Ondas Holdings subsidiary Ondas Networks secures at least $15M investment led by Charles & Potomac Capital

Ondas Inc.

Investment of at least $15M in convertible preferred securities of Ondas Networks; initial close of $10M expected July 13, 2023.
Second close of up to $10M planned in Q3; C&P commits up to $5M if strategic investor does not participate.
Preferred stock carries 8% dividend; convertible into Networks common; warrants for 10.2M shares of Ondas Holdings at $0.89/share.
Proceeds to be used for working capital to accelerate production, fulfill backlog, and support growth plan.
No portion of proceeds distributed to parent company Ondas Holdings.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Ondas Inc. entered into Preferred Stock Purchase Agreement with the initial purchaser named therein valued at at least $15 million (effective 2023-07-09).

Action: entry
Agreement: equity purchase
Counterparty: the initial purchaser named therein
Value: at least $15 million
Effective: 2023-07-09

Exact text from the filing

On July 9, 2023, Ondas Networks Inc., a Delaware corporation (“Networks”) and wholly owned subsidiary of Ondas Holdings Inc., a Nevada corporation (the “Company”), entered into a Preferred Stock Purchase Agreement (the “Agreement”) for an investment of at least $15 million in Networks.

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Ondas Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-055876

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