Jaspreet Sood, a director at Ondas Holdings Inc. (NASDAQ:ONDS), has sold shares worth approximately $37,372, according to recent filings. The company, currently valued at $113 million, has seen its stock surge over 113% in the past six months despite showing signs of financial strain. According to InvestingPro analysis, Ondas is rapidly burning through cash and maintains weak gross profit margins of about 15%. The transactions, dated December 19, 2024, involved the sale of a total of 28,971 shares at a price of $1.29 per share. These sales were conducted to cover tax liabilities related to the vesting of Restricted Stock Units (RSUs). Following these transactions, Sood retains direct ownership of 137,102 shares of common stock in the company. With the stock's high volatility and 13 additional key insights available on InvestingPro, investors can access comprehensive analysis including the company's detailed Fair Value assessment and financial health metrics.
In other recent news, Ondas Holdings has been actively making financial maneuvers to bolster its growth initiatives. The company issued new convertible notes and raised $10 million, a transaction facilitated by Oppenheimer & Co. Inc. This issuance is part of a broader strategy to finance its growth initiatives and enhance its product offerings in the competitive communications equipment industry.
In addition to this, Ondas secured an $11.5 million investment primarily to support the growth of its drone business, Ondas Autonomous Systems. The company also issued $4.1 million in 3% Series B-2 Senior Convertible Notes, with net proceeds of approximately $3.6 million intended for general corporate purposes.
Despite reporting a challenging Q3 2024 with revenues falling to approximately $1.5 million from $2.7 million in Q3 2023, and an operating loss of $8.7 million, the company managed to secure $14.4 million in orders for its military technology platforms and received a strategic order from Siemens (ETR:SIEGn) for Chicago's Metra rail system.
Furthermore, Ondas expanded its 2021 Stock Incentive Plan, increasing the number of shares available for issuance from 8 million to 11 million. The company also received a 180-day extension from Nasdaq to meet the minimum bid price requirement. These are some of the recent developments that have taken place at Ondas Holdings.
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