Ondas Holdings slides on $150 mln stock offering
Shares of drone and automation service provider Ondas Holdings ONDS.O down 20.7% premarket to $3.40 after follow-on prices
Boston, Massachusetts-based firm announces ~46.2 mln shares at $3.25 for gross proceeds of $150 mln
Offering price represents 24.2% discount to stock's close on Tues
ONDS shares on Tues rose ~25% after co earlier in the day reported Q2 rev grew more than six-fold y/y to $6 mln driven by demand for its autonomous drone systems
Co said intends to use net offering proceeds for working capital, general purposes and potential strategic transactions, including acquisitions of businesses or assets, per the prospectus
It has ~219.2 mln shares outstanding as of Aug 11, giving ONDS ~$940 mln market cap
Oppenheimer sole bookrunner for the offering
Through Tues, stock up 68% YTD
4 of 5 analysts rate ONDS "strong buy" or "buy", 1 has "hold" and median PT is $4.63, per LSEG
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