Private wireless firm Ondas raises $15MPrivate wireless firm Ondas raises $15M
A private investor group led by Charles & Potomac Capital said it will make an investment of $15 million into Ondas Networks, a private wireless network company. #pressrelease
July 10, 2023
WALTHAM, Mass. – 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 its wholly-owned subsidiary Ondas Networks Inc. ("Ondas Networks") has entered into an investment agreement with a private investor group led by Charles & Potomac Capital, LLC (the "C&P Group") for an investment of at least $15 million in convertible preferred securities of Ondas Networks. The planned investment provides Ondas Networks with additional working capital to accelerate production, fulfill backlog and support its growth plan.
Pursuant to the investment agreement, the C&P Group will fund an initial close of $10 million, subject to certain closing conditions. A second close of up to an additional $10 million planned in the third quarter may be taken up by a strategic investor. The C&P Group has committed to fund up to $5 million in the second closing, if the strategic investor does not participate. These convertible preferred securities are convertible into shares of common stock of Ondas Networks, and will not convert into shares of common stock of Ondas Holdings. Ondas Holdings will also issue warrants to purchase an aggregate of 10.2 million shares of common stock of Ondas Holdings – in two equal issuances at the first and second closings.
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