Ondas Inc. (NASDAQ:ONDS) announced Thursday the completion of its acquisition of Omnisys Ltd., an Israel-based company, for a total purchase price of $196,602,739.73 in shares of Ondas common stock.
The acquisition represents roughly 4% of Ondas' current market capitalization of $4.56 billion, following a 982% surge in the stock over the past year.
Under the agreement, Ondas acquired all issued share capital of Omnisys. The purchase price will be paid in common stock through immediate issuance and scheduled installments.
At closing, 2,726,494 shares worth $25,520,000 were issued, and an additional 371,794 shares worth $3,480,000 were placed into escrow. A further $142,500,000 in common stock will be paid in five equal installments within twenty days after closing.
Trading restrictions apply to former Omnisys shareholders. They cannot sell more than 15% of the average daily trading volume of Ondas common stock on any single day.
Ondas and the Omnisys sellers entered into a Registration Rights Agreement, requiring Ondas to file prospectus supplements with the SEC for the resale of the issued shares.
The issuance of shares to non-U.S. investors is exempt from registration under Regulation S of the Securities Act.
