BOSTON - Ondas Holdings Inc. (NASDAQ:ONDS), a provider of private industrial wireless networks and commercial drone solutions, has regained compliance with Nasdaq's minimum bid price requirement. The company's common stock maintained a closing bid price of at least $1.00 over 10 consecutive business days, as of December 24, 2024. The stock has shown remarkable momentum, surging over 70% in the past week and trading near its 52-week high of $2.67.
This achievement closes the previous bid price deficiency issue and ensures Ondas' continued listing on The Nasdaq Capital Market. The notification from Nasdaq Stock Market LLC confirms that Ondas Holdings is now fully compliant with all Nasdaq continued listing requirements. However, InvestingPro data indicates the company is quickly burning through cash, with short-term obligations exceeding liquid assets.For deeper insights into Ondas Holdings' financial health and 18 additional key ProTips, consider exploring InvestingPro.
Ondas Holdings operates through its subsidiaries, including Ondas Networks, which offers wireless data solutions for various commercial and government markets. Its other subsidiary, Ondas Autonomous Systems, includes American Robotics and Airobotics, providing autonomous drone solutions for defense, industrial, and government applications.
The company's technology portfolio includes the FullMAX platform for Mission-Critical IoT applications and AI-powered drone systems like the Optimus System and the Iron Drone Raider, designed for security and data capture.
The information reported is based on a press release statement from Ondas Holdings Inc.
In other recent news, Ondas Holdings has been actively making financial moves to enhance its growth initiatives. The company has issued new convertible notes raising $10 million and secured an $11.5 million investment to primarily support the growth of its drone business, Ondas Autonomous Systems. Additionally, Ondas 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 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, Ondas secured $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. The company also expanded its 2021 Stock Incentive Plan, increasing the number of shares available for issuance from 8 million to 11 million.
Furthermore, Ondas has been granted a 180-day extension from Nasdaq to meet the minimum bid price requirement. These recent developments reflect Ondas' ongoing efforts to meet financial and operational objectives. The transactions were facilitated by Oppenheimer & Co. Inc., acting as the sole placement agent in some instances.
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