Ondas Raises $44.8M Via Secondary Offering at 22.7% Discount

Proprietary, software-based wireless broadband technology developer, Ondas Holdings Inc ONDS, has priced 6.4 million shares at $7 per share to raise $44.8 million gross proceeds in a secondary public offering.
The offer price signifies a 22.7% discount to the June 7 closing price of $9.05.
The offering proceeds will be utilized for working capital and general corporate purposes.
The underwriters have a 30-day option to procure up to 0.96 million additional shares.
ONDS shares have gained 45.5% in the last six months but are down 9.69% in the last quarter.
Price action: ONDS shares are trading lower by 14.6% at $7.64 in the premarket session on the last check Wednesday.