Benzinga | Jun 9, 2021 05:55AM EDT

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

* Proprietary, software-based wireless broadband technology developer, Ondas Holdings Inc (NASDAQ: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.