04:26 AM EDT, 08/29/2024 (MT Newswires) -- Ondas Holdings ( ONDS ) disclosed an agreement late Wednesday with a single institutional investor to purchase about 5.3 million of the company's units.

Ondas ( ONDS ) said each unit comprises one share of common stock, one series A warrant to purchase one common share, and one series B warrant to purchase a common share.

Each unit was sold at a price of $0.75 for gross proceeds of $4 million.

The warrants will have an exercise price of about $0.80 per share and be exercisable six months from the date of issuance.

Ondas ( ONDS ) intends to use the net proceeds for working capital and general corporate purposes. The offering is expected to close around Friday.

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