Ondas Holdings, which provides a software-defined radio system to create private broadband networks, announced terms for its IPO on Friday.
The Sunnyvale, CA-based company plans to raise $47 million by offering 7.2 million shares at a price of $6.50, the last close of its shares on the OTCQB (ONDS). Current shareholder Energy Capital will receive $7 million worth of shares in the offering in exchange for extinguishing part of Ondas Holdings' debt. At the midpoint of the proposed range, Ondas Holdings would command a fully diluted market value of $379 million.
Ondas Holdings was founded in 2006 and booked $193,000 in sales for the 12 months ended March 31, 2019. It plans to list on the NYSE American under the symbol ONDS. BTIG is the sole bookrunner on the deal.
