regarding the issuance of the New 2024 Additional Notes also detailed the terms of the SPA, Placement Agent Agreement, Base Indenture, and Second Supplemental Indenture. Copies of these documents were included in the filing and are available for reference.

The Company specified that this Current Report on Form 8-K does not constitute an offer to sell or a solicitation of an offer to buy the securities mentioned, indicating compliance with applicable securities laws regarding such transactions. The full details of the filing and related agreements can be found in the official documents filed with the SEC.

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.

About Ondas

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.