SUNNYVALE, Calif.—Randy Seidl, a director at Ondas Holdings Inc. (NASDAQ:ONDS), a $113 million market cap company, has recently executed a series of stock transactions, according to a recent SEC filing. On December 19, 2024, Seidl sold a total of 21,359 shares of common stock, generating proceeds of approximately $27,553. The shares were sold at an average price of $1.29 each, below the current trading price of $1.47.
These sales were part of a transaction to cover tax liabilities associated with the vesting of Restricted Stock Units (RSUs). On the same day, Seidl acquired 39,473 shares of common stock through the vesting of RSUs, which were granted as part of his compensation package. Following these transactions, Seidl directly owns 154,443 shares of Ondas Holdings. According to InvestingPro, the company has shown strong momentum with a 113% price return over the past six months, despite facing challenges with cash burn and weak financial health.
The transactions highlight the ongoing activity within the executive ranks of Ondas Holdings, a company involved in the radio and TV broadcasting and communications equipment sector. InvestingPro analysis reveals 15+ additional insights about ONDS, including detailed financial health metrics and growth prospects. Get access to the comprehensive Pro Research Report covering what really matters about this volatile stock (Beta: 2.14).
In other recent news, Ondas Holdings has been making significant financial maneuvers. The company issued new convertible notes, raising $10 million as part of its broader strategy to finance growth initiatives and enhance product offerings. The company additionally secured an $11.5 million investment primarily to support the growth of its drone business, Ondas Autonomous Systems. Ondas 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 experiencing 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 indicate Ondas' ongoing efforts to meet financial and operational objectives. The transaction was facilitated by Oppenheimer & Co. Inc., acting as the sole placement agent.
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