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US firm Ondas Holdings (Nasdaq: ONDS) introduced now that it has entered into a definitive settlement to acquire Israeli drones methods organization Airobotics (TASE: AIRO). The two providers had signed a memorandum of comprehending past thirty day period.

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Airobotics, which develops autonomous unmanned plane methods (UAS) and automatic info analysis and visualization platforms, held its IPO on the TASE last summer season at more than double the valuation it is now acquiring.

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Ondas Holdings mentioned that each issued share of Airobotics will be exchanged for .16806 shares of Ondas popular inventory. Ondas expects to problem 2.8 million shares as thought to the Airobotics shareholders (excluding approximately 1.7 million shares fundamental alternatives and warrants to be outstanding next the acquisition), implying an acquisition value of $15.2 million. 3 years bfore its IPO, Airobotics was valued at $240 million.

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Airobotics ended the to start with 50 % of 2022 with revenue of just $544,000, down 66% from the initial 50 % of 2021, a net loss of $6.5 million, and a ‘going concern’ qualification connected to its financial report.

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Akerman LLP and Pearl Cohen Zedek Latzer Baratz are serving as authorized counsel to Ondas in the offer, and Herzog Fox & Neeman and Erez Rozenbuch Advocates are serving as authorized counsel to Airobotics.

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Published by Globes, Israel company news – en.globes.co.il – on August 8 2022.

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© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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