Ondas Holdings (ONDS) Stock Plummets After Pricing $44.8 Million Offering
What happens to ONDS?
Ondas Holdings (COM)ONDS) the stock sank today after the company that develops wireless broadband technology, announced the pricing of its public offering of 6.4 million shares of ordinary shares at a bid price of $ 7.00 per share. Shares of ONDS fell 11.62% to $ 7.91 on Wednesday at 9:35 a.m.
What does this mean for Evolus?
Ondas’ public offering will benefit the company by allowing funds to flow into an area selected by Ondas. Ondas was not specific about where he wanted to direct the proceeds from the sale of $ 44.8 million, saying he would use the money for “working capital and general corporate purposes.”
Although the public offering will provide funding for many of its company’s initiatives, the offering will ultimately reduce the share price as new shares are added to the existing amount. This dilutes the total share price, as the profit must be divided into a larger number of shares.
Ondas gave insurers a 30-day option to buy up to 960,000 additional shares of its common stock. Oppenheimer & Co. Inc. acts as sole head of supply accounting, and B. Riley Securities, Inc. acts as the lead supply manager.
ONDS has a basic rank of 85. Find out what this means for you and get the rest of the ranking in ONDS!
Ondas Holdings Inc. designs, develops, manufactures, sells and maintains FullMAX Software Defined Radio (SDR) technology in the United States, Israel and India. Its FullMAX system of wireless base stations, fixed and mobile remote radios is used by customers to create broadband wireless broadband cellular networks. The company markets and sells its products to companies in electricity, water and wastewater, oil and gas producers, and other important infrastructure applications in areas such as internal security and defense and transportation.