Ondas Holdings announced that its wholly-owned subsidiary Ondas Autonomous Systems has entered into an investment agreement with a private investor group, including Charles & Potomac Capital and Privet Ventures, for an investment of $3.5 million in convertible notes of OAS. The investment in OAS will support OAS’ business expansion plan and deliver on the substantial growth opportunity in the defense, security, and critical infrastructure and industrial markets targeted by OAS’ Optimus and Iron Drone autonomous drone platforms. Pursuant to the investment agreement, OAS will issue convertible notes for an aggregate of $3.5 million proceeds, subject to certain closing conditions. The convertible notes mature on September 30, 2025, and are convertible into securities of OAS in the future. The convertible notes will not convert into securities of Ondas Holdings. The investment will be funded by October 31, 2024.
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