Item 1.01. Entry into a Material Definitive Agreement.
On December 3, 2020, Ondas Holdings Inc. (the "Company") entered into an
underwriting agreement (the "Underwriting Agreement") with Oppenheimer & Co.
Inc., acting as the representative for the underwriters identified therein (the
"Underwriters"), relating to the Company's public offering (the "Offering") of
5,000,000shares (the "Firm Shares") of the Company's common stock, par value
$0.0001 per share (the "Common Stock"). Pursuant to the Underwriting Agreement,
the Company also granted the Underwriters a 30-day option (the "Option") to
purchase up to an additional 750,000 shares of Common Stock (the "Option
Shares," and together with the Firm Shares, the "Shares") to cover
over-allotments.
The Underwriters agreed to purchase the Firm Shares from the Company with the
option to purchase the Option Shares at a price of $5.58 per share. The Firm
Shares were offered, issued, and sold pursuant to an effective Registration
Statement on Form S-1 (Reg. No. 333-249658) (the "Registration Statement") and
accompanying prospectus filed with the Securities and Exchange Commission (the
"SEC") under the Securities Act of 1933, as amended (the "Securities Act").
On December 8, 2020, the Company issued the Firm Shares and closed the Offering
at a public price of $6.00 per share for net proceeds to the Company of
approximately $27.1 million after deducting the underwriting discount and
offering fees and expenses payable by the Company. In connection with the
Offering, on December 4, 2020, the Common Stock uplisted from the OTCQB and
began trading on The NASDAQ Capital Market under the symbol "ONDS".
The Underwriting Agreement includes customary representations, warranties, and
agreements by the Company, customary conditions to closing, indemnification
obligations of the Company and the Underwriters, including for liabilities under
the Securities Act, other obligations of the parties and termination provisions.
The representations, warranties and covenants contained in the Underwriting
Agreement were made only for purposes of such agreement and as of specific
dates, were solely for the benefit of the parties to the agreement and were
subject to limitations agreed upon by the contracting parties.
The Underwriting Agreement is filed as Exhibit 1.1 to this report and is
incorporated herein by reference. The foregoing description of the terms of the
Underwriting Agreement is qualified in its entirety by reference to the full
text of such exhibit.
Item 3.01. Note of Delisting or Failure to Satisfy a Continued Listing Rule or
Standard; Transfer of Listing.
The information in Item 1.01 above is incorporated into this Item 3.01 by
reference.
Item 3.02. Unregistered Sales of Equity Securities.
In connection with the closing of the Offering on December 8, 2020, the
Company's outstanding 2,350,390 shares of Series A Convertible Preferred Stock
mandatorily converted into an aggregate of 979,361 shares of Common Stock. The
shares of Common Stock were issued in reliance upon the exemption set forth in
Section 3(a)(9) of the Securities Act, for securities exchanged by the Company
and existing security holders where no commission or other remuneration is paid
or given directly or indirectly by the Company for soliciting such exchange.
Item 7.01. Regulation FD Disclosure.
Attached to this report as Exhibit 99.1 is the current presentation of the
Company. The presentation is furnished pursuant to Item 7.01 and shall not be
deemed filed in this or any other filing of the Company with the SEC unless
expressly incorporated by specific reference in any such filing.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Exhibit Description
1.1 Underwriting Agreement, dated December 3, 2020, by and between Ondas
Holdings Inc. and Oppenheimer & Co. Inc., as representative of the
several underwriters named therein.
99.1 Company Presentation dated December 2020.
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