US company Ondas Holdings (Nasdaq: ONDS) announced today that it has entered into a definitive agreement to acquire Israeli drones solutions company Airobotics (TASE: AIRO). The two companies had signed a memorandum of understanding last month.
Airobotics, which develops autonomous unmanned aircraft systems (UAS) and automated data analysis and visualization platforms, held its IPO on the TASE last summer at more than double the valuation it is now receiving.
RELATED ARTICLES
Ondas Holdings said that each issued share of Airobotics will be exchanged for 0.16806 shares of Ondas common stock. Ondas expects to issue 2.8 million shares as consideration to the Airobotics shareholders (excluding approximately 1.7 million shares underlying options and warrants to be outstanding following the acquisition), implying an acquisition value of $15.2 million. Three years bfore its IPO, Airobotics was valued at $240 million.
Airobotics ended the first half of 2022 with revenue of just $544,000, down 66% from the first half of 2021, a net loss of $6.5 million, and a ‘going concern’ qualification attached to its financial report.
Published by Globes, Israel business news – en.globes.co.il – on August 8 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.